Tata Power reported a 22 per cent rise in the net profit in the June quarter aided by a one-time gain of ₹235 crore, while revenue rose 5 per cent mostly due to higher sales across distribution companies and capacity addition in renewables.

The company reported a consolidated net profit of ₹972 crore on revenue of ₹15,213 crore. This is the 15th consecutive quarter of profit growth for the Tata group power energy major.

The company said its EBITDA rose 43 per cent to ₹3,005 crore.

The exceptional gain was on account of a deemed gain on dilution of stake from 47.78 per cent to 30.81 per cent in Tata Projects.

Capex for fiscal

For the current fiscal year, it has planned a capex of ₹12,000 crore. “That would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business,” it said.

“We are making significant progress in developing solutions around battery storage, pumped hydro projects, and other hybrid solutions,” said MD & CEO Praveer Sinha. This would help in the renewable energy agenda of large enterprises and contribute towards clean energy solutions of its commercial and industrial consumers.

Of the total capacity of 14,294 MW, thermal energy accounts for 8860 MW and over 4,000 MW coming from wind, solar and hybrid sources.

During the quarter under review the company won projects of 1214 MW, while it 184 MW of renewable energy. The rooftop solar business did business worth ₹390 crore in the quarter.

At the end of the quarter its utility scale order book was at 4.2 GW worth ₹17,643 crore while rooftop solar and group captive order book was at ₹2,504 crore.

Its 4GW greenfield solar cell and module manufacturing facility in Tamil Nadu is expected to be operational in the current fiscal year.

The company is implementing a ₹1,744-crore smart metering project in Chhattisgarh. In its Mumbai distribution network, it will be applying a 25-35 per cent lower tariff for consumers.

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