Tata Power Q4 profit jumps 49%, beats estimates
时间:2024-06-26 14:06:30 阅读(143)
Tata Power has posted a 48.58% rise in consolidated net profit to Rs 939 crore for the fourth quarter ended March, beating Street estimates, led by growth across all its business verticals. In comparison, the company had posted a net profit of Rs 632 crore a year ago.
During the quarter, the company’s revenues rose 5.54% to Rs 12,755 crore from Rs 12,085 crore a year ago, while Ebitda rose 37.64% to Rs 3,101 crore from Rs 2,253 crore, it said in a statement.
The earnings beat consensus estimate by Bloomberg analysts of a consolidated net profit of Rs 694 crore and Ebitda of Rs 1,829 crore. However, revenues were below expectations of Rs 13,098 crore.
The rise in net profit was supported by “strong performance” across all businesses and revenue due to higher sales across distribution companies and capacity addition in renewables. The company’s board has recommended a dividend of Rs 2 per share, it said.
For FY23, the integrated power company’s consolidated net profit rose 77% to Rs 3,810 crore, while revenue rose 32% to Rs 56,033 crore from the year-ago fiscal.
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“Our renewable energy business has expanded significantly across EPC, utility scale and rooftop verticals, and is poised to lead India’s green energy transition. “The completion of Rs 4,000-crore worth capital infusion into our renewables business, one of the biggest value unlocks in renewable business globally, will enable us to fuel the next leg of growth. We have also made rapid strides in our EV charging business and have emerged as the largest network in the country with presence across 350 cities and towns,” CEO & MD Praveer Sinha said.
Tata Power’s rooftop solar order book stands at Rs 1,900 crore, with the fourth quarter witnessing strong upswing with Rs 1,600 crore worth of orders and billing crossing the Rs 1,000-crore mark, it said.
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