Tata Power logs 7% y-o-y growth in Q2 net profit at Rs 876 crore

9 Nov 2023 , 09:32 AM

Tata Power announced a 7% year-on-year rise in its consolidated net profit for the three months ended September 2023 at Rs 876 crore on Wednesday. In the same period of the previous year, it was Rs 819 crore.

The company’s revenue from operations during the quarter was reported at Rs 15,738 crore, up by 12% y-o-y compared to Res 14,031 crore in the previous corresponding quarter.

The company has reported an EBITDA of Rs 3,090 crore during the quarter under review, registering a growth of 76% y-o-y against Rs 1,759 during the same quarter of the previous year. While margins logged an improvement of 19.60% in the reporting period.

Further, during the quarter, the company stated that 84% contribution in its PAT came from the core businesses, while the contributions from overseas JVs continued to fall.

The revenue grew mainly on the back of higher revenue from core businesses of generation, transmission, and distribution.

The company credited its good second-quarter financial performance to a robust balance sheet, operational efficiency, and synergies across all business clusters.

The company is concentrating on new development areas, such as its greenfield solar cell and module manufacturing factory in Tamil Nadu, which produced its first module this quarter and is on schedule to roll out the first cell in Q4FY24.

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