Tata Power Q1 net profit rises 29% to Rs 1,141 cr in June qtr

New Delhi: Tata Power on Wednesday posted an over 29 per cent rise in consolidated net profit at Rs 1,140.97 crore in the June quarter on the back of higher revenues.

The company had reported a net profit of Rs 883.54 crore in the year-ago quarter, according to a BSE filing.

Total income rose to Rs 15,484.71 crore in the quarter under review from Rs 14,638.78 crore a year ago.

"We have delivered a 15th consecutive quarter of PAT (Profit After Tax) growth on the back of strong performance across all business clusters.

"This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce," Praveer Sinha, CEO & MD of Tata Power, said in a statement.

Further, he stated that we have planned nearly Rs 12,000 crore of capex for the current financial year which would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business.

"Tata Power is well poised to develop round-the-clock renewable power solutions. We are making significant progress in developing solutions around battery storage, pumped hydro projects, and other hybrid solutions. This will support the RE100 agenda of large enterprises and also contribute towards clean energy solutions for our C&I consumers," he said.

Tata Power is one of India's largest integrated power companies, and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,319 MW.