Tata Power on Wednesday declared its financial results for the quarter ending September 30, 2023, registering its 16th consecutive Profit after Tax (PAT) growth, the company announced through an exchange filing.
The Company’s consolidated PAT during Q2 FY24 grew by 9% to Rs 1,017 crore (YoY). Revenue too rose by 9% to Rs 15,442 crore (YoY) largely driven by higher revenue from core businesses of Generation, Transmission & Distribution.
During the quarter, a significant 84 % contribution in the Company’s PAT came from the core businesses, while the contributions from overseas JVs, including coal mining operations, continues to decline.
Q2FY24 EBITDA jumped 51% to Rs 3,087 crore, resulting in an all-time high H1 EBITDA of Rs 6,092 crore.
Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said "We have reported yet another strong quarter of financial performance, driven by robust contribution from all our core business clusters. Our adherence to financial discipline, operational excellence along with business resilience and diversification has helped us in maintaining this consistent profit growth.
Net Debt to Underlying EBITDA improving to 2.65x (from 2.73x in Q1 FY24) and Net Debt to Equity improving to 1.02x (from 1.09x in Q1 FY24) during the quarter.
The Company’s clean energy portfolio achieved the milestone of 5,500 MW during Q2 FY24, standing at 38% of total installed generation capacity. Tata Power also made significant progress in its Distribution Business by improving its cash flow and reducing AT&C losses in Odisha. Further, it is well-poised to capitalize on the Pumped Hydro Storage projects and has signed an MoU with the Maharashtra Government for the development of a 2,800 MW projects.
The Company’s Zambia unit (ITPC 120 MW hydro plant) resolved the PPA tariff issue with the Zambian State Utility (ZESCO) and has realised part of the pending receivable dues of USD 102 million from Zambia Electricity Supply Corporation.
The Company also received all the pending sale proceeds of Arutmin Coal Investment, as per the earlier arrangement to divest its stake in 2016.
