Tata Power Q1FY23 PAT surges by 90% to Rs 884cr

Tata Power Q1FY23 results : Tata Power has reported a 90% surge in its profit after tax (PAT) before exceptional items for the quarter ended 30 June 2022 (Q1FY23) to INR 884 crores, compared to INR 466 crores in the same period in the previous fiscal year.

As per the Indian power company, this is the 11th consecutive quarter that has registered growth in profit after tax.

The profit after tax in the previous quarter, that is Q4FY22, for Tata Power was INR 775 crores.

Tata Power Q1FY23 revenue was INR 14,776 crores, which is a 48% growth compared to INR 9,974 crores in Q1FY22. In the previous quarter, the revenue was INR 12,085 crores.

The reported quarter saw Tata Power commission 600MW large-scale EPC projects. The company said that its solar EPC order book stood at INR 14,626 crores having won 1.7GW projects in Q1FY23.

Tata Power Q1FY23 PAT surges by 90% to Rs 884cr. Photo courtesy of Ameyajkamat/Wikimedia Commons.

The Tata Group company also began operations at the 101.6MWp Kayamkulam floating solar power plant in Kerala during the reported quarter.

Commenting on Tata Power Q1FY23 results, Dr. Praveer Sinha — Tata Power CEO & MD said: “We have started the new fiscal year on a solid note with all of our business clusters – Generation, Transmission, Distribution, including Odisha, and Renewables – performing very well.

“This is aptly reflected in our 11th consecutive quarter of PAT growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses.

“We are offering a wide range of energy services across the entire value chain along with cutting-edge technologies and superior project execution capabilities. As a future-ready EaaS company, we are well poised to contribute towards India’s green energy transition.”