Tata Power's Profit Before Tax was at Rs 1,864.02 crore for the quarter ending December 2022, a substantial increase from Rs 788.49 crore for the same quarter last year.
India's largest power generation company Tata Power Co Ltd on Friday said its consolidated net profit almost doubled to Rs 1,052.14 crore in the quarter that ended December 2022 compared to a year ago.
The Tata Group company stated that this is largely due to increased power demand and the festive season.
The company, in a BSE filing, reported that its consolidated net profit was Rs 551.89 crore in the quarter that ended on December 2022.
It further said its total income also increased 30 percent to Rs 14,401.95 crore during the last quarter from Rs 11,018.73 crore in the Q3 FY22 due to capacity addition in the renewables business, higher generation in thermal plants and higher sales in distribution companies.
Tata Power's Profit Before Tax was at Rs 1,864.02 crore for the quarter ending December 2022, a substantial increase from Rs 788.49 crore for the same quarter last year.
Its consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) grew 53 percent to Rs 2,818 crore as against Rs 1,841 crore in Q3 FY22.
Tata Power's EBITDA rose due to capacity addition in renewables and better performance across all businesses.
The company also revealed that its rooftop solar business’ order book for at end of Q3 FY23 stands at more than Rs 1,300 crore. In addition to this, its solar pump business achieved around 138 percent growth and stands at Rs 205 crore over Q3 FY22’s Rs 86 crore.
Tata Power Renewable Energy (TPREL), during the last quarter, received a letter of award from Tata Power Delhi Distribution Limited (TPDDL) to set up a 255 MW Hybrid Project with a green shoe option for another 255 MW.
Furthermore, TPREL also received a letter of award from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) to set up a 150 MW solar project in the state.
Shares of Tata Power closed 0.39 percent lower to Rs 205.3 apiece on BSE on Friday. The company's shares have fallen 1.16 percent so far this year, following a 6 percent decrease in 2022.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!