Tata Power Company, an integrated power company, has reported a rise of 20.22% in its consolidated PAT before Exceptional Items for the quarter ended March 2021. The company has earned Rs 4,400 million in the quarter, compared with Rs 3,660 million for the same period last year despite pressure due to high international coal prices; due to saving in finance cost and higher execution of solar EPC Projects. PAT was up 1% at Rs 4,810 million as against Rs 4,750 million due to saving in finance cost offset by exceptional gain in PY.
Revenue for the quarter increased 49% to Rs 102,550 million from Rs 68,810 million in the corresponding quarter last year, mainly driven by Odisha DISCOMs acquisition and higher execution of solar EPC Projects.
The company's board of directors recommended a dividend of Rs 1.55 per share for the financial year ended March.
FY21 Consolidated PAT before Exceptional Items were up by 16% at Rs 14,240 million as against Rs 12310 million in previous year. Revenue was up by 14% at Rs 330,790 million as compared to Rs 289,480 million mainly due to Odisha DISCOMs acquisition and higher execution of solar EPC Projects.
New Business Areas:
The company has announced the launch of Electric Vehicle Charging Points at all important railway stations in Mumbai, the suburbs and adjoining Mumbai Metropolitan Region in association with Central Railway and UN Environment Program (UNEP). 175 new Public charging stations installed taking the total network of chargers to 456, the largest in the country.
Tata Power & Social Alpha to invest in Industrial IoT startup 'URJA' to explore application of energy saving solutions in industrial & commercial space.
Commenting on the Company's performance, Praveer Sinha, CEO & MD, Tata Power said, "All our businesses and operations have performed exceptionally well. This can be attributed to the overall excellent performance of the generation, transmission, distribution and renewable businesses.
As India continues to fight the war against COVID-19, we stand strong with the nation to provide uninterrupted power supply and ensure that citizens continue to work from home, office, factory, as also the medical staff, law enforcement agencies and other essential services continue to serve the nation.
Our consumer base in Odisha has expanded to 9 million with the recent acquisition of the retail power distribution for the entire state. With this, we have steadily grown to around 12 million consumers across the country, continuing to build our business in line with our strategy to become a highly consumer focused power utility.
With the clarion call of 'Atmanirbhar Bharat' by the GoI, we are anticipating significant growth in the Solar sector and have planned various developmental initiatives to grow our Solar business.Tata Power Solar Systems Limited, our wholly owned subsidiary, recently inaugurated a state of-the-art expansion of its manufacturing facility in Bengaluru, thereby, taking up the total production capacity of cells and modules to 1,100 MW.
While we continue to grow our B2C segment, we also aim to serve our B2B consumers with enhanced value-added energy management services. The company has begun investing in startups to speed up its innovation pipeline to help develop a fully integrated "Energy as a Service solution provider" with niche Smart Energy Management offerings.
We will continue to concentrate on our key growth areas - renewables, distribution business and new businesses of rooftop solar panels, solar pumps and EV charging and push the bar on performance through all our entire gamut of generation, transmission and distribution businesses.
Shares of the company declined Rs 2.70, or 2.47%, to settle at Rs 106.55. The total volume of shares traded was 4,130,541 at the BSE (Wednesday).
