Tata Power, a leading integrated utility in India, has reported a significant growth in its financial performance for the third quarter of the fiscal year 2024 (Q3FY24), marking the 17th consecutive quarter of profit after tax (PAT) growth. The company’s strategic focus on its core businesses of Generation, Transmission & Distribution, and Renewables has propelled its revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) to all-time highs.

In Q3FY24, Tata Power achieved a revenue of Rs. 14,841 crore, a slight increase from the previous year, and a remarkable EBITDA of Rs. 3,250 crore, representing a 15% year-over-year growth. The PAT for the quarter stood at Rs. 1,076 crore, contributing to a nine-month fiscal year PAT of Rs. 3,235 crore, showcasing a solid growth from the previous year’s figures.

The company’s core businesses now account for more than 71% of the PAT before exceptional items in 9MFY24, a significant increase from 40% in FY23. This shift underscores Tata Power’s commitment to strengthening its position in the renewable energy sector and supporting India’s energy transition.

Tata Power’s Odisha Distribution Business reported a PAT of Rs. 63 crore in Q3FY24, highlighting a substantial year-over-year growth. The company’s Transmission & Distribution (T&D) segment also saw significant developments, with the acquisition of two transmission projects worth Rs. 2,300 crore, enhancing its infrastructure capabilities.

The solar rooftop portfolio, including group captive projects, exceeded 2,000 MW, affirming Tata Power’s leadership in the solar energy sector in India. The company facilitated over Rs. 3,500 crore worth of customer financing for solar projects, benefiting thousands of commercial, industrial, and residential customers.

Dr. Praveer Sinha, CEO and Managing Director of Tata Power, emphasized the company’s consistent performance and operational excellence. “Our core businesses continue to perform well and have helped the Company clock its 17th consecutive PAT growth quarter,” he stated. Sinha highlighted Tata Power’s role in the country’s surge in power demand, positioning the company to capitalize on growth momentum with innovative, cost-effective clean and green energy solutions.

Tata Power is on an accelerated growth trajectory towards transitioning to green energy, aiming for around 70% of capacity from non-fossil-based fuels by 2030. With significant projects under development, including a 2.8 GW Pumped Hydro Storage Project, Tata Power is at the forefront of India’s renewable energy expansion.

The company’s commitment to driving the green energy transition is evident through its renewable energy portfolio, which now stands at approximately 5,600 MW, accounting for 39% of its overall capacity. With additional projects under construction, Tata Power is set to exceed 10,000 MW in clean energy capacity within the next 12-24 months.

Tata Power’s Q3FY24 performance not only demonstrates its financial resilience but also its strategic focus on renewable energy and clean technology solutions. As India continues to embrace sustainable energy sources, Tata Power’s contributions are pivotal in shaping the country’s energy landscape, making it a key player in the global shift towards greener alternatives.

  Dr. Praveer Sinha, India, Tata Power