Tata Power reports highest ever PAT of ₹ 4,280 crore

Mumbai, May 8^th, 2024: Tata Power, one of India’s largest integrated power companies, today reported its highest ever PAT of ₹ 4,280 crore for the financial year ended March 31, 2024. The Company has maintained strong growth momentum by reporting PAT growth for the 18^th consecutive  quarter to ₹ 1,109 crore for Q4FY24. The company’s market capitalisation has surpassed ₹1.4 lakh crore.

FY24 saw the company achieve its highest-ever Revenue and EBITDA at ₹ 61,542 crore and

₹ 12,701 crore respectively, backed by a strong rising share from core businesses of Generation, Transmission & Distribution and Renewables, which contributed 74% to FY24 PAT compared to 44% in FY23.

The Company’s Board of Directors has recommended a dividend of ₹ 2 per equity share, subject to shareholders’ approval.

Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said, ” The Company reported yet another quarter of stellar results with Q4FY24 being the 18th consecutive quarter of PAT growth. The operational and financial performance of all our core businesses – Generation, T&D and Renewables – has been strong and is on a growth path.

Today, Tata Power stands at the forefront of India’s energy transition with its integrated presence across the value chain. Our clean energy portfolio will touch 15 GW by FY27 and we are committed to supplying round-the-clock renewable energy to our consumers with a mix of solar, wind and Pumped Hydro Storage Projects in our portfolio.

The Odisha Discoms have demonstrated the success of the Public Private Partnership model and are now profitable within a short span of three years. We are well-poised to take on newer power distribution opportunities once they open for privatization.

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.

We continue our journey to be the most preferred and trusted green energy solutions provider and utility of choice for every customer.”

Tata Power’s 4.3GW Cell & Module manufacturing facility in Tirunelveli, Tamil Nadu has commenced production and commercially produced around 130MW of Modules in Q4FY24. The Company’s inclusion in MNRE’s ALMM (Approved List of Models and Manufacturers) scheme further strengthens its position to significantly contribute towards PM Surya Ghar Yojana.

The Company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.