India : Tata Power has disclosed its financial results for the quarter and nine months ending December 31, 2023, accompanied by the Limited Review Report of the Company. These were reviewed and endorsed by the Board of Directors during their meeting held today.
TATA POWER STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2023 :
| All Numbers are in Rs Crores Except EPS | Quarter Ended 31.12.2023 | Quarter Ended 30.09.2023 | Quarter Ended 31.12.2022 |
|---|---|---|---|
| Total Income | 15,294.13 | 16 029.54 | 14,401.95 |
| Total Expenses | 14,254.11 | 14,754.76 | 13,745.89 |
| Profit/ (loss) before tax | 1,488.76 | 1,230.68 | 1.864.02 |
| Net Profit after tax | 1,076.12 | 1,017.41 | 1,052.14 |
| EPS( Basic ) | 2.57 | 2.93 | 2.50 |
Tata Power Q3 2024 Results Highlights :
• Revenue for Q3FY24 reached Rs. 14,841 crore, while for 9MFY24, it achieved an all-time high of Rs. 45,286 crore.
• EBITDA for Q3FY24 surged to Rs. 3,250 crore, with 9MFY24 EBITDA hitting an all-time high of Rs. 9,342 crore.
• PAT for Q3FY24 rose to Rs. 1076 crore, and for 9MFY24, it amounted to Rs. 3235 crore.
• Core business segments, including Generation, Transmission & Distribution, and Renewables, contributed over 71% to PAT before exceptional items in 9MFY24, compared to 40% in FY23. In Q3FY24, the share of core business stood at 71%, up from 39% YoY.
• The Odisha Distribution Business reported a PAT of Rs. 63 crore in Q3FY24 and Rs. 217 crore in 9MFY24, marking increases of 75% and 103%, respectively.
• Growth in the T&D segment was supported by the acquisition of two transmission projects worth Rs. 2,300 crore in Bikaner-Neemrana & Jalpura-Khurja Transmission Project, under the TBCB regime.
• The solar rooftop portfolio (including Group Captive) surpassed 2,000MW, making it one of the largest portfolios in the country. It added 146 MW during Q3FY24, marking a 15% YoY increase.
• Facilitating the mainstream adoption of solar energy in the country, Tata Power facilitated over Rs. 3,500 crore worth of customer financing for solar projects.
Business Highlights :
• The Company’s clean energy portfolio has expanded to approximately 5,600 MW, constituting 39% of our total capacity, with an additional 4,752 MW under construction. This development will propel the clean energy portfolio beyond 10,000 MW within the next 12–24 months.
• TPREL achieved a significant milestone by securing 612 MW Utility Scale Solar EPC orders valued at Rs. 2,849 crore in Q3FY24, marking the highest quarterly achievement to date.
• Tata Power’s solar rooftop portfolio (including group captive) has surpassed 2,000 MW, maintaining its position as the market leader in the segment for the ninth consecutive year.
• Successfully commissions a groundbreaking 1,040 KW Bifacial Solar System project at Asia’s largest tea estate, Chengmari in West Bengal.
• TPREL secured its first Firm and Dispatchable Renewable Energy (FDRE) Project from SJVN Limited. This project, totaling 1,316.5 MW of RTC capacity, comprises 460 MW of solar, 799 MW of wind, and 57.5 MW of battery storage, ensuring round-the-clock power supply.
• Tata Power Solar Systems Ltd (TPSSL) inked a contract with NTPC to supply 152 MWp DCR solar PV modules for its Nokh Solar Park in Rajasthan.
• TPREL successfully commissioned a 110 MW solar power project for the Kerala State Electricity Board, a 25 MW solar power project for GUVNL, and a 91.8 MW Hybrid Wind power project for MSEDCL.
• TPSSL achieved a significant milestone by facilitating over Rs. 3,500 crore of customer financing for solar projects, contributing to the mainstream adoption of Solar Energy in the country. This effort includes customized financing solutions for over 2,200 C&I customers, leveraging a network of more than 20 active financing partners.
• Tata Power partnered with Indian Oil Corporation to install 500+ fast and ultra-fast EV charging points across its multiple retail outlets.
• In Q3 FY24, TPREL energized 412 public EV charging points, increasing the total charging points to 5,300+ public/semipublic chargers across 480 cities. Additionally, the company added 226 bus chargers and over 11,400 home chargers, bringing the bus chargers count to 690 and home chargers to over 73,000.
• Tata Power acquired Bikaner-III Neemrana-II Transmission Limited to facilitate the evacuation of 7.7 GW of renewable energy from the Bikaner complex in Rajasthan.
• Achieved a milestone of approximately 9 lakh smart meter installations across its Discoms in Mumbai, Delhi, and Odisha.