Tata Power has reported consolidated profit after tax of INR 506 crore for the second quarter (July-August-September) of FY2021-22, a 36% increase over INR 371 crore in the corresponding quarter last year. The company attributed the growth to savings in finance cost and better performance in the renewables business.
Revenue from operations increased 18% to INR 9,810 crore from INR 8,290 crore in Q2 last fiscal year. Quarterly income stood at INR 10,187.33 crore compared to INR 8,441.60 crore in Q2 FY2020-21.
Commenting on the company’s performance, Praveer Sinha, CEO and managing director, Tata Power, said, “The robust performance during this quarter is a reflection of our continued focus on our well-calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance.”
Sinha highlighted Tata Power’s focus continues to be towards the expansion of its renewable and distribution businesses and go green in the existing generation business The company aims to scale up the share of renewable energy in its portfolio to 80% by 2030 from 32% currently.
Tata Power’s renewable portfolio grew by 10% in Q2 over Q1 FY 22, with the addition of 256 MW capacity and bids won for 580 MW.
Among major highlights for Q2 FY2022, Tata Power commissioned a 100 MW solar project at Raghanesda Solar Park in Gujarat and a 150 MW solar PV project at Lohakari, Rajasthan. It also landed a 330 MW solar project from Rewa Ultra Mega Solar Ltd (RUMSL) in Madhya Pradesh, in addition to receiving the ‘Letter of Intent’ (LoI) from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) to set up 250 MW grid-connected solar plant in Maharashtra. The company has also been awarded EPC work for India’s first-ever large-scale 50MWh battery energy storage system co-located with a 50 MWp solar PV plant in the Leh district of Ladakh.
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