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Tata Power Q2 profit up 36% at Rs506 crore

MUMBAI :

Tata Power on Thursday posted 36% increase in consolidated net profit at ₹506 crore for September quarter 2021-22 on the back of higher revenues.

The net profit of the company during the July-September quarter came in at ₹371 crore.

Total income stood at ₹10,187.33 crore in the quarter as against ₹8,441.60 crore in the same period a year ago.

“Consolidated profit after tax was up 36% due to savings in finance cost and better performance in Renewables Business,” the company said.

The group’s revenue was up 13% at ₹9,502 crore as compared to ₹8,428 crore in the year-ago period, largely due to expanded operations in Odisha Discoms, higher project execution in Tata Power Solar Systems Ltd. (TPSSL) business and strong business performance by all other businesses.

“The robust performance during this quarter is a reflection of our continued focus on our well calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance,” said Praveer Sinha, CEO & Managing Director, Tata Power.

Sinha added that the company plans to scale up renewable business towards its 2030 target. Clean energy currently makes up 32% Tata Power and portfolio which is expected to touch 80% by 2030.

Tata Power is committed and aligned with the government’s National Electric Mobility Mission Plan (NEMMP) 2020 and FAME II policy which are focused on transforming the e-mobility space of the country.

“The company has reached a significant milestone of deploying 1000 EV Public charging points across 180 cities in India. Our target is to install EV charger points over a 3,600 km stretch from India’s northernmost region of Kashmir to Kanyakumari. We will also continue to strengthen our solar pumps, solaroof and Solar Microgrids businesses across the country,” Sinha added.

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