Tata Power’s net profits grew 73.3% YoY to Rs 551.89 crores as net sales jumped 43.6% to Rs 10,913.14 crores in the quarter ended on December 2021.
The company’s consolidated Profit After Tax surged 87.2% as all business verticals saw robust growth during the quarter as the company expanded into Odisha DISCOMs. The company’s underlying EBITDA grew 16% to Rs 2,499 crores, mainly from higher profits from coal mines being offset by higher losses in CGPL due to increase in coal prices.
“Tata Power has delivered strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility. We are committed to focus on key growth areas viz renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging. We’ll focus on utilising technology to offer smart, green energy solutions and provide world class experience to our 12 million plus customers.” said Mr Praveer Sinha, MD & CEO of Tata Power.
Highlight by Aman Agarwal.