Tata Power Q4 results: Net profit surges 48% to Rs 939 crore; company declares Rs 2 dividend

Tata Power on Thursday posted a 48 per cent jump in its fourth quarter (Q4) profit for the financial year 2022-23 (FY23), at Rs 939 crore, against Rs 632 crore in the same period last year. The company said this would be the 14th consecutive quarter of profit after tax (PAT) growth, adding that the Q4 numbers were supported by strong performance across all businesses.

Revenue was up by 6 per cent at Rs 12,755 crore in Q4 FY23 over Rs 12,085 crore in Q4 FY22 due to higher sales across distribution companies and capacity addition in renewables.

In Q4, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) was up by 38 per cent at Rs 3,101 crore as against Rs 2,253 crore due to lower under-recovery in Mundra, capacity addition in renewables and execution of Solar EPC projects.

The company's Board also announced a dividend of Rs 2 per share. The dividend recommended by the Board is subject to the approval of the shareholders at the ensuing 104th Annual General Meeting (AGM) scheduled to be held on June 19, 2023. The dividend, if approved by the shareholders at the AGM, will be paid, subject to deduction of tax at source, on and from June 21.

Praveer Sinha, CEO & MD at Tata Power, said, "The growing need for power has enabled us to keep our momentum strong. The completion of Rs 4,000 crore worth of capital infusion into our renewables business, one of the biggest value unlocks in renewable business globally, will enable us to fuel the next leg of growth."

Tata Power is rapidly transforming into a new-age sustainable technology-oriented and customer-centric green energy solutions company with a healthy mix of regulated and unregulated businesses for future growth, Sinha also mentioned.

The Q4 numbers and other updates were announced post-market hours. Shares of Tata Power today shed 0.02 per cent to close at Rs 203.75.

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