Tata Power on Wednesday posted a marginal rise of one per cent in consolidated net profit at Rs 481.21 crore for March quarter 2020-21.
It had clocked a net profit of Rs 474.70 crore in the year-ago period, the company said in a BSE filing.
Total income rose to Rs 10,222.48 crore in the quarter from Rs 6,793.95 crore in the same period a year ago.
The company said the rise in consolidated net profit in March quarter is "due to saving in finance cost offset by exceptional gain in PY (previous year)." The consolidated net profit of the company in 2020-21 also rose to Rs 1,438.65 crore from Rs 1,316.44 crore in the previous year.
Total income in the year increased to Rs 32,907.34 crore from Rs 29,698.98 crore in 2019-20.
The company's board in its meeting on Wednesday recommended a dividend of Rs 1.55 per equity share of Re 1 each to the shareholders for 2020-21.
The Annual General Meeting (AGM) of the company is scheduled to be held on July 5, 2021, it said.
Praveer Sinha, CEO and MD, Tata Power said: "All our businesses and operations have performed exceptionally well. This can be attributed to the overall excellent performance of the generation, transmission, distribution and renewable businesses." He further said the company stands strong with the nation to provide uninterrupted power supply and ensure that citizens continue to work from home, office, factory.
On the company's progress, he said,"Our consumer base in Odisha has expanded to 9 million with the recent acquisition of the retail power distribution for the entire state. With this, we have steadily grown to around 12 million consumers across the country, continuing to build our business in line with our strategy to become a highly consumer focused power utility." The company is anticipating a significant growth in the solar sector in line with the call for 'Aatmanirbhar Bharat' and has planned various initiatives to grow the solar business.
"Tata Power Solar Systems Limited, our wholly-owned subsidiary, recently inaugurated a state-of-the-art expansion of its manufacturing facility in Bengaluru, thereby, taking up the total production capacity of cells and modules to 1,100 MW," he stated.
While the company continues to grow its B2C segment, it also aims to serve the B2B consumers with enhanced value-added energy management services, Sinha said.
"We will continue to concentrate on our key growth areas - renewables, distribution business and new businesses of rooftop solar panels, solar pumps and EV charging and push the bar on performance through all our entire gamut of generation, transmission and distribution businesses," he added.