National, October 29, 2021: Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 30th September, 2021, reporting a 36% increase in consolidated PAT as compared to Q2FY21.
PERFORMANCE HIGHLIGHTS: CONSOLIDATED
On a consolidated basis, Tata Power Group’s Q2 FY22 Revenue was up by 13% at ₹9,502 crore as compared to ₹ 8,428 crore last year. This is mainly due to expanded operations in Odisha DISCOMs, higher project execution in Solar EPC Business and strong business performance by all other businesses
Consolidated PAT stood at ₹506 crore up by 36% as compared to ₹371 crore in Q2 FY21 due to savings in finance cost & better performance in Renewables Business.
PERFORMANCE HIGHLIGHTS: STANDALONE
For the Quarter ended September 30, 2021, Standalone Revenue stood at ₹ 1,897 crore as against ₹1,654 crore, which is an increase of 14.7 %, in the corresponding quarter last year mainly due to higher generation.
PAT before exceptional items up by 273% at ₹541 crore as compared to ₹ 145 crore in corresponding period last year mainly due to higher dividend income
Commenting on the Company’s performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said,“The robust performance during this quarter is a reflection of our continued focus on our well calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance. Our focuscontinues to remain towards the expansion of our Renewable and Distribution businesses and go green strategy in our existing generation business.
We aim to scale up renewable business towards our 2030 target. Clean energy currently makes up 32% of Tata Power’s portfolio which is expected to touch 80% by 2030.
Tata Power is committed and aligned with Indian Government’s National Electric Mobility Mission Plan (NEMMP) 2020 and FAME II policy which are focused on transforming the e-mobility space of the country. The company has reached a significant milestone of deploying 1000 EV Public charging points across 180 cities in India. Our target is to install EV charger points over a 3,600 km stretch from India’s northernmost region of Kashmir to Kanyakumari. We will also continue to strengthen ourSolar Pumps,Solaroof and Solar Microgridsbusinesses across the country.”
Disclaimer:
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors
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