Tata Power Company Limited today reported a 74 per cent Year-on-Year (YoY) growth in its consolidated net profit at Rs 552 cr. The integrated power company also posted 42 per cent YoY increase in its consolidated revenue for the quarter ended 31 December 2021 at Rs 11,015 cr.

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In the process, the company registered its 9th consecutive YoY quarterly growth in Profit After Tax (PAT), the company said in its filing to the exchanges.  

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Key Highlights

- 9 th Consecutivequarter of  PAT growth

- Consolidated Revenue up by 42% at Rs 11,015 Crore vs Rs 7,756 Crore in Q3 FY21 due to expanded operation in Odisha DISCOMs, higher project execution by Tata Power Solar Systems Ltd. (TPSSL), and strong performance of all other businesses •

- Consolidated underlying EBITDA up by 16% at Rs 2,499 Crore vs Rs 2,149 crore in Q3 FY21 mainly due to higher profit from coal mines offset by higher losses in CGPL due to increase in coal prices

- 9M FY22 Consolidated PAT was up by 59% at Rs 1,523 Crore as compared to Rs 957 Crore over 9M FY21. Consolidated Revenue was up by 33% at Rs 30,491 Crore as compared to Rs 22,860 Crore over 9M FY21 •

- Standalone Revenue up by 30% YoY at Rs 2,159 Crore as compared to Rs 1,655 Crore in Q3 FY21 mainly due to higher fuel cost • Standalone PAT stood at Rs 49 Crore as compared to Rs 575 Crore in Q3 FY21 mainly due to lower dividend income declared by the subsidiaries in this quarter.

- S&P Global upgraded Company's credit rating by two notches to BB Rating (Stable) from B+ Rating (Positive)

- Moody's Investors Service upgraded Company's credit rating by a notch to Ba2 Rating (Stable) from Ba3 Rating (Stable) • Secured the highest score among its peers in the Indian Power sector in S&P Global’s Corporate Sustainability Assessment (CSA) results scoring 67 out of 100, much above the global utility average of 38.