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Business EconomyPosted at: Oct 28 2021 9:30PM


Tata Power posts 36 pc increase in Q2 consolidated PAT at ₹506 crores

New Delhi, Oct 28 (UNI) In a strong showing across the board, Tata Power recorded a 36% Y-o-Y increase in consolidated PAT at ₹506 crores due to strong all round business performance by all verticals, according to the Q2 FY22 results declared on Thursday.
The Q2 consolidated revenue of the company was up by 13% at ₹9,502 crores as compared to Rs 8,428 crores in Q2 FY21 due to expanded operations in Odisha DISCOMs and higher project execution by Tata Power Solar Systems Ltd. (TPSSL) and strong business performance of all other businesses.
Consolidated EBITDA stood at ₹1,732 crores as compared to Rs 2,276 crores in Q2 FY21 mainly due to higher CGPL losses on account of higher coal prices but offset at PAT level by coal mine profits.
The consolidated PAT in H1 FY22 was up by 52% at ₹ 971 crores as compared to ₹ 639 crore in H1 FY21 while the consolidated revenue was up by 29% at ₹ 19,476 crores as compared to ₹ 15,105 crores in H1 FY21.
The company’s renewable portfolio grew by 10% in Q2, vs Q1 FY 22, by adding 256 MW capacity and winning bids of 580 MW. The company also commissioned a 100 MW solar PV project at Raghanesda Solar Park, Gujarat, a 150 MW solar PV project at Lohakari, Rajasthan and received 'Letter of Award' from Rewa Ultra Mega Solar Ltd for setting up of 330 MW solar Project in MP.
Tata Power also received the 'Letter of Intent' from Maharashtra State Power Generation Co. Ltd. for setting up of 250 MW grid-connected solar plant in Maharashtra and was awarded EPC project with India’s first ever large scale 50 MWh battery energy storage system co-located with 50 MWp solar PV plant of ₹ 386 crores in Ladakh. The company has installed 53,000 solar pumps across the country till date and launched branded Tata Power Solar Pumps with the first retail offering in Jaipur.
Tata Power has also completed installations of over 1000 EV public charging points across the country serving customers across offices, malls, hotels, retail outlets, and places of public access, enabling clean mobility. Standard & poor global ratings upgraded company’s credit rating by two notches to BB (Stable).
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