Tata Power said on Friday its Q1 FY22 consolidated profit after tax stood at Rs 466 crore, up 74 per cent from Rs 268 crore in the same period of last year.
This was driven by consistent performance by all businesses, reduction in finance cost and higher execution of EPC projects.
Revenue stood at Rs 9,831 crore up 47 per cent as compared to Rs 6,671 crore in Q1 FY21 mainly due to acquisition of Odisha discoms and higher sales/execution in its solar EPC businesses.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 2,365 crore in Q1 FY22, up 16 per cent from Rs 2,037 crore.
This included renewable EBITDA of Rs 643 crore, which was up 9 per cent as compared to Rs 588 crore in Q1 FY21, mainly due to higher wind and solar power generation, all round better performances in solar EPC, rooftop, solar pumps business and favorable tariff order.
Praveer Sinha, CEO and Managing Director, said all company's existing generation, distribution and transmission business units reported a robust performance despite challenges presented by the ongoing pandemic.
"We aim to scale up our renewable portfolio from the current 4GW to 15GW by 2025 and to 25GW by 2030, thereby achieving 80 per cent clean generation capacity from the current 31 per cent."
Sinha said the company will continue to expand and promote the mass adoption of rooftop solar and solar pumps, microgrids, home automation and focus on developing the EV charging infrastructure in the country.
( With inputs from ANI )
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