Tata Power Q1 outcomes: Net profit zooms 74% to Rs 466 crore in June quarter

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Tata Power’s consolidated net profit jumps nearly 74 percent to Rs 465.69 crore in the June 2021 quarter.

The company’s consolidated net profit had stood at Rs 268.10 crore in the corresponding quarter of the last financial year, according to a BSE filing.Total income during April-June 2021 increased to Rs 10,145.89 crore, compared with Rs 6,540.42 crore in the year-ago period.

Key Financial Highlights: Q1 FY22 vs Q1 FY21

§  Consolidated PAT after exceptional items up 74% at ₹ 466 crore as compared to ₹ 268 crore in Q1 FY21

§  Standalone PAT after exceptional items stood at ₹ 198 crore as compared to ₹ 45 crore in Q1 FY21 due to higher dividend offset by MAT credit reversal due to change in tax regime

§  Consolidated Revenue stood at ₹ 9,831 crore up by 47 % as compared to ₹ 6,671 crore in Q1 FY21

§  Standalone Revenue stood at ₹ 1,788 crore up by 22 % as compared to ₹ 1,469 crore in Q1

FY 21

Key Business and Growth Highlights:

§  Tata Power commenced its operations in Northern Odisha (NESCO) through a Joint Venture with Government of Odisha for distribution and retail supply of electricity in five circles comprising Balasore, Bhadrak, Baripada, Jajpur and Keonjhar serving 2 million consumers

§  Tata Power offered a choice of 100 percent Green Power to its Mumbai Customers in line with the Green Power Tariff announced by MERC

§  Tata Power Solar receives EPC orders worth ₹ 686 crore from NTPC to set up Solar PV projects

§  Tata Power empaneled for 84 MW Rooftop Solar Project worth ₹ 400 Cr from Kerala State Electricity Board Limited, in addition to ₹ 434 Cr worth of orders in Q1, taking the total Rooftop order book above ₹ 1,000 Cr

§  Tata Power launches easy financing schemes for MSME rooftop solar consumers with Bank of Baroda, HDFC, SIDBI, Tata Capital and for residential solar consumers with Electronica Finance Limited

§  Sold 7,419 Solar Pumps, highest ever in a quarter

§  Tata Power joins hands with HPCL to set up EV charging stations at its Petrol Pumps across cities and highways

§  Tata Power in association with Social Alpha announced investment in Industrial IOT startup ‘URJA’ – an innovative solution consisting of Smart Sensors and Analytics platform

§  Tata Motors and Tata Power inaugurated India’s largest grid-synchronized, 6 MW solar carport at the Tata Motors car plant in Chikhali, Pune, Maharashtra

§  Commissioned India’s largest natural ester filled 110 /33 / 22 kV, 125 MVA power transformer in the Mumbai Transmission network at the BKC receiving station in collaboration with Hitachi, ABB Power Grids and Cargill

§  The Company became the 1st Distribution Utility in Mumbai to initiate Smart Metering for its consumers with more than 10000 smart meters installed till date.

§  TP Central Odisha Distribution Ltd. celebrated the first anniversary of its successful operations on 1st June ’21.

§  Tata Power secures the highest score among all Indian Power Companies in CRISIL’s recently launched environmental, social and governance (ESG) scores.

§  Tata Power Delhi Distribution Limited is among the first utilities in India to meet 100% Renewable Purchase Obligation Compliance.

§  Tata Power commits to reduce emission targets in alignment with SBTi

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