Tata Power Declares its Financial Results for Quarter Ending 30 September, 2023
The Company’s consolidated PAT during Q2 FY24 grew by 9% to INR 1,017 crore (YoY). Revenue too rose by 9% to INR 15,442 crore (YoY) largely driven by higher revenue from core businesses of Generation, Transmission & Distribution.
November 08, 2023. By News Bureau
The Company has maintained its strong financial performance on the back of its healthy balance sheet, operational excellence, and synergies across all business clusters. The Company’s consolidated PAT during Q2 FY24 grew by 9% to INR 1,017 crore (YoY). Revenue too rose by 9% to INR 15,442 crore (YoY) largely driven by higher revenue from core businesses of Generation, Transmission & Distribution.
During the quarter, a significant 84 % contribution in the Company’s PAT came from the core businesses, while the contributions from overseas JVs, including coal mining operations, continues to decline. Q2FY24 EBITDA jumped 51% to INR 3,087 crore, resulting in an all-time high H1 EBITDA of INR 6,092 crore. Performance Snapshot (in INR crore) Consolidated Q2 FY24 Q2 FY2.
Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said "We have reported yet another strong quarter of financial performance, driven by robust contribution from all our core business clusters. Our adherence to financial discipline, operational excellence along with business resilience and diversification has helped us in maintaining this consistent profit growth. We are constantly focusing on new areas of growth such as our Greenfield solar cell and module manufacturing plant in Tamil Nadu which has produced its first module in this quarter and is on track to roll out the first cell into Q4FY24.
We are continually taking significant strides in enabling green energy transition by supplying Round-theClock renewable energy with hybrid solar and wind plants along with Pumped Storage plants.”
With Net Debt to Underlying EBITDA improving to 2.65x (from 2.73x in Q1 FY24) and Net Debt to Equity improving to 1.02x (from 1.09x in Q1 FY24) during the quarter, the Company’s balance sheet continues to strengthen. Acknowledging these strong business fundamentals, Moody’s has upgraded Tata Power’s corporate family rating to Ba1/Stable from Ba2/Stable.
The Company’s clean energy portfolio achieved the milestone of 5,500 MW during Q2 FY24, standing at 38% of total installed generation capacity. Tata Power also made significant progress in its Distribution Business by improving its cash flow and reducing AT&C losses in Odisha. Further, it is well-poised to capitalize on the Pumped Hydro Storage projects and has signed an MoU with the Maharashtra Government for the development of a 2,800 MW projects.
The Company’s Zambia unit (ITPC 120 MW hydro plant) resolved the PPA tariff issue with the Zambian State Utility (ZESCO) and has realised part of the pending receivable dues of USD 102 million from Zambia Electricity Supply Corporation.
The Company also received all the pending sale proceeds of Arutmin Coal Investment, as per the earlier arrangement to divest its stake in 2016.
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