Tata Power Q4 profit rises 31% YoY to Rs 632 crore

NEW DELHI: Tata Power on Friday said its March quarter consolidated net profit came in at Rs 632.37 crore, up 31.41 per cent from Rs 481.21 crore in the same quarter last year.The company said its revenue from operations stood at Rs 11,959.96 crore, rising 15.41 per cent from Rs 10,362.60 crore from the corresponding quarter year ago.The Board also recommended a dividend of Rs 1.75 per equity share. The company said with respect to Mundra Power Plant, the Group has initiated discussions with GUVNL to enter into a supplementary power purchase agreement (SPPA). The discussions are at very advanced stage and agreement is reached except few items for which discussions are ongoing and accordingly the SPPA is yet to be signed and approved. “To ensure continuous supply of power, GUVNL has requested the group to continue supplying power based on the SPPA which will be effective January 1, 2022. Accordingly, for the quarter ended March 31, 2022, the differential revenue of Rs 324 crore has been recognized on the basis of the current agreed draft of SPPA,” the company said.During the quarter ended March 2022, Tata Power Renewables Energy and its subsidiaries based on various orders by judicial authorities and legal opinions obtained, have assessed its claims under various contracts with customers and vendors. Accordingly, renewable entities have recognised an income amounting to Rs 320 crore (including an amount of Rs 232 crore relating to earlier years) during the quarter comprising of Rs 259 crore classified as revenue from operations and Rs 61 crore classified as other income.

Tata Power Q4 profit rises 31% YoY to Rs 632 crore
NEW DELHI: Tata Power on Friday said its March quarter consolidated net profit came in at Rs 632.37 crore, up 31.41 per cent from Rs 481.21 crore in the same quarter last year.The company said its revenue from operations stood at Rs 11,959.96 crore, rising 15.41 per cent from Rs 10,362.60 crore from the corresponding quarter year ago.The Board also recommended a dividend of Rs 1.75 per equity share. The company said with respect to Mundra Power Plant, the Group has initiated discussions with GUVNL to enter into a supplementary power purchase agreement (SPPA). The discussions are at very advanced stage and agreement is reached except few items for which discussions are ongoing and accordingly the SPPA is yet to be signed and approved. “To ensure continuous supply of power, GUVNL has requested the group to continue supplying power based on the SPPA which will be effective January 1, 2022. Accordingly, for the quarter ended March 31, 2022, the differential revenue of Rs 324 crore has been recognized on the basis of the current agreed draft of SPPA,” the company said.During the quarter ended March 2022, Tata Power Renewables Energy and its subsidiaries based on various orders by judicial authorities and legal opinions obtained, have assessed its claims under various contracts with customers and vendors. Accordingly, renewable entities have recognised an income amounting to Rs 320 crore (including an amount of Rs 232 crore relating to earlier years) during the quarter comprising of Rs 259 crore classified as revenue from operations and Rs 61 crore classified as other income.