~ Delivers record 17th consecutive quarter of PAT growth ~
Q3FY24 Revenue grows to Rs. 14,841 crore; 9MFY24 Revenue at all-time-high of Rs. 45,286 crore
Q3FY24 EBITDA jumps to Rs. 3,250 crore; 9MFY24 EBITDA at all-time-high of Rs. 9,342 crore.
Q3FY24 PAT increases to Rs.1076 crore with 9MFY24 PAT at Rs.3235 crore
Core businesses of Generation, Transmission & Distribution and Renewables contribute more than 71% of the PAT before exceptional items in 9MFY24 vis a vis 40% in FY23; During Q3FY24 quarter, the share of core business stands at 71% as compared to 39% YoY
Odisha Distribution Business reports PAT of Rs. 63 crore in Q3FY24 and Rs. 217 crore in 9MFY24, higher by 75% and 103% respectively.
T&D segment aids growth; Company wins two transmission projects worth Rs.2,300 Cr in Bikaner-Neemrana & Jalpura-Khurja Transmission Project, under TBCB regime.
Solar rooftop portfolio (incl. Group Captive) surpasses 2,000MW, one of the highest portfolio in the country; Adds146 MW During Q3FY24, up by 15% YoY
Mainstreaming adoption of solar energy in the country, facilitates over Rs. 3,500 crore worth of customer financing for solar projects
Mumbai, February 9th, 2024: Tata Power, one of the largest integrated utilities in the country, continues its growth momentum with the Company reporting its 17th consecutive quarter of PAT growth.
Better realisation in the core business segments consisting of Generation, Transmission & Distribution and Renewables, helped the Company to grow its Q3FY24 reported PAT to Rs. 1,076 crore as compared to Rs. 1,052 crore of the corresponding quarter last fiscal. The 9MFY24 PAT grew to Rs. 3235 crore as against Rs.2871 crore for the 9MFY23 PAT.
During the October-December 2023 quarter, Tata Power's revenue rose to Rs. 14,841 crore as compared to Rs. 14,339 crore in the last financial year. EBITDA for the quarter grew by 15% YoY to Rs. 3,250 crore.
For 9MFY24, the Company's revenue grew to Rs. 45,286 crore, an all-time high for the said period. At Rs. 9,342 crore, the company's EBITDA for the same period is also at a record high. The contribution of core businesses now stands at 71% for 9MFY24 PAT compared to 40% in FY23.
The strong momentum in the core business segment also shows the Company's contribution to the energy transition that the country is witnessing..The Company has been working in various ways, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of ~ Rs 13,000 crore, to offer firm and 24x7 dispatchable renewable energy to all segments of consumers.
In its effort to mainstream the adoption of solar energy in the country, Tata Power has facilitated over Rs. 3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.
Tata Power is developing a green energy transmission corridor as the Company won its first-ever project under the Tariff Based Competitive Bidding (TBCB) process during the quarter. The Company Tata Power won the bid to develop an Interstate Transmission System (ISTS) - Bikaner III Neemrana II Transmission Ltd that will be developed in 24 months. This prestigious Rs. 1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan.
The Company has also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh that will be developed under project SPV “Jalpura Khurja Power Transmission Ltd”.
Praveer Sinha, CEO and Managing Director, Tata Power, said, "Our core businesses continue to perform well and have helped the Company clock its 17th consecutive PAT growth quarter. Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability. As the country witnesses a surge in power demand, Tata Power is well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions."
Consolidated financial performance
| Consolidated | Q3 FY24 | Q3 FY23 | % YoY Growth | 9M FY24 | 9M FY23 | % YoY Growth |
|---|
| Revenue | 14,841 | 14,339 | 3% | 45,286 | 43,278 | 5% |
| EBITDA | 3,250 | 2,818 | 15% | 9,342 | 6,968 | 34% |
| Reported PAT | 1,076 | 1,052 | 2% | 3,235 | 2,871 | 13% |
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