Tata Power Company Ltd. 2024: Date And Time For Quarter Three Result

News: Last year, during the same quarter, Tata Power Company made a profit of ₹1,052 crore, as mentioned in an official filing. In the current quarter, they earned a profit of ₹991.3 crore. The company’s income from its operations went up by 3.7%, reaching ₹14,651 crore compared to ₹14,129 crore in the same period last fiscal year. The company anticipates a revenue of ₹15,635 crore for this quarter.

Tata Power Quarter3 Report :

In the third quarter of this fiscal year, Tata Power Company saw a 3.6% growth in EBITDA at ₹2,417 crore, compared to ₹2,335 crore YoY. Predicted an EBITDA of ₹2,860 crore for this quarter. The EBITDA margin for the reporting quarter remained at 16.5%, the same as the corresponding period in the previous fiscal year. EBITDA, which stands for earnings before interest, tax, depreciation, and amortisation, was expected to have a margin of 18.3% .

Tata Power’s core businesses, including generation, transmission & distribution, and renewables, contributed over 71% to the PAT (profit after tax) before exceptional items in the first nine months of FY24, compared to 40% in FY23. The 9M PAT for FY24 increased to ₹3,235 crore from ₹2,871 crore in the 9M of FY23.

Share Price Performance of Tata Power :

During the Q3 of FY24, Tata Power’s core business share reached 71%, a significant increase from 39% YoY. The Odisha distribution business reported a PAT of ₹63 crore in Q3 of FY24 and ₹217 crore in 9M of FY24, showing a growth of 75% and 103%, respectively.

Dr Praveer Sinha, CEO and Managing Director of Tata Power, expressed satisfaction, stating that their core businesses performed well, marking the 17th consecutive quarter of PAT growth. He emphasized the company’s strong fundamentals in operational performance and project execution capability.

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Achievements and Successes :

As of December 31, 2023, Tata Power’s operational capacity in the renewables segment is 4270 MW, generating 6,031 MUs of green power. Additionally, projects under TPREL (Tata Power Renewable Energy Limited) and TPSSL (Tata Power Solar Systems Limited) are under execution, targeting a total clean energy capacity of over 10,000 MW in the next 12-24 months.

The market response to these results led to Tata Power Company Ltd’s shares closing at ₹392.10, down by ₹15.45, or 3.79%, on the BSE after the close of market hours.