Tata Power Q3 results: Profit up 2% at Rs 1,076 crore; revenue climbs 4%

Tata Power Company Ltd on Friday recorded a 2.28 per cent rise in its third-quarter (Q3 FY24) consolidated net profit on a year-on-year (YoY) basis. The company's profit in December 2023 came at Rs 1,076.12 crore as against Rs 1,052.14 crore in the year-ago period.

Revenue from operations was up 3.69 per cent in Q3 FY24, at Rs 14,651 crore, compared to Rs 14,129.12 crore in the corresponding quarter last fiscal.

Tata Power expenses also rose proportionately to Rs 14,254.11 crore in October-December 2023 quarter from Rs 13,745.89 crore in Q3 FY23.

During the quarter under review, EBITDA for the quarter grew by 15 per cent YoY to Rs 3,250 crore.

Praveer Sinha, CEO and Managing Director at Tata Power, said, "Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability. As the country witnesses a surge in power demand, Tata Power is well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions."

The Tata Group's power arm said it has facilitated over Rs 3,500 crore worth of customer financing for solar projects. And, it is also developing a green energy transmission corridor.

As on December 31, 2023, the company's operational capacity is 4270 MW in the renewables segment, generating 6,031 MUs of green power.

The quarterly results were announced post-market hours. Shares of Tata Power settled 3.79 per cent lower at Rs 392.10 today.

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