Tata Power reported a 31.4% year on year (YoY) rise in its consolidated net profit to Rs 632.37 crore in the March 2022 quarter, primarily on the back of higher revenues. The topline growth, other income, and operating performance supported the bottom line. In the March quarter of the fiscal year 2021, it had reported a consolidated net profit of Rs 481.21 crore.

Consolidated profit before exceptional items grew by 76% YoY at Rs 775 crore in the March 2022 quarter compared with Rs 440 crore in the same quarter of fiscal 2020-21, the company said in the statement.

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The consolidated revenue grew 16% to Rs 12,085 crore in the March 2022 quarter from Rs 10,379 crore in the March quarter of fiscal 2021.

For the full financial year 2021-22, the consolidated net profit rose to Rs 2,155.61 crore from Rs 1,438.65 crore in the previous financial year.

The company said that in fiscal 2022 consolidated PAT (profit after tax) before exceptional items rose 61% year-on-year at Rs 2,298 crore compared to Rs 1,424 crore in fiscal 2021.

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The consolidated revenue increased 28% to Rs 42,576 crore in fiscal 2022 from Rs 33,239 crore in the previous financial year.

The Board has recommended a dividend of Rs 1.75 per equity share of Re 1 each (at the rate of 175%) to the shareholders for the year ended March 31, 2022.

The recommended dividend by the Board is subject to the approval of the shareholders at the upcoming 103rd annual general meeting (AGM) scheduled to be held on July 7, 2022.

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“We ended FY22 on a high note, with our 10th consecutive quarter of PAT growth, fuelled by broad-based growth across all our business clusters comprising Generation, Transmission, Distribution including Odisha and Renewables,” said Tata Power CEO and Managing Director Praveer Sinha.

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“Our proven track record in the renewable energy space has attracted reputed global investors (BlackRock Real Assets and Mubadala) to join us in speeding up India’s transition to green energy… we are well poised to manage the increasing energy demand due to extreme weather patterns through optimal generation, efficient transmission and distribution complemented by robust renewable energy growth,” he added.