Tata Power has said its total revenue in the third quarter (Q3) of the financial year 2021 (FY 2021) stood at ₹77.4 billion (~$1.06 billion), up 8% from ₹71.7 billion (~$986 million) in the same quarter of the previous year on the back of its acquisition of the Western and Southern Electricity Supply Companies of Orissa.
In the first nine months (9M) of FY 2021, the company’s revenue stood at ₹220.6 billion (~$3 billion), up 2.6% from ₹215 billion (~$2.9 billion) in 9M 2020.
“We marked a new milestone for our distribution business by acquiring the distribution and retail supply of electricity in Odisha’s five circles of Western Electricity Supply Companies of Orissa and six circles of and Southern Electricity Supply Companies of Orissa. Letter of intent for acquiring 51% shareholding in five circles of Northern Electricity Supply Companies of Orissa has been received from Odisha Electricity Regulatory Commission,” said Praveer Sinha, Chief Executive Officer, and Managing Director, Tata Power.
The company’s profit after tax (PAT) stood at ₹3.18 billion (~$43.7 million) during the quarter, compared to ₹2.6 billion (~$35.8) in the same quarter last year – a 22.3% increase.
It attributed the higher savings on interest costs following debt reduction and improved production in its Mundra Ultra Mega Power Project.
The company’s PAT during 9M 2021 stood at ₹9.57 billion (~$131 million), up from ₹8.42 billion (~$115.8 million) in the same period of FY 2020, 13.6% higher.
In Q3 2021, the company’s earnings before interest, tax, depreciation, and amortization (EBITDA) increased by a marginal 1% to ₹19.97 billion (~$274.7 million) from ₹19.7 billion (~270.9 million) in the same quarter of the previous year.
Its EBITDA during 9M 2021 stood at ₹63.1 billion (~$868 million) compared to ₹63 billion (~$866.6 million) in 9M 2020, up 0.16%.
“Our solar business continues to grow. Tata Power Solar booked 153 MW of new solar and hybrid bids during this quarter, and the solar order book stands at ₹106.1 billion (~$1.45 billion). Also, we have installed over 300 public electric vehicle charging points, and the geographical presence has expanded to 40 cities,” Sinha added.
In November, Tata Power announced its earnings for Q2 2021 and posted a net profit of ₹3.71 billion (~$49.8 million), a 10% increase from ₹3.39 billion (~$45.5 million) in the same period last year.
Recently, Mercom reported that Tata Power Solar received a ‘Letter of Award’ to build a 95 MW of ground-mounted solar project for Gujarat State Electricity Corporation. The project’s order value is around ₹4.6 billion (~$63 million).
Nithin Thomas is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.