Tata Power reports record-breaking financial year with Rs 4,280cr PAT in FY24

Tata Power, one of India’s largest integrated power companies, has announced its highest ever profit after tax (PAT) of ₹4,280 crore for the financial year ended March 31, 2024. This milestone caps off a year of robust financial performance and significant strides in renewable energy.

The company recorded an 18% increase in its Q4FY24 PAT, reaching ₹1,109 crore, marking the 18th consecutive quarter of PAT growth. The fiscal year 2024 saw Tata Power achieve record-high revenue and EBITDA, totaling ₹61,542 crore and ₹12,701 crore respectively. These figures represent a growth of 10% in revenue and 26% in EBITDA compared to the previous year, driven largely by the company’s core businesses of Generation, Transmission & Distribution, and Renewables.

Dr. Praveer Sinha, CEO and Managing Director of Tata Power, noted the company’s operational and financial success across all core sectors. “Today, Tata Power stands at the forefront of India’s energy transition with its integrated presence across the value chain,” he said. The company’s clean energy portfolio is expected to reach 15 GW by FY27 as it focuses on providing round-the-clock renewable energy.

Significant achievements during the year included the commencement of production at Tata Power’s 4.3 GW Cell & Module manufacturing facility in Tirunelveli, Tamil Nadu, which produced around 130MW of modules in Q4FY24 alone. The company also commissioned India’s largest Solar and Battery Storage Project in Chhattisgarh and expanded its rooftop solar business to over 2 GW.

The company’s Board of Directors has recommended a dividend of ₹2 per equity share, subject to shareholder approval. With a market capitalisation surpassing ₹1.4 lakh crore, Tata Power is poised to continue its leadership in India’s transition to sustainable energy. The company also highlighted its successful public-private partnership model in Odisha, turning around distribution companies to profitability within three years.

Tata Power’s financial year 2024 stands as a testament to its robust growth trajectory and commitment to green energy solutions. With substantial investments in renewable energy and a strong financial foundation, the company is well-positioned to meet its future goals and further strengthen its market position.

The company’s record-breaking financial results reflect a strategic alignment with global energy transition trends. Its emphasis on expanding its renewable energy capacity while maintaining strong financial health exemplifies a sustainable business model that other power companies might aspire to emulate. This balance of profitability and investment in sustainable projects is crucial for the long-term viability of the energy sector.