Tata Power on Thursday jumped 48 percent to Rs 939 crore in its fourth quarter (Q4) profit for the financial year 2022-23 (FY23), compared to Rs 632 crore in the same period last year. The company said it would be the 14th consecutive quarter of profit after tax (PAT) hikes, adding that Q4 numbers are backed by strong performance in all businesses.
Q4 FY23 revenue grew 6 percent to Rs 12,755 crore from Rs 12,085 crore in Q4 FY23 due to higher sales among distribution companies and capacity additions in renewable energy.
In Q4, EBITDA (income before interest, tax, depreciation, and amortization) increased by 38 per cent to Rs 3,101 crore against Rs 2,253 crore due to Mundra’s lower recovery, capacity building in renewable energy and execution of solar EPC projects.
The board of the company has also declared a dividend of Rs 2 per share. The dividend proposed by the Board is subject to shareholders’ approval at the upcoming 104th Annual General Meeting (AGM) to be held on June 19, 2023. The dividend will be paid if approved by the shareholders at the AGM, subject to deduction of tax at source from June 21.
Prabir Sinha, CEO and MD, Tata Power said, “The growing demand for power has enabled us to keep our momentum strong. The completion of a capital injection of Rs 4,000 crore in our renewables business, the largest value unlock in the renewables sector. The global business will enable us to fuel the next phase of growth. .”
