During the quarter, net profit came in at Rs 1045.5 crore against Rs 938.8 crore reported in the fourth quarter of the last fiscal year.
Income rose 27% to Rs 15846.5 crore from Rs 12,453 crore in the fourth quarter of the previous fiscal year.
For the full year, net profit rose 12.3% to Rs 4280 crore against Rs 3809.6 crore in FY23. Income for FY24 rose 11.5% to Rs 61449 crore against Rs 55109 crore in FY23.
The company’s board of directors has recommended a dividend of Rs 2 per equity share, subject to shareholders’ approval. “The company reported yet another quarter of stellar results with Q4FY24 being the 18th consecutive quarter of PAT growth,” said Praveer Sinha, CEO and Managing Director, Tata Power, adding that the operational and financial performance of all core businesses – generation, transmission and distribution &D and renewables has been strong and on a growth path.”We are well-poised to take on newer power distribution opportunities once they open for privatisation. The rooftop solar business is displaying growth momentum and with a portfolio of over 2 GW, we are well-positioned to tap the increasing opportunities, especially under the PM Surya Ghar Yojana which aims to light up one crore households,” added Sinha.The company said its 4.3 GW cell and module manufacturing facility in Tirunelveli, Tamil Nadu has commenced production and commercially produced around 130 MW of Modules in Q4FY24.
“Its inclusion in MNRE’s ALMM (Approved List of Models and Manufacturers) scheme further strengthens its position to significantly contribute towards PM Surya Ghar Yojana,” it said.
Tata Power is aiming for around 70% of capacity from non-fossil-based fuels by 2030. Its renewable portfolio capacity stands at 10 GW, inclusive of 5.5 GW in the implementation pipeline.
“Post elections we expect that we will have opportunities to look at more distribution assets in other parts of the country. And we are fully geared up to participate in the same,” said Sinha on a media call post-Q4 earnings, adding that the company will spend Rs 20,000 crore on capital expenditure this fiscal, 50% of which will be allocated to renewables and the rest to transmission and distribution and other segments.
Tata Power’s scrip ended at Rs 435.45, down 0.19% on the BSE, Wednesday. Benchmark Sensex closed 0.06% lower.
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