Company facilitated Rs.3,500+cr worth of customer financing for solar projects
As India witnesses a surge in power demand, Tata Power is well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions, says CEO and Managing Director Dr Praveer Sinha.
The company has also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh that will be developed by SPV ‘Jalpura Khurja Power Transmission Ltd’, he said in the financial report on 10 Feb.
In its effort to mainstream the adoption of solar energy in the country, Tata Power has facilitated over Rs.3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.
Tata Power is developing a green energy transmission corridor, as the company won its first-ever project under the Tariff Based Competitive Bidding (TBCB) process during the quarter.
Tata Power won the bid to develop an Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission Ltd that will be developed in 24 months. This Rs.1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan.
The strong momentum in the core business segment also shows the company’s contribution to the energy transition that the country is witnessing.
The company has been working in various ways, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of ~Rs.13,000 crore, to offer firm and 24×7 dispatchable renewable energy to all segments of consumers.
The company grew its Q3FY24 PAT to Rs.1,076 crore as compared to Rs.1,052 crore of the corresponding quarter last fiscal. The 9MFY24 PAT grew to Rs.3,235 crore as against Rs.2,871 crore for the 9MFY23 PAT.
During the October–December 2023 quarter, Tata Power’s revenue rose to Rs.14,841 crore as compared to Rs.14,339 crore in the last financial year. EBITDA for the quarter grew by 15% YoY to Rs.3,250 crore.
For 9MFY24, the company’s revenue grew to Rs.45,286 crore, an all-time high for said period. At Rs.9,342 crore, the company’s EBITDA for the same period is also at a record high. The contribution of core businesses now stands at 71% for 9MFY24 PAT, compared to 40% in FY23. Fiinews.com
