Tata Power Co.'s fourth-quarter profit beat analysts' estimates.
The net profit of one of India's largest independent power producers rose 48.5% year-on-year to Rs 938.81 crore for the quarter ended March, according to its exchange filing. That compares with the Rs 693.8 crore consensus estimate of analysts tracked by Bloomberg.
Tata Power Q4 FY23 Highlights (YoY):
Revenue from operations rose 4% year-on-year to Rs 12,453.8 crore. (Bloomberg estimate: Rs 13,222.7 crore).
Ebitda rose 3.2% to Rs 1,927.7 crore. (Bloomberg estimate: Rs 1,829.1 crore).
Ebitda margin at 15.5% versus 15.5% (Bloomberg estimate: 13.8%).
Net profit rose 48.5% to Rs 938.8 crore. (Bloomberg estimate: Rs 698.8 crore).
Dividend Declared
The board of Tata Power recommended a dividend of Rs 2 per share for fiscal 2023.
The company's shareholders will convene on July 19 for an annual general meeting to vote on the dividend. If approved by the investors, the dividend will be paid on and from July 21, the company said in its statement.
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"We are delighted to announce that Tata Power has delivered a strong performance in FY23 with robust growth across all our business clusters, generation, transmission, distribution, and renewables," said Praveer Sinha, chief executive officer and managing director of Tata Power.
"The growing need for power has enabled us to keep our momentum strong as we remain committed to meeting the nation's demand with reliable and quality power supply," Sinha said.
The company's renewable energy business has expanded significantly across EPC, utility scale, and rooftop verticals and is well poised to lead India's green energy transition, he said.
Shares of Tata Power fell 0.05% to close at Rs 203.70 apiece, compared with a 0.92% rise in the benchmark Nifty 50.
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