Tata Power declared its financial results for the first quarter (Q1) of the financial year (FY) 2022 and recorded a 47% growth in consolidated revenues to ₹98.31 billion (~$1.32 billion) compared to ₹66.71 billion (~$900.3 million) in Q1 FY 2021.

The figures reportedly rose mainly due to the acquisition of Odisha distribution companies and higher execution of its solar engineering, procurement, and constructions (EPC) projects.

The company also registered a robust solar EPC order book of ₹72.57 billion (~$979.37 million).

In Q1 FY 2022, the company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBIDTA) stood at ₹23.65 billion (~$319.33 million), a 16% YoY increase compared to ₹20.37 billion (~$275.01 million) in the same period last year.

According to the financial statement, the company’s annual consolidated profit after tax (PAT) after exceptional items stood at ₹4.66 billion (~$62.92 million) in Q1 FY 2022, a 71% year-over-year (YoY) increase compared to ₹2.68 billion (~$36.18 million) in the same period last year.

The numbers rose due to higher wind and solar power generation, better performance in solar EPC, rooftop, solar pumps business, and favorable tariff order for CGPL power project.

The company’s standalone PAT after exceptional items stood at ₹1.98 billion (~$26.73 million) in Q1 FY 2022, a 340% YoY increase compared to ₹450 million (~$6.07 million) in the same period last year.

The standalone EBIDTA for Q1 FY 2022 was ₹9.37 billion (~$126.50 million) in Q1 FY 2021, a 44% YoY increase compared to ₹6.49 billion (~$87.61 million) in the same period last year. The standalone EBIDTA increased due to higher dividend income from the company’s subsidies.

Commenting on the results, Praveer Sinha, Chief Executive Officer and Managing Director of Tata Power said, “All our existing generation, distribution, and transmission business units have reported a robust performance despite the challenges presented by the ongoing pandemic.”

“We aim to scale up our renewable portfolio from the current 4 GW to 15 GW by 2025 and 25 GW by 2030, thereby achieving 80% clean generation capacity, up from the current 31%. We will continue to expand and promote the mass adoption of rooftop solar and solar pumps, microgrids, home automation and focus on developing electric vehicle charging infrastructure in the country,” Sinha added.

Last month, Tata Power secured 300 MW capacity in the Maharashtra State Electricity Distribution Company Limited’s auction to procure power from 500 MW of from grid-connected interstate and intrastate wind-solar hybrid projects on a long-term basis.

Mercom had earlier reported that Tata Power was expected to phase out its coal-based capacity and enhance its clean and green capacity to around 80% by 2030 from its current green portfolio of 31%. Through the move, the company aims to achieve carbon neutrality by 2050.