Tata Power has announced a 90 per cent increase in its consolidated net profit for the quarter ended June, helped by profits from associate and joint venture companies and a reassessment of tax depreciation.

The company clocked net profit of ₹883.54 crore during the quarter as against ₹465.69 crore posted in the same quarter last year. The share of profit of associate and joint ventures accounted for, marked a growth of 119 per cent to ₹803 crore (₹366 crore).

During the quarter, the holding company had reassessed the recoverability of unabsorbed tax depreciation and thus, recognised deferred tax assets amounting to ₹111 crore, the company said.

Revenue from operations grew 43 per cent to ₹14,495.48 crore (₹10,132.35 crore). Tata Power said it plans a consolidated capital expenditure of ₹14,000 crore in 2022-23, including a ₹10,000-crore investment in the renewables sector.

The company’s total renewable capacity is 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation. It claimed to have achieved an order book of over ₹14,500 crore in EPC utility-scale projects during the quarter.