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Tata Power’s Q3FY24 PAT Surges to Rs. 1,076 Crore; EBITDA Shows 15% YoY Growth at Rs. 3,250 Crore

Tata Power has announced its 17th consecutive quarter of Profit After Tax (PAT). Strong performance in key business segments such as Generation, Transmission & Distribution, and Renewables increased the Company’s Q3FY24 PAT to Rs. 1,076 crore, surpassing last fiscal’s Rs. 1,052 crore for the same quarter.

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The PAT for 9MFY24 reached Rs. 3,235 crore, compared to Rs. 2,871 crore in 9MFY23. In the October-December 2023 quarter, Tata Power’s revenue climbed to Rs. 14,841 crore from Rs. 14,339 crore in the previous fiscal year, while EBITDA for the quarter surged by 15% YoY to Rs. 3,250 crore. For 9MFY24, the Company’s revenue hit an all-time high of Rs. 45,286 crore, with EBITDA standing at a record Rs. 9,342 crore for the same period. The core businesses now contribute 71% to the 9MFY24 PAT, a significant increase from 40% in FY23, indicating the Company’s substantial role in the country’s energy transition. Tata Power is actively engaged in initiatives such as the development of 2.8 GW Pumped Hydro Storage Projects with an investment of approximately Rs. 13,000 crore, aimed at providing reliable and dispatchable renewable energy to consumers across all sectors.

Moreover, the Company has facilitated over Rs. 3,500 crore in customer financing for solar projects, benefiting 2,200 C&I customers and numerous residential customers, thus promoting the mainstream adoption of solar energy. Additionally, Tata Power secured its first-ever project under the Tariff Based Competitive Bidding (TBCB) process for the development of an Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission Ltd, a Rs. 1,544 crore project enabling the evacuation of 7.7 GW of renewable energy from Rajasthan’s Bikaner Complex. Furthermore, the Company emerged victorious in another intrastate transmission scheme in Uttar Pradesh, to be developed under the project SPV “Jalpura Khurja Power Transmission Ltd”.

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By December 31st, 2023, the Company’s operational capacity in the renewables segment stands at 4,270 MW, producing 6,031 MUs of green power. Additionally, there are 4,752 MW of projects under Tata Power Renewable Energy Limited (TPREL) and 4,120 MW of projects under Tata Power Solar Systems Limited (TPSSL) currently in progress. This indicates a total clean energy capacity of over 10,000 MW within the next 12-24 months. The Company is swiftly advancing towards green energy adoption, with a target of achieving approximately 70% of its capacity from non-fossil-based fuels by 2030.

Here are some other key highlights of Tata Power for FY 2023:

  • The Company’s clean energy capacity stands at 5,600 MW, with 4,752 MW under construction, aiming for over 10,000 MW in the next 12-24 months.
  • TPREL secured Rs. 2,849 crore worth of Utility Scale Solar EPC orders, marking its highest quarterly achievement.
  • Tata Power led in solar rooftop installations, surpassing 2,000 MW and retained top market share for the ninth consecutive year.
  • Successfully commissioned a 1,040 KW Bifacial Solar System at Chengmari Tea Estate in West Bengal.
  • TPREL secured its first Firm and Dispatchable Renewable Energy (FDRE) Project, providing round-the-clock power with 460 MW solar, 799 MW wind, and 57.5 MW battery storage.
  • TPSSL inked a contract with NTPC for supplying 152 MWp DCR solar PV modules for the Nokh Solar Park in Rajasthan.
  • TPREL completes a 110 MW solar power project for Kerala State Electricity Board, a 25 MW project for GUVNL, and a 91.8 MW Hybrid Wind power project for MSEDCL.
  • TPSSL facilitated over Rs. 3,500 crore in customer financing for solar projects, aiding Solar Energy adoption with support to over 2,200 C&I customers and an extensive network of financing partners.
  • Transmission & Distribution expansion includes the acquisition of Bikaner-III Neemrana-II Transmission Limited and reaching ~9 lakh smart meter installations across its Discoms in Mumbai, Delhi, and Odisha.