Tata Power (NSE: TATA POWER; BSE: 500400), one of India's largest integrated power companies with operations across the entire value chain, reported growth of 29% in Q1 FY24 with a net profit at ? 1,141 crore.
The Company has reported a net profit growth for the 15th consecutive quarter (YoY), with robust growth in consolidated revenue as well as EBITDA. The Company's consolidated revenue for the reporting quarter stood at ? 15,003 crore, and EBITDA rose by 43% to ? 3,005 crore. The Company's strong financial performance is on account of sustained business growth across all clusters.
Consolidated Quarterly performance highlights: Q1 FY24 vs Q1 FY23 (YoY) Consolidated EBITDA up by 43% at ? 3,005 crore vs ? 2,107 crore in Q1 FY23. LowerY under recovery in Mundra Plant & positive regulatory order in Maithon Power Limited (MPL) Consolidated Revenue up by 2% at ? 15,003 crore vs ? 14,776 crore in Q1 FY23 dueu to higher sales across Distribution Companies and capacity addition in renewables. Consolidated Reported PAT up by 29% at ? 1,141 crore vs ? 884 crore in Q1 FY23 supported by strong performance across all businesses Consolidated PAT before exceptional items up by 3% at ? 906 crore vs ? 884 crorea in Q1 FY23 supported by strong performance across all businesses Exceptional item of ? 235 crore on account of deemed gain on dilution of stake from 47.78% to 30.81% in Tata Projects.
Dr. Praveer Sinha, CEO & MD, Tata Power said, 'We have delivered a 15th consecutive quarter of PAT growth on the back of strong performance across all business clusters. This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce. We have planned nearly ?12,000 crore of capex for the current financial year that would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business. Tata Power is well poised to develop round the clock renewable power solutions. We are making significant progress in developing solutions around battery storage, pumped hydro projects, and other hybrid solutions. This will support the RE100 agenda of large enterprises and also contribute towards clean energy solutions for our C&I consumers.'
Driving energy efficiency through our Transmission & Distribution: Received a Letter of Award ('LOA') to implement ? 1,744 crore smart metering project for Chhattisgarh State Power Distribution Company Limited (CSPDCL) Mumbai Distribution received a favourable order from APTEL. In the interim period, Tata Power will apply MYT Order 2020 tariff which is 25 - 35% lower than suggested tariff in the last order for its Mumbai consumers. Mumbai Distribution's energy sales for the month of June were the highest ever, at 550 million units Total Smart Meter installations reached a milestone of 6,50,000 across Tata Power Discoms in Odisha, Delhi and Mumbai Powering E-Mobility across India Tata Power is deploying 1,018 e-bus charging points for Tata Motors CESL project in Delhi, Jammu, Srinagar, and Bengaluru Entered into a partnership with the Ayodhya Development Authority to install EV charging stations in various public-parking areas In Rajasthan, installed 59 fast charging stations along important highways connecting Jaipur, Ajmer, Bikaner, Jodhpur, Sri Ganganagar, Barmer, Mount Abu, Chittorgarh and Alwar To power 'Green Tourism', the Company partnered with Le Roi Hotels and Resorts to install EV chargers across 8 locations. With this Tata Power now has tie-ups with IHCL, Tigress Resort, Ramada, The Park and various other largeand small-scale hotel chains pan India
About Tata Power
Tata Power (NSE: TATAPOWER; BSE:500400) is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,319 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, and trading. The Company developed the country's first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 5,459 MW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 38% of the overall portfolio, the company is a leader in clean energy generation. It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from the Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand. Tata Power is currently serving more than 12.9 million consumers via its Discoms, under a publicprivate partnership model viz Tata Power Delhi Distribution Ltd. with the Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha. With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions provider by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al. In its 108 years track record of technology advancements, project execution excellence, world-class safety processes, customer care and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come.
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POWER GRID CORPORATION OF INDIA LIMITED 
