Tata Power Q3 Net Profit Surges Double At <span Class='webrupee'>₹</span>1,052 Crore
Premium- Total income rose to ₹14,401.95 crore in the quarter from ₹11,018.73 crore in the same period a year ago
Tata Power on Friday said that its consolidated net profit for the quarter ending December 2022, nearly doubled to ₹1,052.14 crore. With the help of higher revenues, the company was able to increase its profit from ₹551.89 crore in December 2021.
The total income of Tata Power jumped to ₹14,401.95 crore in the quarter from ₹11,018.73 crore in the same period a year ago.
Tata Power's Profit Before Tax stood at ₹1,864.02 crore for the quarter ending December 2022, which was a substantial jump from ₹788.49 crore for the same quarter last year.
The company informed in a statement that after it recognized revenue based on the tariff notified by the Ministry of Power and orders of the Central Electricity Regulatory Commission (CERC).
"On 5th May 2022, Ministry of Power ("MoP") issued directions under Section 11 of the Electricity Act, 2003 to all imported coal-based power plants including Mundra Power plant to operate and generate power to their full capacity. Accordingly, the Company has declared availability and supplied power as per the MoP directions from 6th May, 2022 to 31st December 2022 and recognized revenue based on the tariff notified by MoP," the statement said.
"On 13th September 2022 and 3rd January, 2023, Central Electricity Regulatory Commission ("CERC") passed favourable orders to compensate adverse financial impact to the Company for power supplied under MoP directions and accordingly, the Company has recognized revenue based on these CERC orders. Revenue for the quarter ended 30th September, 2022 and 31st December, 2022 includes an amount of ₹151 crore and ₹439 crore relating to earlier quarters respectively," it added.
The company has reported a jump in Net Worth from ₹21,707.36 crore last year to ₹26,889.85 crore in the quarter ending December 2022.
"During the quarter ended 30th September, 2022, the Group has obtained all necessary approvals pursuant to the agreements signed on 14th April, 2022 with Green Forest New Energies Bidco Ltd. (UK) ("Investors") and accordingly the investors has invested ₹2,000 crore in Tata Power Renewable Energy Limited ("TPREL"), subsidiary of the Group on preferential basis which resulted in dilution of 6.06% equity stake in TPREL. Additional infusion of ₹2,000 crore will be concluded in accordance with the terms of the agreements," the company statement said.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
No Network
Server Issue
Internet Not Available
" + planName + ""; /* current plan info ends */ /* next billing html starts */ if (planData.next_billing_at != "" && planData.next_billing_at != "null" && typeof planData.next_billing_at != "undefined") {billingCycleText = "Next Billing Date : "; nextActivationDate = planData.next_billing_at; } else if (planData.expires_at != "" && planData.expires_at != "null" && typeof planData.expires_at != "undefined") {billingCycleText = "Expiry date : "; nextActivationDate = planData.expires_at; } else {billingCycleText = "Expiry date : "; nextActivationDate = planData.current_term_ends_at; } var nextBillingMonth = new Date(nextActivationDate).toDateString().split(" ")[1]; var nextBillingDay = new Date(nextActivationDate).getUTCDate(); var nextBillingYear = new Date(nextActivationDate).getFullYear(); var nextBillingHtml = nextBillingDay ? "" + billingCycleText + nextBillingDay + " " + nextBillingMonth + " " + nextBillingYear + "
The Self-Destructive Nature Of Anti-Tourism Protests: Balancing Resident Concerns With Tourism Benefits
In recent years, anti-tourism protests have become increasingly common across popular tourist destinations. From the Bal... Read more
Military And Strategic Implications Of The Ukrainian Drone Attack In Kursk
On a recent morning, the Kursk region in south-western Russia witnessed an unexpected and significant event: a Ukrainian... Read more
Chinese Tech Stocks Gain Ground Despite Wall Street Technology Sell-Off
Chinese tech shares in Hong Kong gained on Friday, defying a technology stock sell-off on Wall Street, driven by strong ... Read more
Defense Pact Between Britain And Germany: A Focus On Cybersecurity And Joint Operations
In a move set to redefine European defense collaboration, Britain and Germany have signed a comprehensive defense pact a... Read more
US Secret Service Director Steps Down After Trump Assassination Attempt
Security lapses admitted by Kimberly Cheatle prompt resignation.Kimberly Cheatle, the head of the US Secret Service, has... Read more
Kamala Harris Promises A Brighter Future In Official Campaign Launch
In a vibrant and impassioned campaign launch, Vice President Kamala Harris vowed to lead America toward a "brighter futu... Read more