Tata Power posts INR 1,017 crore profit in Q2 FY 2024


Tata Power has reported yet another strong quarter of financial performance, driven by robust contributions from all its core business clusters of generation, transmission & distribution.

The company’s consolidated net profit (PAT) in the quarter ending Sept. 2023 (Q2 FY24) grew 9% YoY to INR 1,017 crore (YoY). Revenue too rose 9% YoY to INR 15,442 crore.

During the quarter, a significant 84 % contribution in PAT came from the core businesses, while the contribution from overseas joint ventures, including coal mining operations, continues to decline.

Clean energy generation portfolio (across solar, wind, hydro, and waste heat recovery) achieved the milestone of 5,500 MW during Q2 FY 2024, standing at around 38% of the total installed generation capacity (14,384 MW).

TPREL has installed a cumulative renewables capacity of 4,127 MW (3,137 MW solar and 990 MW wind) and has 3,656 MW under various stages of implementation. The company’s rooftop solar business reported 87% growth in residential business in Q1 FY24 to 18 MW. Utility-scale order book stands at 4.2 GW worth INR 17,643 crore. Rooftop solar and group captive order book stands at INR 2,504 crore.

Praveer Sinha, CEO and managing director, said Tata Power’s adherence to financial discipline, operational excellence along with business resilience and diversification has helped it maintain a consistent profit growth.

4.3 GW solar fab

Tata Power’s 4.3 GW greenfield solar cell and module manufacturing plant in Tamil Nadu produced its first module on Oct. 28. The module plant is expected to stabilize in the next two to three months. The cell plant is on track to roll out the first cell in Q4 FY 2024.

“The cell plant will start getting operational from January onwards and it should get stabilized by March or April. So, by April you will start seeing a good quantum of cells and modules being produced from the plant and that will give us much better visibility in the cost of the modules and we definitely expect better margins in all our EPC contracts,” shared Sinha.

The 4.3 GW solar cell and module facility will produce 4 GW of mono PERC and 300 MW of TOPCon modules. “The purpose is that whenever in future there is a huge demand for TOPCon we have the right experience. The plant has been designed such that if we have to partially or fully move to TOPCon, we can do it at a much faster pace than others who will have to possibly do it de novo in a new location. At this stage, out of the 4.3 GW capacity, about 3 GW will be used for ourselves and the balance will be supplied to others both within the country and outside,” said Sinha. 

Sinha said as of now they have no plans for manufacturing overseas.

Pumped storage

Tata Power is also focusing on supplying round-the-clock renewable energy with hybrid solar and wind plants along with pumped storage plants

The company has signed an agreement with the Maharashtra government to set up 2.8 GW of pumped hydro project in Maharashtra. The project will come up at its existing hydro plants in the state. “We expect to start the work [on this project] sometime mid of next year after all the necessary approvals are obtained by us,” said Sinha.





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