Tata Power profit soars by 77%

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Tata Power, one of India’s largest integrated power companies, reported a consolidated revenue of INR 56,033 crore (over $6.8 billion) in FY 2022-23, 32% up from INR 42,576 crore in FY 2021-22. Its net profit (profit after tax) also grew 77% y-o-y at INR 3,810 crore.

The company attributed the increase in revenue to the robust addition in the renewables portfolio, higher availability in Mundra Thermal Plant, and higher sales across distribution companies.

Consolidated revenue in Q4 FY2022-23 was up by 6% at INR 12,755 crore, compared to INR 12,085 crore in Q4 FY2021-22. Q4 PAT grew by 48% y-o-y at INR 939 crore supported by strong performance across all businesses.

Praveer Sinha, CEO and MD of Tata Power, said, “Tata Power has delivered a strong performance in FY23 with robust growth across all our business clusters, including generation, transmission, distribution, and renewables. The growing need for power has enabled us to keep our momentum strong..Our distribution business has performed exceptionally well, which is evident from the continuous reduction in AT&C losses in Odisha Discoms and the high performance ratings of our Mumbai, Delhi, and Odisha Discoms.”

“Our renewable energy business has expanded significantly across EPC, utility-scale and rooftop verticals and is well poised to lead India’s green energy transition. The completion of INR 4,000 crore ($525 million) worth capital infusion into our renewables business, one of the biggest value unlocks in renewable business globally, will enable us to fuel the next leg of growth. We have also made rapid strides in our EV charging business and have emerged as the largest network in the country with a presence across 350+ cities and towns.”

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