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Tata Power Company’s June quarter net profit was almost flat at ₹970.9 crore, while revenue was 13.7 per cent higher at ₹17,293.6 crore, led by its generation, transmission, and distribution business.
The company ended the quarter with an order pipeline of ₹15,500 crore for its EPC and solar rooftop businesses, executable over the next 24 months, and incurred capex of ₹4,000 crore. Around 60 per cent of the total capex was on renewables and the remaining on distribution.
During the quarter it signed an agreement for a 40 per cent stake in Bhutan’s Khorlochhu Hydro Power, for the development of a 600 MW hydropower project, with an investment of ₹6,900 crore. It will pay ₹830 crore for the stake.
The focus of the company is on expanding its renewable energy portfolio and in Q1 it commenced solar module production at the newly built 4.3 GW solar module and cell manufacturing plant in Tirunelveli, Tamil Nadu. The unit produced 600 MW of modules and generated ₹1,000 crore revenue in its first quarter of operations and a profit of ₹54 crore in Q1 of FY25. Cell production will start in this month.
It has a clean and green installed capacity of 6.1 GW, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. It also has 2800 MW pumped storage hydro plants coming up in Maharashtra.
The Odisha distribution business has reduced aggregate technical and commercial losses considerably through enhanced operational efficiency. The four Odisha discoms posted robust EBITDA, with 20 per cent growth in the quarter. The Delhi Electricity Regulatory Commission has recognised regulatory assets worth ₹5,788 crore for Tata Power Delhi Distribution.
Managing Director and CEO Praveer Sinha said the company would be looking for opportunities in pumped hydro projects and for government policy announcements on small modular nuclear reactors.
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