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					</table>Integrated power company <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a> has reported a ₹11.88 billion (~$136.4 million) profit after tax (PAT) in the third quarter (Q3) of the financial year (FY) 2025, a 10% year-over-year (YoY) increase from ₹10.76 billion (~$123.57 million).
The company’s PAT for its renewable business in Q3 FY 2025 grew 59% to ₹2.14 billion (~$24.57 million).
Revenue increased to ₹151.18 billion (~$1.73 billion), a 2% YoY growth from ₹148.41 billion (~$1.7 billion).
Tata Power’s rooftop solar business revenue grew 15 % to ₹5.09 billion (~$58.45 million) in the quarter.
The company’s manufacturing unit reported a revenue of over ₹13 billion (~$149.3 million) in Q3 FY 2025.
Its earnings before income, taxes, depreciation, and amortization (EBITDA) stood at ₹34.81 billion (~$399.79 million), a 7% YoY increase from ₹32.5 billion (~$373.26 million).
The company’s earnings per share (EPS) came in at ₹ 3.22 (~$0.036) in Q3 FY 2025 compared to ₹2.98 (~$0.034).
&#8220;We have delivered a sustained PAT growth trajectory over the last 21 quarters and all our businesses have been contributing to this growth. We have emerged as a clean energy leader with presence across the full value chain of manufacturing, EPC, and development of renewable projects along with retail supply through group captives,&#8221; said Praveer Sinha, CEO and Managing Director of Tata Power.
9M Results
In the first nine months (9M) of FY 2025, the company’s PAT jumped 7% YoY to ₹34.69 billion (~$398.41 million) from ₹32.35 billion (~$371.53 million).
The company’s PAT for its renewable business grew 41% to ₹ 7.87 billion (~$90.38 million) over the nine-month period.
Its revenue increased to ₹471.74 billion (~$5.41 billion) in 9M FY 2025, a 4% YoY growth from ₹452.86 billion (~$5.2 billion).
The company’s rooftop business revenue jumped 22% YoY to ₹13.46 billion (~$154.58 million).
In 9M FY 2025, its solar manufacturing facility produced over 2.4 GW of modules and reported ₹38.31 billion (~$439.99 million) in revenue.
The company’s EBITDA rose to ₹106.39 billion (~$1.22 billion), a 14% YoY growth from ₹93.42 billion (~$1.07 billion).
Its EPS for 9M FY 2025 came in at ₹9.15 (~$0.105) compared to ₹8.77 (~$0.1007) in 9M FY 2024.
The company received capex investments of more than ₹30 billion (~$344.5 million) in the nine-month period.
Operational highlights
The company has a total operational capacity of 25.6 GW, comprising 16.8 GW in the renewable segment, including 10.1 GW under construction. Tata Power Group has an order book of ₹68.8 billion (~$790.16 million)
The company expects renewable energy generation to contribute at least 70% to its total capacity by 2030.
It has a 4.9 GW cell and module manufacturing capacity, including 0.3 GW cell capacity under commissioning.
Tata Power’s solar manufacturing arm TP Solar secured a ₹4.55 billion (~$52.2 million) contract to supply 300 MW modules to Maharashtra State Power Generation Company.
Tata Power Renewable Energy (TPREL) commissioned a 126 MW floating solar project in Omkareshwar and a 431 MW solar project in Neemuch in Madhya Pradesh.
TPREL signed a power purchase agreement for a 400 MW hybrid project with Maharashtra State Electricity Distribution Company.
Noida International Airport partnered with Tata Power Trading Company (TPTCL) to supply 10.8 MW of wind power and with TPREL to develop, operate, and maintain13 MW of onsite solar power capacity.
Tata Power’s 4 GW cell manufacturing facility at the Tirunelveli plant, Tamil Nadu, is fully operational. An additional 300 MW tunnel oxide passivated contact cell line is yet to be commissioned as of Q4 FY 2025.
The company entered a strategic alliance with Druk Green Power Corporation to develop 5 GW of renewable energy capacity, comprising 4.5 GW of hydro and 500 MW of solar energy, to provide a sustainable, round-the-clock energy supply for Bhutan and India.
TPTCL supplied 50 MW of renewable energy to Bhutan during the quarter, the first-ever bilateral cross-border merchant supply.
The company surpassed 1,20,000 home chargers and 1,156 e-bus charging point installations in the same period.
The company <a href="https://www.mercomindia.com/tata-power-profit-q2-fy-2025" target="_blank" rel="noopener">reported</a> a record-high quarterly PAT of ₹15.33 billion (~$182.32 million) in the Q2 FY 2025, a 51% YoY increase.
It also <a href="https://www.mercomindia.com/tata-power-q1-fy-2025" target="_blank" rel="noopener">reported</a> its highest-ever quarterly PAT of ₹11.89 billion (~$141.68 million), a growth of 31% YoY in Q1 FY 2025.

