Tata Power recorded a 15% year-on-year (YoY) increase in its consolidated net profit for the fourth quarter, to ₹895 Crore, compared to ₹778 Crore in the same quarter of previous year.
During the reporting year, operating revenue increased by 27% year on year to ₹15,846 Crore.
The Board also recommended a final dividend of ₹2 per share for the fiscal year ending March 2024.
The dividend recommended by the Board is subject to approval by the members at the upcoming AGM. The corporation has set July 4 as the record date for the payment of said dividend, which will be paid beginning July 18.
EBITDA for the March quarter climbed 15% YoY to ₹2,332 Crore, compared to ₹2028 Crore in the same quarter last year. Meanwhile, margins fell 157 basis points to 14.7% in the reporting period.
Praveer Sinha, CEO and Managing Director of Tata Power remarked that the company continued its impressive streak with another outstanding quarter in Q4FY24, marking the 18th consecutive quarter of profit after tax (PAT) growth. He highlighted the robust operational and financial performance across all core sectors, including Generation, Transmission & Distribution (T&D), and Renewables, indicating sustained growth.
The company is on a fast track to convert to green energy, with the goal of generating around 70% of its capacity from non-fossil fuels by 2030.
As of March 2024, the company’s renewable capacity was 4.5 GW operational, with another 5.5 GW of projects in the works, bringing the total green energy portfolio to more than 10GW.
The renewable portfolio capacity is 10 GW, with 5.5 GW in the deployment pipeline. Tata Power Renewable Energy’s utility-scale EPC order book is approximately ₹13,400 Crore or 2.6 GW. Rooftop Solar and Group Captive EPC orders total ₹2,900 Crore.
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