Tata Power has reported an over 31 per cent rise in its consolidated net profit to Rs 632.37 crore in the March 2022 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 481.21 crore in the year-ago quarter, according to a statement.
''Consolidated PAT before Exceptional Items up by 76 per cent YoY (year-on-year) at Rs 775 Crore in March quarter vs Rs 440 Crore in Q4 FY21 (March quarter),'' the company said in the statement.
The consolidated revenue surged 16 percent to Rs 12,085 crore in the March quarter, compared to Rs 10,379 crore a year ago. In 2021-22, the consolidated net profit rose to Rs 2,155.61 crore from Rs 1,438.65 crore in the preceding fiscal.
The company stated that FY22 consolidated PAT (profit after tax) before exceptional items was up by 61 percent year-on-year at Rs 2,298 crore compared to Rs 1,424 crore in FY21.
The consolidated revenue increased 28 percent to Rs 42,576 crore in FY22 from Rs 33,239 crore in the previous financial year.
The Board has also recommended a dividend of Rs 1.75 per equity share of Rs one each (at the rate of 175 percent) to the shareholders for the year ended March 31, 2022.
The dividend recommended by the Board is subject to the approval of the shareholders at the ensuing 103rd annual general meeting (AGM) scheduled to be held on July 7, 2022.
''We ended FY22 on a high note, with our 10th consecutive quarter of PAT growth, fuelled by broad-based growth across all our business clusters comprising Generation, Transmission, Distribution including Odisha and Renewables.
Tata Power CEO and Managing Director Praveer Sinha said, ''Our proven track record in the renewable energy space has attracted reputed global investors (BlackRock Real Assets and Mubadala) to join us in speeding up India's transition to green energy... we are well poised to manage the increasing energy demand due to extreme weather patterns through optimal generation, efficient transmission and distribution complemented by robust renewable energy growth.''