Mumbai, Aug 6 (SocialNews.XYZ) Tata Power on Tuesday reported a 31 per cent jump in net profit at Rs 1,189 crore for the April-June quarter of 2024-25, compared to Rs 906 crore for the same quarter of the previous financial year.
The company said this is its highest-ever growth in quarterly net profit "on the back of strong operational performance across all its businesses of Generation, Transmission & Distribution, and Renewables".
These businesses contributed 84 per cent of the net profit in Q1FY25, compared to 72 per cent in the same period in FY24.
Tata Power’s revenue during the quarter rose 12 per cent year-on-year to a record high of Rs 16,810 crore, and EBITDA grew 11 per cent to Rs 3,350 crore in the reported quarter.
"A solid order pipeline is propelling this all-round business growth. The company has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is Rs 15,500 crore," a Tata Power statement said.
The company said it is well poised to garner a 20 per cent market share in the residential rooftop segment on the back of its new solar manufacturing facility and a 500+ strong pan-India channel partner network. The company is working towards large-scale RTC availability by harnessing the vast potential of hydropower through the development of the 600 MW Khorlochhu power project in Bhutan, and the upcoming 2800 MW pumped hydro storage plants in Maharashtra, the statement said.
The Odisha distribution business has reduced AT & C losses considerably through enhanced operational efficiency. The four Odisha discoms continue to post robust EBITDA, registering 20 per cent growth in Q1FY25. The Delhi Electricity Regulatory Commission has recognized regulatory assets worth Rs 5,788 Crore for Tata Power Delhi Distribution Ltd, the statement added.
Tata Power CEO Praveer Sinha said: "We have commenced FY25 on a strong note, as we book our all-time high and 19th consecutive quarter of PAT (profit after tax) growth. All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum."
Source: IANS
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