Tata Power on Wednesday said its consolidated net profit rose by 10 per cent to Rs 268 crore for quarter ended June on the back of reduced expenses. The company had posted a net profit of Rs 243 crore during the same period a year ago, Tata Power said in a BSE filing. During April-June, the company reported a total income of Rs 6,540 crore as compared to Rs 7,874 crore in the year-ago quarter.
Total expenses during the quarter under review stood at Rs 6,555 crore as against Rs 7,228 crore in the year-ago period.
In a separate statement, the company said, it was able to maintain stable performance despite lower profits from Solar EPC businesses mainly on account of lower financing cost and stable performance across all clusters. "All our business clusters have reported robust performance despite the challenges presented by the ongoing pandemic. We aim to continue our progress in our low carbon journey by achieving 50 per cent generation from clean and green sources by 2025 and set new benchmarks in operational efficiencies," Tata Power CEO and MD Praveer Sinha said. "The proposed renewable InvIT (investment trust), will be the growth engine and we intend to grow this to be India's largest renewable InvIT. At present, it has about 2.6 GW (gigawatt) of operating plants and 1.5 GW of capacity in the pipeline taking the total capacity to 4.1 GW. This InvIT provides the option to recycle capital once the assets are operational." Besides adding capacity in the renewable generation space in the next five years, the company will also be scaling the solar cells and modules manufacturing business along with the solar EPC (engineering, procurement, and construction) business.