Tata Power’s Renewable Portfolio Grows 10%, Revenue Inches Up to 13% YoY in Q2 FY 2022
The rise in revenue was attributed to expanded operations of Odisha distribution companies (DISCOMs), higher project execution in solar engineering, procurement, and construction (EPC) business, and all other businesses’ strong performance.
In Q1 FY 2022, the company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBIDTA) stood at ₹17.32 billion (~$231.03 million), a 23.9% decline compared to ₹22.76 billion (~$303.6 million) in the same period the previous year.
The decline was primarily due to higher losses of Coastal Gujarat Power Limited, a Tata Power subsidiary, because of increased coal prices but offset at a profit after tax (PAT) level by coal mines profits.
Its consolidated PAT increased by 36% to ₹5.06 billion (~$67.48 million) in Q2 from ₹3.71 billion (~$9.48 million) in the same period last year. The PAT increased due to strong business performance by all verticals.
The company’s standalone PAT stood at ₹5.41 billion (~$72.16 million), a 273% increase compared to ₹1.45 billion (~$19.34 million) in Q2 FY 2021.
