Tata Power net profit rises 9 pc YoY to Rs 1,017 crore in Q2

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Tata Power net profit rises 9 pc YoY to Rs 1,017 crore in Q2

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New Delhi, Nov 9 : Tata Power on Wednesday reported 9% year-on-year rise in net profit at Rs 1,017 crore for July-September quarter (Q2) of financial year 2023-24.

This is the power company’s 16th consecutive quarter of profit.

Driven by higher revenue from core businesses of generation, transmission and distribution, the company’s revenue also rose by 9% year-on-year to Rs 15,442 crore in Q2 of FY24.

“During the quarter, a significant 84% contribution in the company’s PAT came from the core businesses, while the contributions from overseas JVs, including coal mining operations, continues to decline,” Tata Power said in a media release.

The company’s Q2FY24 EBITDA jumped 51% to Rs 3,087 crore.

“We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters. Our adherence to financial discipline, operational excellence along with business resilience and diversification has helped us in maintaining this consistent profit growth,”said Praveer Sinha, CEO and Managing Director, Tata Power.