Distribution helps Tata Power report over 2x rise in profit

Tata Power on Friday reported an over two-fold rise in consolidated net profit to ₹945 crore for the December quarter (Q3FY23) against the corresponding period of the last financial year (Q2FY22). The result was aided by higher power generation and distribution sales, as well as improved realisation per unit. The December quarter net profit beat street estimates, which had pegged bottomline at ₹900 crore, according to Bloomberg. The company had reported a net profit of ₹426 crore last year.

- VIVEAT SUSAN PINTO

The company's consolidated revenue was up nearly 30 per cent to ₹14,129 crore in the quarter against ₹10,913 crore reported in Q3FY22. This was also ahead of street estimates which had pegged Q3 revenue at ₹13,837 crore, according to consensus estimates by Bloomberg.

Revenue was also aided by the tariff notified by the Ministry of Power (MOP), and orders of the Central Electricity Regulatory Commission (CERC) for imported coal-based power plants, Tata Power said.