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Oct 28 (Reuters) – Tata Power Company Ltd ( TTPW.NS ) posted a 94.1% jump in second-quarter profit on Friday, as energy consumption remained strong as economic activity picked up after the pandemic lockdown.
Energy group Tata Group’s net profit rose to 8.19 billion Indian rupees ($99.34 million) for the three months ended Sept. 30, from 4.22 billion rupees a year earlier, an exchange filing showed.
Energy consumption has recovered and is seen to increase in the coming months as the monsoon subsides and the festive season continues. Rising coal prices amid strong demand also pushed up electricity prices.
Total revenue from operations increased by 43% to 140.31 billion rupees.
The company posted strong growth across its business groups such as manufacturing, transmission, distribution, and remanufacturing, with profit after tax increasing for 12 consecutive quarters, said Praveer Sinha, Chief Executive Officer.
While the company earns most of its revenue from power generation and transmission, it is looking to aggressively expand its renewable energy business and in April, it secured $525 million from BlackRock to fund growth.
Revenue from the power generation segment increased by 118% to 48.34 billion rupees, transmission revenue increased by 32.9%, and revenue from renewable energy sources increased by 7.2%.
($1 = 82.4410 Indian Rupees)
Reported by Anisha Ajith in Bengaluru; Edited by Janane Venkatraman
Our Standards: The Thomson Reuters Trust Principles.
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