Tata Power Q1 Consolidated PAT Rises 74% At Rs466cr; EBITDA Up By 16% Driven By Overall Consistent Performance
Its consolidated Q1 FY22 Revenue stood at Rs9,831cr up 47% as compared to Rs6,671cr in Q1 FY21 mainly due to acquisition of Odisha Discoms and higher sales/execution in its solar EPC businesses.
Tata Power, India’s largest integrated power company, recorded a consolidated PAT after exceptional items was up 74% at Rs466cr as compared to Rs268cr in Q1 FY21 mainly due to higher wind & solar power generation, all round better performances in Solar EPC, rooftop, solar pumps business and favorable tariff order for CGPL.
Its consolidated Q1 FY22 Revenue stood at Rs9,831cr up 47% as compared to Rs6,671cr in Q1 FY21 mainly due to acquisition of Odisha Discoms and higher sales/execution in its solar EPC businesses.
Despite of strong set of Q1 numbers, the shares ended at Rs132.05 down by Rs3.1 or 2.29% from its previous closing of Rs135.15 on the BSE.
Commenting on the Company’s performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said, “All our existing generation, distribution and transmission business units have reported a robust performance despite the challenges presented by the ongoing pandemic. This can be attributed to the excellent performance of all our businesses and capacity additions.
We aim to scale up our renewable portfolio from the current 4GW to 15GW by 2025 and to 25GW by 2030 thereby achieving 80% clean generation capacity, up from the current 31%.
We will continue to expand and promote the mass adoption of rooftop solar & solar pumps, microgrids, home automation and focus on developing the EV charging infrastructure in the country.
We are happy to announce our re-entry into the development of greenfield Transmission Projects. Our partnership with the country’s leading T&D EPC player “Tata Projects” will make us a force to reckon with. This would further accelerate the momentum of “Power for All” initiative of the Government of India.
“As part of our ESG focus, Tata Power obtained a score of 67 out of 100 in CRISIL’s ESG ratings, the highest among all companies in the Indian Power Sector. We are Future-Ready for a cleaner tomorrow and aim to capitalise on opportunities across hybrid renewable projects, floating solar and strengthen our partnerships for battery storage projects. Despite the downside risks posed by COVID, we remain optimistic and will continue to build a resilient tomorrow and advance our sustainability goals,” Mr Sinha added.
Source: indiainfoline
