Tata Power Co.’s first-quarter profit jumped on improved realisations.
Net profit of India’s one of the largest independent power producers rose 89.72% over the year earlier to Rs 883.54 crore in the quarter ended June, according to its exchange filing. That compares with the Rs 461.10-crore consensus estimate of analysts tracked by Bloomberg.
Tata Power Q1 FY23 Highlights (YoY)
Revenue rose 45% to Rs 14,495.48 crore, against the Rs 12,035.70-crore estimate.
Operating profit dropped 2% to Rs 1,683.39 crore, compared with the Rs 2,022.06-crore forecast.
Operating margin stood at 11.6% against 17.3% a year ago.
Praveer Sinha, chief executive officer and managing director at Tata Power, said, ”…all of our business clusters—generation, transmission, distribution, including Odisha, and renewables—performed very well. This is reflected in our 11th consecutive quarter of PAT growth.”
”We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses… As a future-ready EaaS company, we are well poised to contribute towards India’s green energy transition.”
Shares of Tata Power closed 2.73% lower before the results were announced compared with a 0.89% fall in the benchmark Sensex.