Article Republished By Javier Troconis
Mumbai/IBNS: India-based integrated power company Tata Power Friday reported a 76 percent year-on-year (YoY) growth of Profit after tax (PAT) before exceptional items to Rs 775 crore compared to the year-ago period.
However, the company has reported an impairment loss of Rs 468 crore after the offloading of strategic engineering division to Tata Advanced System, and has made an impairment provision of Rs 150 crore as an exceptional item post the recoverability reassessment of Adjaristsqali Netherlands held through entirely-owned subsidiary Tata Power International Limited, according to a moneycontrol report.
The revenue from operations rose by 15 percent to Rs 11,960 crore in comparison to the year-ago period.
The Mumbai-headquartered firm’s board recommended a dividend of Rs 1.75 per equity share.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) was up by 35 percent at Rs2,253 crore vs Rs 1,668 crore in Q4 FY21.
CEO & Managing Director at Tata Powers Dr Praveer Sinha, said, “We ended FY22 on a high note, with our 10th consecutive quarter of PAT growth, fueled by broad-based growth across all our business clusters comprising Generation, Transmission, Distribution including Odisha and Renewables.
“Our proven track record in the renewable energy space has attracted reputed global investors (BlackRock Real Assets and Mubadala) to join us in speeding up India’s transition to green energy.”
Renewable Portfolio PAT grew by 60 percent in Q4 FY22 vs Q4 FY21 due to the addition of 707 MW capacity in FY22.
In April 2022, the BlackRock Real Assets-led consortium, including Mubadala Investment Company, entered into a binding agreement for investing Rs 4,000 crore in Tata Power’s Renewable Energy Platform, and Tata Power Renewable Energy.
Presently, there is strong execution of both large scale and rooftop solar projects by the company.
In the electric vehicle (EV) charging segment, the largest power generation firm in India signed a memorandum of understanding (MoU) with NAREDCO (National Real Estate Development Council) to install 5,000 EV charging points across Maharashtra.
Another MoU was signed with TVS Motor Company to set up electric two-wheeler charging eco-system in India
In another key development, Tata Power partnered with Apollo Tyres to deploy EV charging stations at its Commercial & Passenger Vehicle Zones across India.