Tata Power Q1 results: Net profit doubles to Rs 795 cr, revenue up 43%

Tata Power on Tuesday reported a 103.2 per cent increase in its consolidated net profit to Rs 794.60 crore in the April-June 2022 period (Q1), beating street estimates by a wide margin. Bloomberg consensus estimates had pegged net profit at Rs 461 crore for the quarter.

In the year-ago period, Tata Power reported a consolidated net profit of Rs 391.03 crore.

Revenue from operations increased 43 per cent to Rs 14,495.48 crore, ahead of street estimates, which had pegged revenue at Rs 12,035 crore for the period. Tata Power had posted a revenue of Rs 10,132 crore in the corresponding period last year.

The company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) came in at Rs 2,107 crore in Q1 as compared to Rs 2,365 crore in the year-ago period. Bloomberg consensus estimates had pegged Ebitda at Rs 2,200 crore.

In Q1, the company said, it had reassessed the recoverability of unabsorbed tax depreciation and had recognised deferred tax assets amounting to Rs 111 crore.

In a separate statement, Tata Power said it planned a consolidated capex of Rs 14,000 crore in 2022-23 (FY23), including a Rs 10,0000-crore investment in the renewables sector.

The company said it had set up a network of more than 2,350 public and semi-public EV chargers with another 1,400-plus chargers in various stages of installation. It has also installed 18,500 home chargers and 240 bus charging points across India.

Praveer Sinha, MD and CEO at Tata Power, said, “We have started the new fiscal year on a solid note with all of our business clusters — generation, transmission, distribution, and renewables — performing well. As a future-ready company, we are poised to contribute towards India's green energy transition.”

Shares of Tata Power Company closed trade 2.73 per cent down over the previous day’s close on the BSE, at Rs 226.15 apiece.