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 companys profit was attributed to higher revenue from core businesses of generation, transmission and distribution.
The Tata Group companys revenue increased by nine percent in the first half of FY24 to Rs 15,442 crore.
This was attributed to the companys 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 ATC 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.
