Tata Power Surges Ahead with Robust Q2 FY24 Performance and Milestone Achievements
Tata Power Company Limited has unveiled its stellar financial performance for the second quarter of FY 24, showcasing impressive growth and reaching significant milestones in the clean energy sector. The company declared a consolidated net profit of Rs 1,017.41 crore for the quarter, marking an 8.79 percent year-on-year increase from the previous year’s profit of Rs 935.18 crore. This remarkable growth was primarily fueled by higher revenue generated from the company’s core operations in generation, transmission, and distribution.
Revenue and Financial Highlights:
Tata Power’s consolidated revenue witnessed a substantial nine percent surge, reaching Rs 15,442 crore, compared to Rs 14,163 crore in the same period last year. This robust financial performance can be attributed to the company’s healthy balance sheet, operational excellence, and synergies across all its business clusters.
Notably, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) recorded a remarkable 51 percent increase, soaring to Rs 3,087 crore. This surge in EBITDA contributed to an all-time high figure of Rs 6,092 crore in the initial six months of FY24, underscoring Tata Power’s financial strength and operational efficiency.
Praveer Sinha, CEO and Managing Director, Tata Power, said this is the 16th consecutive Profit after Tax (PAT) growth for the company. “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.”
Clean Energy Milestone:
In a significant milestone, Tata Power’s clean energy portfolio achieved a remarkable feat, reaching 5,500 MW during Q2 FY24. This achievement accounts for 38 percent of the total installed generation capacity, highlighting the company’s commitment to renewable energy initiatives and sustainable practices.
Tata Power’s strong financial performance, coupled with its achievements in the clean energy sector, underscores its position as a key player in the energy industry. With a focus on operational excellence and sustainable practices, the company continues to pave the way for a greener and more efficient energy future.
“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 said in a statement on November 8.