Tata Power profit rises 77% YoY in FY23

All its business clusters showed robust growth during the period.

India’s Tata Power reported a profit after tax of around $463.8m (INR38.1b) for the financial year 2023, increasing by 77% year-on-year due to improved performance in all its business clusters which are generation, transmission, distribution and renewables.

In a statement, Tata Power its consolidated revenue for the year rose 32% to $6.8b (INR560.33b) because of the higher availability in the Mundra Thermal Plant and higher sales in the distribution companies and the strong addition of renewables.

“The growing need for power has enabled us to keep our momentum strong as we remain committed to meeting the nation’s demand with reliable and quality power supply,” said CEO and Managing Director Praveer Sinha.

“Our distribution business has performed exceptionally well which is evident from the continuous reduction in AT&C losses in Odisha Discoms and the high performance ratings of our Mumbai, Delhi & Odisha Discoms,” he added.

Sinha also said that the company’s renewable energy business rose significantly in engineering, procurement and construction, utility-scale and rooftop vertices. The cluster was also boosted by the completion of the around $525m capital infusion which is one of the biggest value unlocks in renewable business.

Tata Power also saw progress in its electric vehicle charging business and become the largest network in India with a presence in over 350 cities and towns, he said.

$1 = INR82.15

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