Tata Power has reported a consolidated net profit of Rs 939 crore for the fourth quarter ended March 2023. This is an increase of 48% from Rs 632 crore clocked in the corresponding quarter of last year.
Tata Power witnessed double-digit growth year-on-year in the net profit for fourth quarter of FY23, however, sequentially the performance was feeble. On a consolidated basis, the Tata Group-backed firm posted a net profit of ₹938.81 crore in Q4FY23, rising by a whopping 48.45% YoY but down by 10.77% QoQ. The company surpassed estimates in terms of bottom line but revenue was a miss. Also, the company declared a 200% dividend for its shareholders.
The company posted a net profit of ₹632.37 crore in the Q4 of FY22. While its PAT stood at ₹1,052.14 crore in December 2022 quarter.
Q4 PAT showed strong growth year-on-year due to strong performance across all businesses. Also, this would be the 14th quarterly rise in PAT on an annual basis.
EBITDA in the quarter stood at ₹3,101 crore, rising by 38% from ₹2,253 crore in the March 2022 quarter, due to lower under recovery in Mundra, capacity addition in Renewables & execution of Solar EPC projects.
On the contrary, Tata Power's consolidated revenue from operations stood at ₹12,453.76 crore in Q4FY23, up by 4.12% from ₹11,959.96 crore in Q4 of the previous fiscal, owing to higher sales across Distribution Companies & capacity addition in Renewables. However, the performance was an 11.85% decline from revenue of ₹14,129.12 crore posted in Q3FY23.
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