Mumbai, 30th October 2024: Tata Power, one of India’s largest integrated power companies spearheading the country’s energy transition, today reported its 20th consecutive quarterly PAT growth. During the quarter ended September 30, 2024, the Company reported its highest-ever PAT before exceptional items of ₹ 1,533 Crore, up 51% YoY.
Consolidated EBITDA during the quarter rose 23% to ₹ 3,808 Crore on the back of ramped-up solar manufacturing, favorable regulatory development in distribution, and operational efficiency across businesses.
For the H1FY25 period, the Company clocked its highest-ever Revenue, EBITDA, and PAT before exceptional items at ₹ 32,057 Crore, ₹ 7,158 Crore, and ₹ 2,721 Crore, respectively.
Consolidated Financial Performance (in ₹ Crore)
| Consolidated | Q2 FY25 | Q2 FY24 | % YoY Growth | H1 FY25 | H1 FY24 | % YoY Growth | |||||||
| Revenue | 15,247 | 15,442 | (1) % | 32,057 | 30,446 | 5% | |||||||
| EBITDA | 3,808 | 3,087 | 23% | 7,158 | 6,092 | 17% | |||||||
| PAT * | 1,533 | 1,017 | 51% | 2,721 | 1,924 | 41% |
*Before exceptional items
Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said, “Our Generation, Transmission & Distribution, and Renewable businesses continue to witness sustained growth momentum as India sees record power demand and investment in the new Age of Electricity. All our business segments have performed remarkably well during the quarter leading to 20th consecutive quarterly PAT growth.
Aligned with the ‘Make in India’ vision, our 4.3 GW cell-and-module plant in Tamil Nadu is going strength-to-strength with the commissioning of a 2 GW cell production line during the quarter. The cell plant will achieve its full capacity by next month. The 4.3 GW module plant is already fully operational establishing us as a leader in solar manufacturing.
We have made significant strides in the transmission business with major wins in both Inter-State and Intra-State projects, showcasing our strong project execution capabilities in upgrading grid infra. These projects will help evacuate clean energy from remote renewable sites, to support widescale renewable energy availability.
We are mainstreaming the wide-scale adoption of solar rooftops in residential, commercial and industrial segments through our pan-India presence. We are also powering e-mobility in 590 cities, covering private, public, semi-public, and fleet charging.
We are well on track in terms of our planned Capex for the financial year, with ₹ 9,100 Crore spent during H1 out of ₹ 20,000 Crore. Our investments in transmission, renewables, and hydro projects are designed to strengthen India’s energy resilience and security.”
KEY DEVELOPMENTS DURING THE QUARTER
Delivering All-Round Growth: Core Business – Generation, Renewables, Transmission & Distribution, boosted by strong growth pipeline and increase in PAT of 29% over Q2 FY24.
Powering Indigenous Solar Infrastructure: A 2 GW solar cell line at the 4.3-GW Solar Cell and Module Manufacturing Plant in Tamil Nadu commenced commercial production and will get ramped up by another 2 GW by next month. The module plant has hit a peak capacity of 20,000 modules a day in Q2FY25. The manufacturing unit reported revenues of more than ₹1,400 Crore, EBITDA of
~ ₹130 Crore, and PAT of ₹66 Crore in Q2FY25.
Spearheading pan-India Solar Energy Adoption: Our Rooftop business, having a healthy order book of ~ ₹ 684 Crore, continues to see good traction with 111 MW capacity getting installed during the quarter. So far in this financial year, we have installed 222 MW of rooftop solar across the country in all segments. Our flagship solar campaign ‘Ghar Ghar Solar, Tata Power Ke Sangh’ promoting solarization of rooftops complements the PM Surya Ghar Yojana and has witnessed tremendous response in Rajasthan, Uttar Pradesh, Kerala and Chhattisgarh. We continue to expand across geographies where the potential to tap solar energy is high.
Building Nationwide E-Mobility Infrastructure: This quarter also saw the deployment of 11,500+ home chargers taking the total installed base to 1.15 lakh+. Tata Power continues its momentum to build the largest public/semi-public charging network reaching 5675 points across 590 cities, including more than 1100 e-bus charge points.
Harnessing Hydropower: Tata Power announced the acquisition of a 40% equity stake in Bhutan’s Khorlochhu 600-MW Hydro project (total project cost is ₹ 6900 Crore). All definitive agreements are in place. The 1,000 MW Pumped Storage Project in Bhivpuri has received CEA approval and also all the other statutory approvals. The construction work is expected to commence by Jan’ 2025.
Credit Rating Upgrade: S&P Global Ratings upgraded Tata Power to ‘BBB-’ from ‘BB+’ with a positive outlook on greater operational integration with group companies, steady business growth, and largely predictable strong cash flows.
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