Tata Power has recorded a revenue of ₹95.02 billion (~$1.26 billion) in the second quarter (Q2) of the financial year (FY) 2022, a 13% growth from ₹84.28 billion (~$1.12 billion) in the same period last year.

The rise in revenue was attributed to expanded operations of Odisha distribution companies (DISCOMs), higher project execution in solar engineering, procurement, and construction (EPC) business, and all other businesses’ strong performance.

In Q1 FY 2022, the company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBIDTA) stood at ₹17.32 billion (~$231.03 million), a 23.9% decline compared to ₹22.76 billion (~$303.6 million) in the same period the previous year.

The decline was primarily due to higher losses of Coastal Gujarat Power Limited, a Tata Power subsidiary, because of increased coal prices but offset at a profit after tax (PAT) level by coal mines profits.

Its consolidated PAT increased by 36% to ₹5.06 billion (~$67.48 million) in Q2 from ₹3.71 billion (~$9.48 million) in the same period last year. The PAT increased due to strong business performance by all verticals.

The company’s standalone PAT stood at ₹5.41 billion (~$72.16 million), a 273% increase compared to ₹1.45 billion (~$19.34 million) in Q2 FY 2021.

Renewables

According to the financial statement, the company’s renewable portfolio increased by 10% compared to Q2 FY 2021, adding 256 MW capacity and winning bids of 580 MW.

It also bagged the empanelment of an 84 MW rooftop solar project worth ₹4 billion (~$53.36 million) from the Kerala State Electricity Board. The company has a solar rooftop portfolio of over 750 MW capacity across 150 districts of India. The company won the highest rooftop solar order in a quarter with 264 MW worth ₹7.5 billion ($100.3 million), out of which 105 MW was executed. Rooftop solar orders in the first half reached 417 MW totaling ₹11.82 billion ($158 million).

Tata Power Solar won 1 GW of utility-scale EPC orders totaling ~₹30 billion ($401 million).

The company’s solar EPC order book stands at ₹92.64 billion (~$1.23 billion) at the end of the quarter. The company secured the EPC order for a 50 MW solar project with a 50 MWh battery energy storage system of ₹3.86 billion ($51.6 million) in Leh, Ladakh. It has also won another 100 MW EPC order of ₹5.38 billion ($72 million) for multiple distributed generation projects from Energy Efficiency Services Limited (EESL).

The company has also installed 53,000 solar pumps across the country so far.

The milestone of 1,000 public electric vehicles (EV) charging stations spread across nearly 180 cities was also achieved during the quarter. The company installed 32 electric bus charging points and 252 EV charging points in the quarter.

In Q2, Tata Power won a capacity of 300 MW quoting ₹2.62 (~$0.035)/kWh 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. It also commissioned a 150 MW solar project in Loharki, Rajasthan.

In Q1 FY 2022, the company 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.