Tata Power Q4 profit jumps 48%, dividend declared

Tata Power, the top integrated power firm, recorded a consolidated net profit of $126 million for Q4FY23, a remarkable 48% rise from the same quarter the year prior. With its consolidated revenue reaching $1.7 billion, up by 6% YoY from $1.6 billion in Q4FY22, the company attributed its good performance to stronger sales across distribution companies and capacity addition in renewables. Consolidated EBITDA for the business was $417 million, up 38% YoY from $303 million during the same time last year. The improvement was principally caused by decreasing under-recovery in Mundra, increased renewable energy capacity, and the efficient completion of solar EPC projects.

According to information provided in an exchange filing, NewsOTG gathered that the Tata Power board has also recommended a dividend of $0.027 per share, subject to shareholder approval. The business has made notable advancements in renewable energy with an emphasis on the shift to a more environmentally friendly future. With the newly completed 150 MW solar project in Rajasthan, Tata Power’s installed capacity now stands at 4,947 MW, including 2,897 MW from renewable sources. By 2030, the corporation wants to have a 50% renewable energy portfolio. “We are happy to report that our businesses had great growth throughout another strong quarter. The outcomes reflect our ongoing efforts to promote operational excellence, increase our portfolio of renewable energy sources, and improve the customer experience.

Praveer Sinha, CEO and MD of Tata Power, stated, “We are dedicated to fulfilling our mission of providing clean, reasonably priced, and consistently reliable power to all. Tata Power’s impressive Q4FY23 performance comes despite a difficult time for India’s power sector. The sector has been struggling with increased fuel prices, problems with the supply chain, and the COVID-19 pandemic’s effects. However, the company has been able to weather the storm thanks to its robust business model and strategic focus on renewable energy.

With an emphasis on sustainability and innovation, Tata Power has established itself as one of the top businesses in the power industry. The business has received numerous accolades for its work promoting renewable energy and lowering carbon emissions. Finally, Tata Power’s stellar financial performance in Q4FY23, which was fueled by increased sales and capacity addition in renewables, exemplifies the company’s tenacity and dedication to a greener future. Tata Power is well-positioned to benefit from the rising demand for clean energy and take the lead in India’s transition to a sustainable future thanks to its strategic focus on renewable energy.