Tata Power Hits Record Profits of ₹42.8 Billion in FY 2024

Tata Power, an integrated power company, recorded a profit after tax of ₹10.46 billion (~$125.28 million) in the fourth quarter (Q4) of the financial year (FY) 2024, a growth of 11% year over year (YoY).

The company reported a YoY net profit growth for the 18th consecutive quarter.

Tata Power’s consolidated revenue stood at ₹162.56 billion (~$1.94 billion), an increase of 27% YoY.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 8% YoY to ₹ 33.58 billion (~$402.2 million).

As of March 31, 2024, the company has 4.5 GW of renewable capacity operational and another 5.5 GW of projects under implementation, taking the total green energy portfolio to over 10 GW.

Tata Power’s 4.3 GW cell and module manufacturing facility in Tirunelveli, Tamil Nadu, has commenced production and commercially produced around 130 MW of modules in Q4 FY 2024, according to a regulatory filing.

Full Year 2024

Tata Power reported its highest annual net profit of ₹42.8 billion (~$512.63 million), a jump of 12% YoY in FY 2024.

Tata Power Renewable Energy’s utility-scale engineering, procurement, and construction (EPC) order book stands at 2.6 GW worth ₹134 billion (~$1.6 billion), while rooftop solar and group captive EPC order book stands at ₹29 billion (~$347.34 million).

The company recorded an all-time high annual income of ₹615.42 billion (~$7.37 billion), an increase of 10% YoY due to a strong rising share from core businesses of generation, transmission, and distribution, and renewables, which contributed 74% to FY24 profits compared to 44% YoY.

The EBITDA for FY 2024 showed a 26% YoY increase, reaching a record ₹127.01 billion ($1.52 billion).

The company stated that it is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.

Tata Power Solar was the top rooftop solar installer, according to Mercom’s recently released India Solar Market Leaderboard 2024.

Tata Power recorded a net profit of ₹10.76 billion (~$129.6 million) in Q3 FY 2024, a growth of 2.2% YoY.

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