Electric Utilities company Tata Power Company announced Q2FY24 & H1FY24 results: Financial Performance: - Tata Power reports its 16th consecutive quarter of profit after tax (PAT) growth, with a 9% increase in net profit to Rs 1,017 crore during Q2FY24 compared to the previous year. - The company's consolidated revenue rose by 9% to Rs 15,442 crore during Q2FY24, driven by higher revenue from its core businesses of Generation, Transmission & Distribution. - Q2FY24 EBITDA surges by 51% to Rs 3,087 crore, resulting in an all-time high H1FY24 EBITDA of 6,092 crore. - The balance sheet continues to strengthen, with Net Debt to Underlying EBITDA improving to 2.65x and Net Debt to Equity improving to 1.02x during Q2FY24. - Moody's upgrades Tata Power's corporate family rating to Ba1 with a stable outlook. Business Performance: - 84% of the Company's PAT during Q2FY24 came from core businesses, highlighting strong business fundamentals. - Tata Power achieved a milestone of 5,500 MW in its clean energy portfolio, accounting for 38% of its total installed generation capacity. - Significant progress is made in the Distribution Business, with improved cash flow and reduced AT&C; losses in Odisha. - The first module is produced from the 4.3 GW Cell & Module Greenfield Tamil Nadu manufacturing plant, with the first cell production set to roll out in Q4FY24. - A Memorandum of Understanding is signed with the Maharashtra Government for the development of 2,800 MW Pump Hydro Storage Projects with an investment of approximately 13,000 crore. Sustainability and E-Mobility: - Tata Power continues to drive green energy transition through renewables, with a total renewables capacity of 7,961 MW and an installed capacity of 4,206 MW. - The Company expands its EV charging infrastructure, energizing public EV charging points, bus chargers, and home EV chargers. - Partnerships are formed with the Assam Government, Zoom Cars, Bridgestone, Tata Motors, and others to bolster the EV charging ecosystem. - Tata Power Mumbai Distribution launches an innovative demand response programme for BPCL. - The Company's Transmission & Distribution segment achieves milestones in meter replacements and smart meter installations. Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said, "We have reported yet another strong quarter of financial performance, driven by robust contribution from all our core business clusters. Our adherence to financial discipline and operational excellence along with business resilience and diversification has helped us maintain this consistent profit growth. We are constantly focusing on new areas of growth such as our Greenfield solar cell and module manufacturing plant in Tamil Nadu which has produced its first module this quarter and is on track to roll out the first cell in Q4FY24. We are continually taking significant strides in enabling green energy transition by supplying Round-theClock renewable energy with hybrid solar and wind plants along with Pumped Storage plants.” Result PDF