Tata Power Q1 net profit jumps 90 per cent to Rs Rs 883.54 crore

Back To Homepage Subscribe To RSS Feed

Breaking News

Deputy CM Ensures Land ROR Distribution for Bondas, Reviews Bonda Ghati Progress Iswar Addanki Malkangiri,Odisha,21.12.2024 -Deputy Chief Minister Smt. Parvathi Parida reviewed the distribution of land and common forest titles under the Vasundhara Yojana in Bonda areas like Mudulipada, Baddural, Andrahal, and...
Emerging Climate Leaders Share Insights from COP29 By Our Staff Reporter Bhubaneswar, Dec 20: A dissemination meeting was organized today by Youth4Water Plus, with support from UNICEF Odisha, to share key takeaways and experiences from the...
108-foot monumental National Flag unveiled at Rama Devi Women’s University, President Droupadi Murmu’s alma mater By Manoj Jena Bhubaneswar, Dec. 18: A 108-foot monumental national flag, installed by the Flag Foundation of India, was unveiled on Wednesday at Rama Devi Women’s University in Bhubaneswar, Odisha....
IMFA Joins Hands with JSW Green Energy for Renewable Power Supply By Swagatika Bhutia Bhubaneswar, Dec. 18: Indian Metals & Ferro Alloys Ltd (IMFA), a leader in ferrochrome production, has entered a joint venture with JSW Green Energy to secure renewable...
India’s first cyclone-resistant 220kv transmission line commissioned in Odisha By Payal Banarjee Bhubaneswar, Dec. 17: Empowertrans, a Bhubaneswar-based electrical engineering firm, has successfully commissioned India’s first cyclone-resistant 220kV double-circuit (D/C) transmission line in coastal Odisha. The announcement was made...

Tata Power Q1 net profit jumps 90 per cent to Rs Rs 883.54 crore

July 26

22:17 2022

Print This Article Share it With Friends

by indadmin

New Delhi,July 26 : Tata Power on Tuesday posted a nearly 90 per cent jump in its consolidated net profit to Rs 883.54 crore for the April-June quarter of the current fiscal driven by higher income.

The company had posted a net profit of Rs 465.69 crore in the same quarter of 2021-22, Tata Power said in a BSE filing.

Its total income increased to Rs 14,638.78 crore in April-June FY23 from Rs 10,310.21 crore in the year-ago period.

Expenses were also higher at Rs 14,660.14 crore against Rs 9,479.80 crore in the April-June period of the preceding fiscal.

In a separate statement, the company said it plans a consolidated capex of Rs 14,000 crore in 2022-23, including a Rs 10,000 crore investment in the renewables sector.

Tata Power CEO and MD Praveer Sinha said the company’s all “business clusters” namely generation, transmission, distribution and renewables performed well.

“This is aptly reflected in our 11th consecutive quarter of PAT (profit after tax) growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses. As a future-ready EaaS (The Energy Storage as a Service ) company, we are well poised to contribute towards India’s green energy transition,” he said.

According to the statement, the company in the renewable energy sector has signed a memorandum of agreement (MoU) with the Tamil Nadu government for setting up a 4-gigawatt solar cell and module plant with an investment of Rs 3,000 crore.

The total renewable capacity of the company is 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation.

The company also installed over 75,000 solar pumps in various states.

In the transmission and distribution (T&D) segment, the company “completed acquisition of 100 per cent of stake in NRSS XXXVI Transmission Ltd on 4th April through Resurgent Power.”

Tata Power installed 2,90,000 smart meters in Delhi and 60,000 in Mumbai.

It also added 18,102 green consumers having annualized consumption of 194 million units in Mumbai.

-PTI