Tata Power, one of India’s largest integrated power companies, has announced a consolidated profit after tax of INR 935 crore in the second quarter (July-Sept. period) of FY2022-23, an 85% increase compared to the same period in the previous fiscal. Consolidated revenue was INR 14,163 crore, 49% up year-on-year.
The company attributed the stellar Q2FY23 performance to higher plant availability in Mundra, higher sales across distribution companies, and capacity addition in renewables.
Total renewables portfolio reached 5,660 MW with an installed capacity of 3,870 MW and 1,790 MW under various stages of implementation.
In Q2, Tata Power raised INR 4,000 crore from a consortium led by the world’s largest fund manager BlackRock Real Assets, and Abu Dhabi sovereign wealth fund Mubadala Investment Company to fund the growth of renewables business, and $320-million sustainability-linked loans from foreign lenders led by Bank of America to refinance existing loans.
The company completed a cumulative 625 MW of large-scale renewable EPC projects and secured large-scale renewable projects from NHDC Ltd (125 MWp) and SJVN in Gujarat (100 MW).
Tata Power has a presence across the entire power value chain, from the generation of renewable as well as conventional power including hydro and thermal energy, to transmission and distribution, coal and freight, logistics, and trading. Together with its subsidiaries and jointly controlled entities, it has an installed/managed capacity of 14,002 MW.
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