Tata Power’s consolidated net profit rose 74 percent to Rs 552 crore in the December quarter on higher revenue.
Tata Power Company Limited is an Indian electric utility company based in Mumbai, Maharashtra, India, part of the Tata Group. The company’s core business is to generate, distribute and distribute electricity.
It was the ninth consecutive quarter of PAT growth, it added.
“On the back of strong all-round business performance of all the verticals (October-December 2020), consolidated PAT (profit after tax) increased by 74 percent year-on-year to Rs 552 crore from Rs 552 crore,” the company said in a statement.
Consolidated revenue increased by 42 percent to Rs 11,015 crore due to the expansion of operations at Odisha Discoms, the high-performing operation of Tata Power Solar Systems Limited (TPSSL), and the efficiency of all other businesses. That’s the story.
Praveer Sinha, CEO and Managing Director of the company, said, “Tata Power has performed well for the ninth consecutive quarter. Despite the challenges associated with the epidemic, all of our business clusters have made significant contributions, demonstrating resilience, resilience, and resilience.”
“We are committed to focusing on key areas of growth, including recycling, distribution, solar, solar pumps, and EV charging.
We will focus on using technology to offer the best green energy solutions and world-class experience to our more than 12 million customers,” he added.
Its subsidiary Tata Power Solar Systems Limited (TPSSL) will set up a 4 GW solar cell and module manufacturing capacity at an investment of Rs 3,400 crore.
According to the report, the Solar Engineering, Procurement, and Construction Order Book has crossed Rs 10,000 crore.
With a capacity of 289 MW and a strong implementation of TPSSL large-scale and rooftop solar projects, the renewable portfolio has grown.
A network of 1,200+ EV (Electric Vehicle) charging points has been developed across India.
Tata Power is one of the largest integrated power companies in India.
It has an installed / regulated capacity of 13,171 MW, including its subsidiaries and jointly regulated entities.