Tata Power Reports Net Profit for 17th Consecutive Quarter in Q3 FY 2024

The company saw higher earnings in the power generation, transmission, and distribution segments


Tata Power, an integrated power company, recorded a net profit of ₹10.76 billion (~$129.6 million) in the third quarter (Q3) of the financial year (FY) 2024, a growth of 2.2% year over year (YoY).

The company reported a YoY net profit growth for the 17th consecutive quarter.

Tata Power’s consolidated revenue stood at ₹148.41 billion (~$1.78 billion), an increase of 3% YoY.

The increase in net profit and revenue growth primarily resulted from higher earnings in power generation, transmission, and distribution segments.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 15% YoY to ₹32.5 billion (~$391.5 million).

Of the company’s over 14 GW of generational assets spread across India, 39% is clean and green energy. The clean energy segment is expected to account for ~54% of capacity post-project completions.

During the quarter, power demand registered a 10% YoY increase.

Tata Power’s utility-scale solar EPC business secured orders totaling 612 MW, valued at ₹28.94 billion (~$348.6 million). This quarter marked the highest order intake for Tata Power, encompassing a 460 MW solar project from SJVN and a 152 MW solar module from NTPC.

The order book for group captive projects reached ₹21.93 billion (~$264.1 million) by the end of Q3, with 73 MW of orders secured during the quarter.

The order book for third-party rooftop solar installations stood at ₹1.49 billion (~$17.9 million). During the quarter, 103 MW of rooftop installations were completed.

In collaboration with Indian Oil Corporation (IOC), Tata Power is set to deploy over 500 electric vehicle charging points nationwide. Partnerships with Kanpur Municipal Corporation and the Assam Government have been established to deploy EV charging infrastructure in Kanpur and Guwahati, respectively.

The company has set a target to achieve 100% clean and green power generation by the fiscal year 2045. The strategic vision includes having clean and green capacity constitute 70% of the total energy production by 2030.

9M 2024

For the first nine months (9M) of the year, the company recorded a net profit of ₹32.35 billion (~$ 389.7 million), marking a growth of 13% YoY. Strong performance across all business segments led to an increase in profits.

Tata Power’s consolidated revenue stood at ₹452.87 billion (~$5.4 billion), an increase of 5% YoY.

The company’s EBITDA grew by 34% YoY to ₹93.42 billion (~$1.12 billion).

Over the 9M, power demand grew 8% YoY.

In September last year, the U.S. International Development Finance Corporation approved $425 million in financing for Tata Power Renewable Energy’s upcoming 4.3 GW greenfield solar cell and module manufacturing facility in Tamil Nadu.

Earlier in 2023, TP Solar, another Tata Power subsidiary, was allotted ₹3.8 billion (~$46 million) for manufacturing 4 GW of modules under Tranche II of the Solar Modules Manufacturing Performance-Linked Incentive program.