Tata Power Q2 Results: Profit Jumps 9%, Beats Estimates
The power producer's revenue rose 12.1% to Rs 15,738 crore as against Rs 14,031 crore last year.
Tata Power Co.'s consolidated net profit rose 9% in the second quarter of fiscal 2024, beating analysts' estimates.
The power producer's profit increased to Rs 1,017.4 crore in the quarter ended September, according to an exchange filing on Wednesday. That compares with the Rs 881 crore consensus estimate of analysts tracked by Bloomberg.
Tata Power Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 12.1% to Rs 15,738 crore vs. Rs 14,031 crore (Bloomberg estimate: Rs 15,695.9 crore).
Ebitda up 75% at Rs 3,091 crore vs. Rs 1,761 crore (Bloomberg estimate: Rs 2,636 crore).
Margin at 19.64% vs. 12.55% (Bloomberg estimate: 16.8%).
Net profit up 9% to Rs 1,017.4 crore vs. Rs 935.2 crore (Bloomberg estimate: Rs 881 crore).
During the quarter, a significant 84% contribution in the company’s profit after tax came from the core businesses, while the contributions from overseas joint ventures—including coal mining operations—continues to decline, according to a statement.
Tata Power’s clean energy portfolio achieved the milestone of 5,500 megawatt during the quarter, standing at 38% of total installed generation capacity.
The company also made significant progress in its distribution business by improving its cash flow and reducing aggregate technical and commercial losses in Odisha.
Shares of Tata Power closed 5.15% higher at Rs 254.90 apiece before the results were announced, as compared with a 0.05% rise in the benchmark BSE Sensex.