Tata Power Sustains Growth Momentum, PAT Up 10% YoY in Q3 FY 2025

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					</table><a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>’ net profit for the third quarter (Q3) of the financial year (FY) 2024-25 rose 260% to ₹5.07 billion (~$58.54 million) from ₹1.41 billion (~$16.28 million) a year ago.
The company attributed the growth to expanding solar markets in India and abroad and the falling costs of solar power and batteries.
It’s revenue increased 114.63% year-over-year (YoY) to ₹35.45 billion (~$409.31 million) from ₹16.52 billion (~$190.74 million).
Revenue from solar modules, the company’s primary source of revenue, rose 122% to ₹31.08 billion (~$358.11 million) in the October to December quarter, compared to ₹14.02 billion (~$161.54 million) in the same period a year ago.
Its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also rose 256.97% YoY to ₹8.1 billion (~$93.52 million) from ₹2.27 billion (~$26.21 million).
The company’s Earnings Per Share (EPS) came in at ₹18.33 (~$0.211) during the quarter compared to ₹4.88 (~$0.056) during the same period the previous year.
9M Results
In the first nine months (9M) of FY 2025, Waaree Energies’ net profit grew 60.62% YoY to ₹12.84 billion (~$148.25 million) from ₹7.99 billion (~$92.25 million).
The company’s consolidated income jumped 24.11% to ₹107.05 billion (~$1.23 billion) from ₹86.25 billion (~$995.87 million).
Waaree Energies’ EBITDA surged 56.38% YoY to ₹20.64 billion (~$238.31 million) in 9M FY 2025 from ₹13.2 billion (~$152.41 million).
The company’s manufacturing capacity includes 15 GW solar modules and 5.4 GW solar cells. It has projects of 2.5 GW capacity in its pipeline, with solar and wind projects comprising 640 MW of the total capacity.
Amit Paithankar, Whole Time Director and CEO, Waaree Energies, said that contracts from the U.S. contributed between 15% and  20% of the company’s revenue mix.
The company <a href="https://mercomindia.com/waaree-energy-to-set-up-300-mw-electrolyzeser-and-3-5-gwh-lithium-ion-cell-manufacturing-projects-project" target="_blank" rel="noopener">utilized</a> a capital expenditure of ₹5.51 billion (~$63.62 million) and an investment of ₹2 billion (~$23.09 million) to set up a 300 MW electrolyzer manufacturing plant.
It utilized a capital expenditure of ₹20.73 billion (~$239.35 million) and an investment of ₹6.5 billion (~$75.05 million) to set up a 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant.
The company invested ₹1.3 billion (~$15.01 million) in its inverter business and ₹6.5 billion (~$75.05 million) to develop renewable power infrastructure.
The company’s order book includes projects of 26.5 GW capacity worth ₹500 billion (~$5.77 billion).<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76046 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226.png" alt="" width="752" height="398" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226-300x159.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226-650x344.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226-624x330.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-1-e1738565511226-600x318.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a>
It commenced trial production of 5.4 GW solar cells, and commercial production at its 1.6 GW U.S.-based solar module line.
Waaree Energies’ cell factory involves a 1.4 GW monocrystalline passivated emitter and rear cell project in advanced stages of trial production and a 4 GW tunnel oxide passivated contact technology project, expected to be operational by April to May 2025. The company’s 6 GW production-linked incentive project for ingots cells and wafers is progressing as planned.
The company said its U.S. operations are structured to be profitable on their own merit. However, the Inflation Reduction Act or similar programs will provide significant additional benefits if they continue in some form.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76047 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556.png" alt="" width="752" height="397" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556-650x343.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556-624x329.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/waaree-2-e1738565570556-600x317.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a>
Waaree Energies was awarded a production-linked incentive for a 300 MW electrolyzer manufacturing facility for a 90 KT green hydrogen production project.
Earlier this year, the company <a href="https://mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquired</a> renewables platform Enel Green Power for ₹7.92 billion (~$91.44 million).
In October 2024, Waaree Energies <a href="https://mercomindia.com/waaree-energies-ipo-oversubscribed-76-times#:~:text=Solar%20module%20manufacturer%20Waaree%20Energies,issue%20was%20oversubscribed%2076%20times." target="_blank" rel="noopener">raised</a> ₹43.21 billion (~$513.95 million) in its initial public offering.

Module Sales Drive Waaree Energies’ Profit Up 260% in Q3 FY 2025

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