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Tata Power reported a marginal increase in consolidated net profit at ₹481.21 crore for the January to March quarter compared to ₹474.70 crore in the year-ago period.
Revenue rose to ₹10,222.48 crore from ₹6,793.95 crore during the period. The board has recommended a dividend at ₹1.55 per share.
Praveer Sinha, CEO & MD, Tata Power said, “All our businesses and operations have performed exceptionally well. This can be attributed to the overall excellent performance of the generation, transmission, distribution and renewable businesses.”
Tata Power’s consumer base in Odisha has expanded to 9 millions with the recent acquisition of the retail power distribution for the entire State. With this, the company now has 12 million consumers across the country.
“With the clarion call of ‘Atmanirbhar Bharat’ by the GoI, we are anticipating significant growth in the solar sector and have planned various developmental initiatives to grow our solar business. Tata Power Solar Systems Limited, our wholly owned subsidiary, recently inaugurated a state-of-the-art expansion of its manufacturing facility in Bengaluru, thereby, taking up the total production capacity of cells and modules to 1,100 MW,” Sinha said.
The company has begun investing in start-ups to speed up its innovation pipeline to help develop a fully integrated “Energy as a Service solution provider”.
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