Tata Power net profit grows 29% y-o-y to Rs 1,140.97 crore in Q1FY24; stock zooms ~2%

10 Aug 2023 , 12:13 PM

Tata Power Company Limited announced a consolidated net profit of Rs 1,140.97 crore for the first quarter of FY24, representing a 29% increase over the previous year’s consolidated profit of Rs 883.54 crore.

The combined profit is 21.5% higher than the profit of Rs 938.81 crore achieved during the preceding quarter ending March 31.

The Tata Group company’s consolidated revenue from operations remained nearly unchanged, increasing by only 1.5 percent to Rs 14,982.55 crore from Rs 14,752.69 crore during the same period last year. The company said that the flat performance is owing to increased distribution company sales and renewable capacity growth.

Consolidated revenues climbed 17.6% sequentially from Rs 12,737.37 crore in the previous quarter.

Consolidated EBITDA increased by 43% y-o-y to Rs 3,005 crore in Q1FY23, compared to Rs 2,107 crore in Q1FY23, due to lesser under-recovery at the Mundra plant and a positive regulatory order at Maithon Power Limited (MPL).

For the current fiscal year, the company has set aside approximately Rs 12,000 crore in capital expenditure to enable the company in leading the green energy transition and capitalize on growth possibilities in the transmission and distribution business.

At around 12.10 PM, Tata Power was trading 1.38% higher at Rs 238.15, against the previous close of Rs 234.90 on NSE. The counter touched an intraday high and low of Rs 241.70 and Rs 233.50, respectively.

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