Tata Power, a private-sector integrated utility in India, has reported its 17th consecutive quarter of net profit (profit after tax) growth. The company’s PAT for the third quarter (Oct-Nov-Dec. period) of FY2024 grew to INR 1,076 crore ($129.64 million) compared to INR 1,052 crore in Q3 FY 2023, on the back of better realisation in the core business segments of generation, transmission and distribution, and renewables. Q3 revenue increased to INR 14,841 crore.
The 9M FY2024 PAT grew to INR 3,235 crore as against INR 2,871 crore for 9M FY2023, and revenue grew to INR 45,286 crore, an all-time high for the said period. Core businesses of generation, transmission and distribution, and renewables contributed more than 71% of the PAT before exceptional items in 9M FY 2024 vis a vis 40% in FY 2023; during Q3 FY 2024 quarter, the share of core business stood at 71% as compared to 39% in the last fiscal.
As of Dec. 31, 2023, Tata Power’s operational capacity in the renewables segment is 4,270 MW, generating 6,031 MUs of green power. Another 4,752 MW of projects under Tata Power Renewable Energy Ltd (TPREL) and 4,120 MW of projects under Tata Power Solar Systems Ltd are under execution, thus taking the total clean energy capacity to over 10 GW in the next 12-24 months. The company is aiming for around 70% of the power generation capacity from non-fossil-based fuels by 2030.
Project highlights
TPREL won 612 MW utility-scale solar EPC orders worth INR 2,849 crore in Q3 FY 2024, the highest ever in a quarter. It secured its first firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. This 1,316.5 MW project will comprise 460 MW of solar, 799 MW of wind and 57.5 MW of battery storage, to provide round-the-clock power supply.
TPREL also commissioned a 110 MW solar power project for the Kerala State Electricity Board, 25 MW solar power project for GUVNL, and 91.8 MW hybrid wind power project for MSEDCL.
Tata Power’s solar rooftop portfolio (including group captive) surpassed 2 GW, retaining the highest market share in the segment for the ninth year in the row.
Tata Power Solar Systems Ltd (TPSSL) secured a contract with NTPC to supply 152 MWp DCR solar PV modules for NTPC’s Nokh Solar Park in Rajasthan.
Further, Tata Power is developing 2.8 GW of pumped hydro storage projects with an investment of INR 13,000 crore, to offer firm and 24×7 dispatchable renewable energy to all segments of consumers. It has facilitated over INR 3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.
The company has also won the bid to develop an interstate transmission system (ISTS) project, Bikaner III Neemrana II Transmission Ltd, which will be developed in 24 months. This INR 1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan. It has won another intrastate transmission scheme in Uttar Pradesh, which it will develop through special-purpose vehicle Jalpura Khurja Power Transmission Ltd.
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