The company’s consolidated earnings before interest tax depreciation and amortisation (Ebitda) grew 53 per cent versus last year to Rs 3,816 crore
Tata Power on Friday reported an over two-fold rise in consolidated net profit to Rs 945 crore for the December quarter (Q3FY23) against the corresponding period of the last financial year (Q2FY22). The result was aided by higher power generation and distribution sales, as well as improved realisation per unit. The December quarter net profit beat street estimates, which had pegged bottomline at Rs 900 crore, according to Bloomberg. The company had reported a net profit of Rs 426 crore last year.
The company’s consolidated revenue was up nearly 30 per cent to Rs 14,129 crore in the quarter against Rs 10,913 crore reported in Q3FY22. This was also ahead of street estimates which had pegged Q3 revenue at Rs 13,837 crore, according to consensus estimates by Bloomberg.
Revenue was also aided by the tariff notified by the Ministry of Power (MoP), and orders of the Central Electricity Regulatory Commission (CERC) for imported coal-based power plants, Tata Power said.
The company, along with its subsidiaries and jointly controlled entities, has an installed capacity of 14,101 megawatt (MW).
The company’s consolidated earnings before interest tax depreciation and amortisation (Ebitda) grew 53 per cent against last year to Rs 3,816 crore. Ahead of the results, shares of Tata Power 0.48 per cent down to Rs 205.30 apiece on the BSE.
On May 5th, 2022, the Ministry of Power had issued directions under Section 11 of the Electricity Act, 2003, to all imported coal-based power plants, including Mundra Power Plant, to operate and generate power in full capacity. Accordingly, the company had declared availability and supplied power according to the MoP directions from May 6th, 2022, to 31st December, 2022, and recognized revenue based on the tariff notified by MoP, Tata Power said.
“On 13th September 2022 and 3rd January, 2023, Central Electricity Regulatory Commission (“CERC”) passed favourable orders to compensate adverse financial impact to the company for power supplied under MoP directions and accordingly, the company has recognized revenue based on these CERC orders. Revenue for the September and December quarter includes an amount of Rs 151 crore and Rs 439 crore relating to earlier quarters respectively,” it said.
“The third quarter saw significant strides in various businesses associated with our Green Energy Platform and Transmission & Distribution (T&D) businesses. We have committed investments in renewables and in Odisha Power Distribution, and have further strengthened our position in rooftop Solar and EV charging domains,” Praveer Sinha, chief executive officer & managing director, Tata Power, said in a media call on Friday.
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