Tata Power reported a 22.4% YoY rise in consolidated net profit for Q1.

Tata Power has reported its Q1 financial results. Here are the key points from their announcement:

  1. Consolidated Net Profit: Tata Power reported a 22.4% year-on-year (YoY) rise in consolidated net profit for the quarter ended June 2023 to Rs 972.49 crore.
  2. Consolidated Revenue: Consolidated revenue from operations grew nearly 5% YoY to Rs 15,213.29 crore. Total income rose to Rs 15,484.71 crore in the first quarter.
  3. Operating Profit (EBITDA): Operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (EBITDA), increased sharply by 75% YoY to Rs 2,943.60 crore. The operating profit margin expanded significantly by 774 basis points to 19.35%.
  4. Costs and Expenses:
    • The cost of purchased power during the quarter stood at Rs 5,392 crore, compared to Rs 5,123.2 crore a year ago.
    • Fuel cost declined to Rs 3,473.4 crore in the quarter from Rs 4,216 crore a year ago.
    • The total expenses for the quarter stood at Rs 14,386 crore, compared with Rs 14,660 crore a year ago.
    • The total tax outgo for the quarter was Rs 334.58 crore, compared to Rs 178.52 crore a year ago.
  5. Performance Highlights:
    • The company reported a net profit increase for the fifteenth straight quarter (YoY).
    • Strong growth in consolidated sales and an increase in EBITDA of 43% to Rs 3,005 crore contributed to the strong financial performance.
  6. Business Outlook:
    • Tata Power has planned nearly Rs 12,000 crore of capital expenditure for the current financial year, focusing on leading the green energy transition and growth opportunities in the transmission and distribution business.
    • The company’s total installed capacity stands at 14,294 MW, with 62% being thermal power and the rest renewable.
  7. CEO’s Statement:
    • Praveer Sinha, CEO & MD of Tata Power, stated that the company has delivered a 15th consecutive quarter of net profit growth across all business clusters.
    • He highlighted the effective strategies, operational efficiencies, and execution excellence driven by the committed workforce as the reasons behind the strong performance.

Tata Power’s Q1 performance highlights the company’s sustained growth trajectory, focus on renewable energy transition, and successful operational strategies.

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Manoj Singh

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