Tata Power announced a 29% increase in profit for the first quarter of the fiscal year 2023–2024 (Q1FY24), the company’s 15th consecutive quarter of profitability. The combined profit for the first quarter of the current fiscal year was Rs 1,141 crore, up from Rs 884 crore in the equivalent quarter of the previous fiscal year.
The company’s consolidated revenue for the first quarter of FY24 was Rs 15,003 crore, a rise of just 2%. Comparing Q1FY24 to the same quarter in the prior financial year, its profits before interest, taxes, depreciation, and amortisation (Ebitda) increased by 43%.
Tata Power is in a good position to create 24/7 renewable energy solutions. In terms of creating battery storage, pumped hydro projects, and other hybrid solutions, we have made great progress. This will help large businesses achieve their RE100 goals and advance renewable energy solutions for our clients in the commercial and industrial sectors.
The current financial year’s projected capital expenditure of Rs 12,000 crore would assist their move to green energy and the investigation of expansion potential in the transmission and distribution business. With the intention of building 2.8 Gw of pumped hydro storage projects in the districts of Pune and Raigad, Tata Power and the Maharashtra government recently signed a memorandum of understanding.