Mumbai: Tata Power Company Ltd reported a consolidated net profit of Rs 1,017.41 crore for the second quarter of FY 24, marking 8.79 percent YoY growth over Rs 935.18 crore reported last year.
The company’s profit was attributed to higher revenue from core businesses of generation, transmission and distribution.
The Tata Group company's revenue increased by nine percent in the first half of FY24 to Rs 15,442 crore.
This was attributed to the company's strong financial position, operational efficiency, and cross-cluster synergies.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) also increased by 51 percent to Rs 3,087 crore, resulting in an all-time high EBITDA of Rs 6,092 crore for the six-month period.
Praveer Sinha, CEO and Managing Director, Tata Power, said this is the 16th consecutive Profit after Tax (PAT) growth for the company. "We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters. Our adherence to financial discipline and operational excellence along with business resilience and diversification has helped us in maintaining this consistent profit growth."
The company stated in a statement that Tata Power had made significant progress in its distribution business by improving its cash flow and reducing AT&C losses in Odisha. The company was well-positioned to capitalize on pumped hydro storage projects and had signed a memorandum of understanding (MoU) with the Maharashtra government for the development of a 2,800 MW project.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
