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Tata Group's power arm, Tata Power has published its quarterly results for the quarter that ended in September 2022 wherein the company reported massive growth in profits and revenues.
Revenues of the company reached Rs 14,030.72 crores, surging 43% YoY as compared to Rs 9,810.22 crores reported in the corresponding quarter last year. However, other income declined 60% YoY as a result of which Total income grew 39.2% YoY.
Segment-wise, Generation reported the highest surge in revenues during the quarter, growing 118.04% YoY. This was followed by the Transmission, Renewables, and Other segments which grew 32.9%, 7.3% & 34.1% respectively.
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Profit for the period came in at Rs 935.18 crores, up 85% YoY and 5.85% QoQ. The rise in profitability was mainly on account of the improved performance of the Generation and Renewables segments, lower losses at its Mundra plant & stronger execution of Tata Power Solar.
"We have witnessed strong performance from all of our business clusters - Generation, Transmission, Distribution, including Odisha, and Renewables. The fact that our PAT has increased for 12 consecutive quarters demonstrates the strong foundations upon which each of these businesses have been built." said Praveer Sinha, CMD of Tata Power.
The stock of Tata Power closed at Rs 228.30 per share on Friday.
Article by Aman Agarwal.
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