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Power producer and distributor Tata Power’s net profit was flat compared to year ago, while revenue saw a small uptick in the December quarter, with the power-generation business seeing a fall in revenue and expenses seeing a spike.
The company reported consolidated net profit of ₹953 crore in Q3 of FY24 and revenue of ₹14,651 crore. Its segment results showed that revenue from power generation fell 7.7 per cent to ₹4,958 crore.
According to the company’s calculation, its EBITDA in the quarter rose 15 per cent on year to ₹3,250 crore.
The company said it saw better realisation in its core business segments that helped its bottomline. There was strong momentum in its core business segments while it is also contributing to the energy transition in the country. It is developing 2.8 GW pumped hydro storage projects at an investment of ₹13,000 crore to offer firm and round-the-clock dispatchable renewable energy to all segments of consumers.
In its effort to mainstream the adoption of solar energy in the country, the company said it has facilitated over ₹3,500 crore worth of customer financing for solar projects that will benefit 2,200 industrial customers and thousands of residential customers.
It also won the bid to develop an interstate transmission system in Rajasthan that will be developed in 24 months. The ₹1,544-crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner. It also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh.
At the end of the quarter Tata Power’s operational capacity was 4,270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4752 MW of projects under its renewables energy unit and 4120 MW of projects under its solar unit are under execution, taking the total clean energy capacity to over 10,000 MW in the next 12-24 months. It said it was on an accelerated growth trajectory of transitioning to green energy and aiming for around 70 per cent of capacity from non-fossil-based fuels by 2030.
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