Private power generation company Tata Power Company on May 6 reported a31.4 percent time-on- time growth in consolidated profit at Rs 632 crore for the quarter ended March 2022, hit by impairment loss. The growth in topline, other income, and operating performance supported bottomline.
Consolidated profit before exceptional particulars grew by 76 percent YoY to Rs 775 crore compared to the time-ago period, said the company in its BSE form.The company reported an impairment loss of Rs 468 crore as an exceptional item after dealing its strategic engineering division to Tata Advanced Systems and made an impairment provision of Rs 150 crore as an exceptional item after reassessing the recoverability of its investment in Adjaristsqali NetherlandsB.V. (ABV), held through wholly- possessed attachment Tata Power International Limited (TPIPL).
Profit from operations during the quarter grew by15.4 percent to Rs crore compared to the time-ago period.During FY22, Tata Power recorded a massive 50 percent growth in profit at Rs crore despite high energy cost amidst global inflationary enterprises, and profit increased by 31 percent to Rs crore compared to the former time.We ended FY22 on a high note, with 10th successive quarter of PAT growth, fueled by broad- grounded growth across all business clusters comprising generation, transmission, distribution including Odisha and renewables,”Praveer Sinha, CEO & Managing Director said.Tata Power said it has maintained the net debt to equity rate at1.5 despite capital expenditure accepted for growth in renewables and transmission & distribution businesses through robust working capital operation.
Its renewable portfolio profit grew by 60 percent YoY in Q4FY22 due to the addition of 707 MW capacity in FY22.In April 2022, the BlackRock Real Means- led institute, including Mubadala Investment Company, entered into a list agreement to invest Rs crore in Tata Power’s Renewable Energy Platform, Tata Power Renewable Energy.
In the solar rooftop member, the company has an order book of Rs 516 crore as of March 2022, while it has installed a network of further than public andsemi-public electric vehicle dishes with another 550 in colorful stages of installation.The company blazoned a tip of Rs1.75 per share for the quarter.