Tata Power, India’s largest integrated power company, announced its results for the quarter ended 30th September, 2021, reporting a 36% increase in consolidated PAT as compared to Q2 FY21.
On a consolidated basis, Tata Power Group’s Q2 FY22 Revenue was up by 13% at ₹9,502 crore as compared to ₹ 8,428 crore last year. This is mainly due to expanded operations in Odisha DISCOMs, higher project execution in Solar EPC Business and strong business performance by all other businesses
Consolidated PAT stood at ₹506 crore up by 36% as compared to ₹371 crore in Q2 FY21 due to savings in finance cost & better performance in Renewables Business, the group said.
The firm’s transmission and distribution segment (T&D) reported the highest growth, at 48% YOY to Rs 6787 crores.
Commenting on the Company’s performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said, “The robust performance during this quarter is a reflection of our continued focus on our well calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance. Our focus continues to remain towards the expansion of our Renewable and Distribution businesses and go green strategy in our existing generation business.”
We aim to scale up renewable business towards our 2030 target. Clean energy currently makes up 32% of Tata Power’s portfolio which is expected to touch 80% by 2030, he added.
Sinha further said, “Tata Power is committed and aligned with Indian Government’s National Electric Mobility Mission Plan (NEMMP) 2020 and FAME II policy which are focused on transforming the e-mobility space of the country. The company has reached a significant milestone of deploying 1000 EV Public charging points across 180 cities in India. Our target is to install EV charger points over a 3,600 km stretch from India’s northernmost region of Kashmir to Kanyakumari. We will also continue to strengthen our Solar Pumps, Solaroof and Solar Microgrids businesses across the country.”