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Tata Power Ltd. Reported another strong quarterly performance in Q2 FY23 with higher profits from Coal and Mundra businesses, recovery in profits of Tata Power Solar Systems Limited and Tata projects, and the strong performance of the distribution business.
On a consolidated basis, the company’s reported revenue for the quarter, at Rs 141.5 billion, was up 49% YoY primarily due to higher electricity sales across discoms and higher revenue from the coal business.
Reported profit after tax up 85% YoY at Rs 9.4 billion (Tata Power’s share of profit was Rs 8.2 billion, up 94% YoY).
According to our calculations, the main delta in profits, both QoQ and YoY, was from the performance of the coal and Mundra businesses, while the recovery of Rs 2.3 billion QoQ in the basis for the Tata project was offset by a similar amount of deferred tax provisions.
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