Tata Power Q3 Results: Net profit up 71% on strong all-time performance | Daily News Byte

The strong net profit was on the back of a strong all-round business performance by all verticals.

Operating income increased by 44% ₹10,913 crore in the reporting period compared to ₹7,597 crore over the past year, due to expansion of operations in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd. (TPSSL), and the strong performance of all other businesses.

On Wednesday, Tata Power shares rose 1.51% to settle at ₹238.40 per NSE.

The company’s total EBITDA increased by 16% ₹2,499 billion in the third quarter vs ₹2,149 crore last year, largely due to higher profits from coal mining. offset by higher losses in CGPL due to increase in coal prices.

“Tata Power has delivered strong financial performance for the ninth consecutive quarter. All of our business groups have contributed significantly even in the face of pandemic-related challenges, demonstrating resilience, strength and agility,” said Tata Power CEO & MD Praveer Sinha.

Tata Power’s renewables segment’s profit after tax (PAT) rose 107% in the quarter Third, most of it comes from the addition of 289 MW of capacity and the strong performance of both large-scale and the rooftop solar project by TPSSL (Tata Power Solar Systems Ltd).

In addition, TPSSL will establish 4 GW solar cell and module production capacity with the investment of ₹3,400 billion.

“We are committed to focus on the key growth areas of replacement, distribution Yai, and new businesses that include rooftop solar, solar pumps and EV charging. We will focus on using technology to offer smart green energy solutions and providing a world-class experience to our 12 million customers,” added Praveer Sinha.

The company’s cumulative rooftop solar stock has reached 900 MW and the FY22 order book has crossed. ₹1,000 million with ₹375+ crore orders won in the third quarter.

The channel network has also been expanded to 300+ partners across 150+ cities.

Other highlights of Tata Power Q3 results:

Replacement part

– Replacement stocks increased in PAT by 107% in Q3 FY22 vs Q3 FY21

– Tata Power Renewables completed commissioning of 100 MW Solar PV projects in Uttar Pradesh – 50 MW at Prayagraj and Banda in January-2022.

– Tata Power received a ‘Letter of Award’ from MSEDCL for setting up a 300 MW Hybrid (Wind & Solar) project through TP Saurya Limited (TPSL), a subsidiary of Tata Power.

– Tata Power Solar receives value EPC orders ₹538 Crore from EESL to set up several distributed ground-mounted solar power projects totaling 100 MW.

– Tata Power Solar has received a Letter of Appreciation (‘LoA’) from Solar Energy Corporation of India Ltd. (SECI) to build a 100 MW EPC Solar project with a 120 MWh Utility-Scale Battery Storage (BESS) system in Chhattisgarh. The total contract value of the project is approx ₹945 billion. Command scope includes engineering, design, supply, construction, fabrication, testing, O&M, and project commissioning.

Solar Rooftop

– Power purchase agreement signed with Tata Steel for 41 MW grid-connected solar power projects in Jamshedpur (Jharkhand) and Kalinganagar (Odisha) )