New Delhi: Tata Power on Thursday posted over 22 per cent rise in consolidated net profit at Rs 318.41 crore for December quarter 2020-21, mainly on the back of higher revenues.
The net profit in the year-ago period was Rs 260.10 crore, Tata Power said in a BSE filing.
Total income rose to Rs 7,702.84 crore in the quarter from Rs 7,136.04 crore in the same period a year ago.
“We are pleased to inform that all our businesses and subsidiaries have reported a robust performance this quarter despite facing pandemic related challenges,” Praveer Sinha, CEO & Managing Director, Tata Power said in a statement.
“We marked a new milestone for our distribution business by acquiring the distribution and retail supply of electricity in Odisha’s five circles of WESCO and six circles of SOUTHCO. Letter of intent for acquiring 51 per cent shareholding in five circles of NESCO has been received from Odisha Electricity Regulatory Commission (OERC),” he added.
Tata Power’s focus now lies in demonstrating a benchmark performance through all its existing generation, transmission and distribution businesses while continuing to concentrate on key growth areas i.e. renewables, distribution business and new businesses of rooftop solar panels and EV (electric vehicle) charging, he added.
“As the company’s business is undergoing a huge transformation, we are restructuring our business model based on sustainable and profitable growth. With an intent to overcome our legacy issues, Tata Power has fully repaid the entire bank loan of CGPL (Coastal Gujarat Power Ltd) aggregating to Rs 4,150 crore,” he said.