Tata Power, the power arm of Tata Group, has ended the financial year 2023-24 on a robust note, achieving its “highest-ever” profit after tax (PAT), revenue, and EBITDA, backed by a strong rising share from core businesses of generation, transmission & distribution and renewables. The board of the company has recommended a dividend of ₹2 per equity share, subject to shareholders’ approval.

The Mumbai-headquartered company clocked consolidated profit after tax (PAT) of ₹4,280 crore in FY24, a growth of 12% as compared to ₹3,810 crore in the previous fiscal.

The consolidated revenue of Tata Power rose 10% to ₹61,542 crore from ₹56,033 crore in FY23, driven by higher availability and plant load factor (PLF) in Mundra and higher execution of projects in Tata Power Solar Systems Ltd (TPSSL).

On the operating front, EBITDA stood at ₹12,701, up 26% from ₹10,068 crore in the previous fiscal.

“FY24 saw the company achieve its highest-ever Revenue and EBITDA at ₹61,542 crore and ₹12,701 crore, respectively, backed by a strong rising share from core businesses of generation, transmission & distribution and renewables, which contributed 74% to FY24 PAT compared to 44% in FY23,” Tata Power says in its earnings report today.

For the January-March period of FY24, the company reported PAT growth for the 18th consecutive quarter to ₹1,046 crore, up 11% compared to ₹939 crore in Q4 FY23. The revenue grew 27% YoY to ₹16,256 crore, while EBITDA rose 8% YoY to ₹3,358 crore.

“The Company reported yet another quarter of stellar results with Q4FY24 being the 18th consecutive quarter of PAT growth. The operational and financial performance of all our core businesses – Generation, T&D and Renewables - has been strong and is on a growth path,” says Praveer Sinha, CEO and Managing Director, Tata Power.

Sinha further says that Tata Power’s clean energy portfolio will touch 15 GW by FY27, supplying round-the-clock renewable energy to its consumers with a mix of solar, wind and pumped hydro storage projects in its portfolio.

“The rooftop solar business is displaying growth momentum and with a portfolio of over 2 GW, we are well-positioned to tap the increasing opportunities, especially under the PM Surya Ghar Yojana which aims to light up one crore households,” Tata Power’s CEO adds.

As of March 31, 2024, the company has 4.5 GW of renewable capacity operational and another 5.5 GW of projects under implementation, taking the total green energy portfolio to over 10 GW. Tata Power Renewable Energy’s utility scale EPC order book stands at 2.6 GW worth ₹13,400 crore, while Rooftop solar and Group Captive EPC order book was at ₹2,900 crore.

As per the company, it is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.

At the end of March quarter of FY24, the company’s transmission portfolio stood at 6,277 Ckm (Circuit Kms), including 1,651 Ckm capacity in pipeline. During FY24, the company won two projects worth ₹2,300 crore under Tariff-Based Competitive Bidding (TBCB) process – the Interstate Transmission System (ISTS) - Bikaner III Neemrana II Transmission Ltd and the Intrastate Transmission Scheme in Uttar Pradesh through SPV Jalpura Khurja Power Transmission Ltd.

Ahead of Q4 results, shares of Tata Power settled at ₹435.45, down 0.19% on the BSE, with a market capitalisation of ₹1.39 lakh crore.

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