Tata Power Apr-Jun Net Profit Rises 4% YoY, Shares Down

7 Aug 2024 , 10:42 AM

Tata Power Company reported a consolidated net profit of ₹1,189 crore for the April-June quarter, marking a 4% increase year-on-year and a 14% rise from the previous quarter. Excluding exceptional gains, net profit grew 31% on year, as the first quarter of last year included an exceptional gain of ₹235 crore due to a deemed dilution gain in Tata Projects.

The growth in net profit was driven by strong operational performance and execution across all its businesses, including generation, transmission, distribution, and renewables, Tata Power stated. The company’s EBITDA rose 11% year-on-year to ₹3,350 crore in the April-June quarter.

Revenue from operations increased by 14% year-on-year to ₹17,294 crore. However, net debt rose to ₹42,467 crore from ₹38,125 crore in the previous quarter, attributed to higher capex and working capital requirements. Tata Power made a capex of around ₹4,000 crore in the first quarter out of the planned ₹20,000 crore for the full year.

Tata Power announced the acquisition of a 40% equity stake in Khorlochhu Hydro Power in one or more tranches for a cash consideration of ₹830 crore. Additionally, the company’s board decided to delist its Global Depository Shares from the Luxembourg Stock Exchange.

At 1012 IST, shares of Tata Power were down 2.1% at ₹427.80 on the National Stock Exchange.