Tata Power's quarterly net profit almost doubled to Rs 935.2 crore, far exceeding Street estimates.
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Tata Power on Friday reported a net profit of Rs 935.2 crore for the July-September period, beating Street estimates by a wide margin. The quarterly net profit of the Tata group surged 84.9 percent compared with the corresponding period a year ago — a 12th straight quarter of growth.
Revenue of the power generator increased 43 percent on a year-on-year basis to Rs 14,030.7 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had estimated the company's net profit for the three-month period at Rs 665 crore and revenue at Rs 12,600 crore.
The 12th straight quarter of rising profit demonstrates the company's strong foundations of each of its businesses, the management said.
"We have witnessed strong performance from all of our business clusters — Generation, Transmission, Distribution, including Odisha, and Renewables," said Praveer Sinha, CEO and MD, Tata Power.
"We are working towards strengthening our presence across the entire Green and Clean Energy value chain. We are building smart, sustainable and customised clean energy products and solutions for our more than 12 million consumers across rural and urban India in order to become the preferred power utility of their choice," he said.
He also said the company's goals are aligned with India's energy priorities, and it would keep working towards accelerating the country's transition to clean energy while putting a sharp focus on decarbonisation, digitisation and decentralisation.
In a separate development, Tata Power appointed Rajiv Mehrishi as independent director.
Tata Power shares ended 0.4 percent lower at Rs 225 apiece on BSE ahead of the earnings announcement. The stock has rewarded investors with a return of 5.2 percent in the past one month, a period in which the Nifty50 benchmark has risen 4.6 percent.