Tata Power Q3 FY23 profit after tax surges by 91% to Rs 1,052cr

Tata Power has reported a profit after tax (PAT) of INR 1,052 crores for the third quarter of the fiscal year 2023 (Q3 FY23), an increase of 91% compared to INR 552 crores in the same quarter of the previous fiscal year.

The Indian power company said that the surge in profit after tax was due to better performance across all businesses compared to Q3 FY22.

Tata Power registered a 30% growth in revenue for Q3 FY23 at INR 14,339 crores, compared to INR 11,015 crores in the corresponding quarter of the previous fiscal year.

Tata Power Q3 FY23 results. Photo courtesy of Ameyajkamat/Wikimedia Commons.

Commenting on Tata Power Q3 FY23 results, Dr. Praveer Sinha — Tata Power CEO and MD said: “We are pleased to report another quarter of strong financial results with PAT growing for the 13th consecutive quarter.

“The stellar performance from all our business clusters – Generation, Transmission, Distribution, and Renewables has placed us in a very bright spot. The first three quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit.

“The third quarter saw significant strides in various businesses associated with our Green Energy Platform and Transmission & Distribution (T&D) business. We have committed investments in Renewables and in Odisha Power Distribution and have further strengthened our position in Rooftop Solar and EV charging domains.”