Tata Power, an integrated power company, clocked a net profit of ₹10.2 billion (~$122.5 million) in the second quarter (Q2) of the financial year (FY) 2024, marking a growth of 9% year-over-year (YoY).

The company reported a net profit growth YoY for the 16^th consecutive quarter.

Tata Power’s consolidated revenue stood at ₹154.4 billion (~$1.8 billion), an increase of 9% YoY.

The net profit and revenue growth was largely driven by higher revenue from core power generation, transmission, and distribution businesses.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 51% YoY to ₹30.9 billion (~$370 million).

At the end of September 2023, the company’s total renewables capacity stood at 7,961 MW with an installed capacity of 4,206 MW, comprising solar (3,200 MW) and wind (1,006 MW). Around 3,755 MW is under various stages of implementation.

“We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters. Our adherence to financial discipline, operational excellence, business resilience, and diversification has helped us maintain this consistent profit growth,” said Praveer Sinha, CEO and Managing Director at Tata Power.

The company won 139 MW orders for group captive during the quarter, taking the total capacity to 1,445 MW, including Tata Steel’s 966 MW hybrid project consisting of 379 MW of solar and 587 MW wind.

Tata Power installed 561 public electric vehicle charging points during the quarter, taking the total public charging points to more than 4,900.

First Half (1H) 2023

Tata Power recorded a net profit of ₹21.6 billion (~$259.3 million) in 1H FY 2024, marking a growth of 19% YoY. Strong performance across all business segments led to an increase in profits.

Tata’s consolidated revenue stood at ₹304.5 billion (~$3.6 billion), an increase of 5% YoY.

The company’s EBITDA grew by 47% YoY to ₹60.9 billion (~$731.1 million), the highest ever for any first-half period.

“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 Q4 FY24. We are continually taking significant strides in enabling green energy transition by supplying round-the-clock renewable energy with hybrid solar and wind projects and pumped storage projects,” Sinha said.

The company said 38% of its generating capacity comes from clean and green energy sources like solar, wind, and hydropower. Tata aims to phase off all coal-based generation and become carbon net zero before 2045.

The electricity generation in 1H stood at 2,152 million units (MU) compared to 1,813 MU a year ago.

As of September 30, the utility-scale order book stands at 3.7 GW worth ₹158.7 billion (~$1.9 billion), with the rooftop solar and group captive order book at ₹28.7 billion (~$344.5 million).

In September, the U.S. International Development Finance Corporation approved $425 million in financing for Tata Power Renewable Energy’s upcoming 4.3 GW greenfield solar cell and module manufacturing facility in Tamil Nadu.

In March this year, TP Solar, another Tata Power subsidiary, was allotted ₹3.8 billion (~$46 million) for manufacturing 4 GW of modules under Tranche II of the Solar Modules Manufacturing Performance-Linked Incentive program.