Tata Power Q1 Results: Net profit rises 22.4% on year to ₹972.49 crore
Tata Power Ltd on Wednesday reported an 22.4% year-on-year rise in its consolidated net profit (profit attributable to owners of the company) for the fiscal's first quarter ended June (Q1FY24) to ₹972.49 crore. The company had reported a profit of ₹794.60 crore in the year-ago period. Sequentially, consolidated net profit was up 25% from ₹777.73 crore in Q4FY23.
Tata Power shares closed 0.5% higher at ₹234.90 apiece on BSE. The company's consolidated revenue from operations rose 5% on year to ₹15,213.29 crores during the quarter ended June from ₹14,495.48 crore in Q1FY23. Total income rose to ₹15,484.71 crore in the first quarter.
It stood at ₹14,638.78 crore in the year-ago period. According to the regulatory filing, the company reported a net profit increase for the fifteenth straight quarter (YoY), with strong growth in consolidated sales and an increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) of 43% to ₹3,005 crore. The company highlighted in its exchange filing that the continued company growth across all clusters was responsible for of the strong financial performance.
"We have delivered a 15th consecutive quarter of PAT growth on the back of strong performance across all business clusters. This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce. We have planned nearly ₹12,000 crore of capex for the current financial year that would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business.
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