The integrated power utility posted a consolidated net profit of ₹1,401 crore for the quarter ended June 30, ahead of the CNBC-TV18 poll estimate of ₹1,185 crore. Revenue increased 5.6% year-on-year to ₹19,051 crore, also surpassing expectations of ₹18,657 crore.
The company reported EBITDA of ₹4,013 crore against the CNBC-TV18 estimate of ₹3,927 crore. However, operating margin narrowed to 21.07% from 23% a year ago.
Ahead of the earnings announcement, shares of Tata Power Company Ltd closed at ₹379 on the National Stock Exchange, up 1.23%.
Renewables and manufacturing remain key growth drivers
Tata Power said the quarter reflected continued momentum in its clean energy business, with renewables accounting for 86% of capacity additions during the period, even as India’s overall power demand grew 8.5% year-on-year.
The company also recorded its highest-ever quarterly capital expenditure at ₹5,375 crore as it continued investing across its clean energy portfolio.
Its rooftop solar business remained a standout performer, achieving installations of 371 MWp during the quarter, a 37% increase from a year ago. Public electric vehicle charging infrastructure also expanded, with more than 7,200 public and bus charging points installed by the end of the quarter.
Solar manufacturing also delivered a strong performance. Tata Power produced a record 1,001 MW of modules and 862 MW of cells during the quarter, while maintaining an industry-leading module yield of 96.3%.
Revenue from the solar manufacturing business increased 53% year-on-year to ₹2,462 crore. EBITDA from the segment surged 113% to ₹626 crore, while profit after tax jumped 287% to ₹371 crore, supported by improved input cost efficiencies and a diversified sales mix. The company said 63% of module sales and more than half of cell production were supplied to external customers during the quarter.
Generation, transmission businesses support earnings
The generation and coal cluster benefited from stronger performance at the Mumbai generation business, higher ancillary income and flue gas desulphurisation (FGD) contribution at Mundra Power Limited, along with improved merchant margins at the Haldia power plant. Profit from the cluster rose 27% year-on-year, aided by higher EBITDA and contribution from coal mines.
Within the transmission and distribution business, EBITDA growth was driven by higher capitalisation in the Mumbai transmission network and contributions from tariff-based competitive bidding (TBCB) projects. Profit also benefited from higher regulated returns and non-tariff income in the distribution business.
The renewable cluster’s performance was partly offset by curtailment of renewable energy generation in Rajasthan and Gujarat, although strong growth in rooftop solar installations and manufacturing cushioned the impact.
Tata Power ended the quarter with an installed capacity of around 26.6 GW, including approximately 17.7 GW of clean and green energy capacity, reinforcing its continued focus on expanding India’s clean power ecosystem.
