Tata Power posts 50% jump in net profit for FY2021-22

Tata Power has posted stellar financial performance for fiscal 2021-22. The integrated power producer reported a profit after tax of INR 2,156 crore, up 50% year on year. Revenue rose 28% year on year to INR 42,576 crore.

The integrated power producer performed well across all segments, including renewable energy generation and electric vehicle infrastructure, in addition to conventional energy generation, transmission and distribution. It reported robust financial performance for a year that presented a number of challenges, with headwinds emanating from elevated commodity prices, Covid-19, geopolitical conflicts, and erratic weather patterns.

Throughout the year, Tata Power commissioned 707 MW of new renewables capacity. Its rooftop solar business hit its highest-ever quarterly revenue figures, while revenue from solar pumps doubled on a year-on-year basis. Its utility-scale solar EPC order book stood at 3 GW, worth INR 12,000 crore.

“We continue to be aggressively focused on growing our clean energy portfolio which today constitutes over one-third of our total generation portfolio, and we aim to increase it by more than 60% over the next five years,” Praveer Sinha, Tata Power CEO and managing director. “With BlackRock and Mubadala investing INR 4,000 crore in our renewables business, we are well-positioned to pursue even larger opportunities in the RE space.”

As of March 31, the company had 13.5 GW of installed generating capacity. This included 3.4 GW of renewables, with 2.47 GW of solar and 932 MW of wind. Its total utility-scale solar portfolio, including executed projects and its pipeline, touched 9.7 GWp. In the electric mobility segment, Tata Power EZ Charge had cumulatively installed about 13,000 home chargers and more than 2,200 EV charging points by the end of the fiscal year.