By CNBC-TV18 Feb 9, 2022 6:11:49 PM IST (Updated)
In the corresponding quarter last year, the company posted a net profit of Rs 318 crore. CNBC-TV18 Polls had predicted a profit of Rs 520 crore for the quarter under review.
Tata Power, India's largest integrated power firm, on Wednesday, reported a 73.5 percent year-on-year (YoY) increase in net profit at Rs 551.8 crore for the third quarter ended December 31, 2021, on the back of strong all-round business performance by all verticals.
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In the corresponding quarter last year, the company posted a net profit of Rs 318 crore. CNBC-TV18 Polls had predicted a profit of Rs 520 crore for the quarter under review.
Total revenues for the quarter rose 43.6 percent YoY to Rs 10,913.4 crore from Rs 7,597.9 crore in the year-ago quarter, due to expanded operation in Odisha DISCOMs, higher project execution by Tata Power Solar Systems Ltd, and strong performance of all other businesses.
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Tata Power Solar Systems Ltd said the company will set up a 4 GW solar cell and module manufacturing capacity at an investment of Rs 3,400 crore. The company's renewable portfolio grew in PAT by 107 percent in Q3 FY22 vs Q3 FY21 due to the addition of 289 MW capacity and strong execution of both large-scale and rooftop solar projects by Tata Power.
Tata Power's cumulative solar rooftop portfolio crossed 900 MW. Also, the FY22 order book crossed Rs 1,000 crore with Rs 375+ crore orders won in Q3FY22.
It has developed a network of 1,200+ EV (electric vehicle) charging points across India. Tata Power is one of India's largest integrated power companies. Together with its subsidiaries and jointly controlled entities, it has an installed/managed capacity of 13,171 MW.
Dr. Praveer Sinha, CEO and managing director, Tata Power said, "Tata Power has delivered a strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility.
We are committed to focus on key growth areas viz renewables, distribution, and new businesses comprising rooftop solar, solar pumps, and EV charging. We'll focus on utilising technology to offer smart, green energy solutions and provide a world-class experience to our 12 million-plus customers."
The results came after the close of the market hours. Shares of Tata Power ended at Rs 237.95, up by Rs 3.20, or 1.36 percent on the BSE.
Also Read: GCPL Q3 results: Net profit rises 5% YoY to Rs 527.60 crore, sales up 8% to Rs 3,302.58 crore
(Edited by : Jomy Jos Pullokaran)
First Published: Feb 9, 2022 5:15 PM IST
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