Tata Power on Thursday posted over 48 per cent rise in its consolidated net profit to Rs 939 crore in the March quarter, mainly on the back of higher revenues.
The consolidated net profit of the company was Rs 632 crore in the quarter ended on March 31, 2022, according to a statement.
The consolidated revenue rose 6 per cent to Rs 12,755 crore during the quarter under review from Rs 12,085 crore a year ago, due to higher sales across distribution companies & capacity addition in renewables.
In 2022-23 fiscal, its consolidated net profit also rose to Rs 3,810 crore from Rs 2,156 crore in FY22.
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Consolidated revenue grew to Rs 56,033 crore in 2022-23 fiscal over Rs 42,576 crore in FY22, due to higher availability in Mundra thermal plant which operated under power ministry guidelines, higher sales across distribution companies and robust addition in renewables portfolio.
The company's board has recommended a dividend of Rs 2 per equity share of Re 1 each (@ 200%) to the shareholders for the year ended March 31, 2023.
"The growing need for power has enabled us to keep our momentum strong as we remain committed to meeting the nation's demand with reliable and quality power supply," Praveer Sinha, Chief Executive Officer & Managing Director of Tata Power, said in the statement.
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Distribution business has performed exceptionally well which is evident from the continuous reduction in AT&C (aggregate technical and commercial) losses in Odisha Discoms and the high performance ratings of our Mumbai, Delhi and Odisha Discoms, he stated.
Renewable Energy business has expanded significantly across EPC (engineering procurement construction), utility scale and rooftop verticals and is well poised to lead India's green energy transition, he stated.
The completion of Rs 4,000 crore (USD 525 million) worth capital infusion into our renewables business, one of the biggest value unlocks in renewable business globally, will enable us to fuel the next leg of growth, he stated.
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