Tata Power reported a 91% year-over-year (YoY) jump in net profit to ₹10.52 billion (~$127.6 million) for the third quarter (Q3) of the financial year (FY) 2022-2023, primarily due to higher availability at its thermal power station at Mundra, higher sales across distribution companies and increased renewables capacity addition.

The company’s consolidated revenue was up 30% YoY to ₹143.39 billion ($1.7 billion) in Q3 from ₹110.15 billion ($1.3 billion).

The diversified power company said that its revenue from rooftop solar installations rose by about 41% YoY to ₹5.35 billion (~$64.8 million) in Q3.

During the October-December quarter, Tata Power’s revenue from solar pumps increased 138% YoY to ₹2.05 billion (~$24.7 million) with orders from Jharkhand, Maharashtra, and Uttar Pradesh. The group added around 15,400 solar pumps in Q3.

Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary, said it generated a total of 1,223 MW of energy during the third quarter, up 67% YoY. Further, it sold 1,207 million units (MU) of energy in the same quarter, up 68% YoY.

TPREL said its cumulative solar capacity grew 87% YoY to 2,070 MW at the end of the third quarter.

During the same period, the company’s renewable capacity stood at 2,851 MW, up 51% YoY compared to 1,889 MW at the end of the corresponding quarter a year ago.

During Q3, TPREL received a letter of award from the Maharashtra State Electricity Distribution Corporation to set up a 150 MW solar project in Solapur.

Tata Power’s consolidated revenue for the first 9M rose by 42% YoY to ₹432.78 billion (~$5.2 billion).

CEO and Managing Director of Tata Power Dr. Praveer Sinha said, “The first three quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit. We have committed investments in renewables and Odisha Power Distribution and have further strengthened our position in rooftop solar and electric vehicle charging domains.”The consolidated Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of Tata Power for Q3 grew by 53% YoY to ₹28.18 billion (~$341.7 million).

The EBITDA for the initial nine months jumped YoY by 17% to ₹69.68 billion (~$845 million) primarily on account of renewables capacity addition and improved performance across all businesses.

In September 2022, Tata Power Solar Systems (TPSSL), another wholly-owned subsidiary of the group, received a letter of award of ₹6.12 billion (~$76.7 million) to set up a 100 MW ground-mounted solar project for SJVN.

During the October-December period, TPSSL installed around 12,000 solar pumps, taking the total deployment to over 93,000 solar pumps.

Last month, TPREL inked a pact with Vivarea Condominium in Mumbai to set up a 3.125 MW group captive solar project to power the apartment complex with renewable energy.