Tata Power, one of India’s largest integrated power companies with operations across the entire value chain, reported growth of 29 percent in Q1FY24 with a net profit at Rs 1,141 crore, the company announced through an exchange filing.
The Company has reported a net profit growth for the 15th consecutive quarter (YoY), with robust growth in consolidated revenue as well as EBITDA.
The Company’s consolidated revenue for the reporting quarter stood at Rs 15,003 crore, and EBITDA rose by 43 percent to Rs 3,005 crore.
Consolidated Quarterly performance: Q1 FY24 vs Q1 FY23 (YoY)
Consolidated EBITDA up by 43 percent at Rs 3,005 crore vs Rs 2,107 crore in Q1 FY23. Lower under recovery in Mundra Plant & positive regulatory order in Maithon Power Limited (MPL).
Consolidated Revenue up by 2 percent at Rs 15,003 crore vs Rs 14,776 crore in Q1 FY23 due to higher sales across Distribution Companies and capacity addition in renewables.
Consolidated Reported PAT up by 29 percent at Rs 1,141 crore vs Rs 884 crore in Q1 FY23 supported by strong performance across all businesses Consolidated PAT before exceptional items up by 3 percent at Rs 906 crore vs Rs 884 crore in Q1 FY23 supported by strong performance across all businesses.
Exceptional item of Rs 235 crore on account of deemed gain on dilution of stake from 47.78 percent to 30.81percent in Tata Projects.
"We have delivered a 15th consecutive quarter of PAT growth on the back of strong performance across all business clusters. This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce." said Dr. Praveer Sinha, CEO & MD, Tata Power.
Tata Power shares
The shares of Tata power on Wednesday at 3:30pm IST were at Rs 235.40, up by 0.64 percent.