Tata Power Q3: Net profit surges 72% to Rs 426 cr; revenue rises 44%

Tata Power on Wednesday reported a jump of 71.7 per cent in its consolidated net profit at Rs 426 crore for the quarter ending December 31, 2021. The company had posted a net profit of Rs 248 crore in the year-ago period.

Revenue from operations increased 44 per cent to Rs 10,913 crore for the third quarter as compared to Rs 7,598 crore in the same quarter last fiscal.

Further, the company's underlying EBIDTA rose 16 per cent YoY to Rs 2,499 crore from 2,149 crore in the same quarter last year.

Tata Power said tgat it plans  to set up 4 GW solar cell  and module manufacturing capacity with an investment of ₹3,400 crore. It also added that solar EPC order book crossed RS 10,000 crore.

Commenting on the company’s performance, Praveer Sinha, CEO & Managing Director, Tata Power said, “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," he added.

Tata Power's shares on Wednesday closed 1.36 per cent higher at Rs 237.95 apiece on the BSE.

Earlier this month, Tata Power partnered with Apollo Tyres to deploy electric vehicle charging stations at the latter's commercial and passenger vehicle zones across India.

Tata Power and Apollo Tyres have announced a strategic partnership in this regard, a statement said.

The Mumbai-based electric utility company has presence across all the segments of the EV charging ecosystem and has deployed all types of chargers – DC 001, AC, Type2, Fast DC chargers up to 50kwh and up to 240kwh chargers for buses.

Tata Power EZ Chargers' ecosystem covers the entire value chain of public chargers, captive chargers, bus/ fleet chargers, and home chargers.

Tata Power has also developed a robust software platform for customers of EV charging and has released a mobile-based application (Tata Power EZ Charge) to give its consumers a simple and easy charging experience.