Tata Power on Wednesday posted a marginal rise of one percent in consolidated net profit at Rs 481.21 crore for March quarter 2020-21
The company said in a BSE filing. It had reached a net profit of Rs 474.70 crore in the one-year period. Total income rose from Rs 6,793.95 crore in the quarter to Rs 10,222.48 crore in the same quarter last. TATA Power said the gain in consolidated net profit in the March quarter is exceptional. It results from “saving in finance cost offset by an exceptional gain in PY (previous year).”
Furthermore, the company’s consolidated net profit in 2020-21 rose from Rs 1,316.44 to Rs 1,438.65 crore in the previous year.
Moreover, the total income in the year increased to Rs 32,907.34 crore. It rose from Rs 29,698.98 crore in 2019-20.
In its meeting on Wednesday, the company’s board recommended a dividend of Rs 1.55 per equity share of Re 1 each. The dividends will be for the shareholders for 2020-21. As a result, the company will hold its Annual General Meeting (AGM) on July 5, 2021.
Praveer Sinha, CEO & MD, Tata Power, said: “All our businesses and operations have performed exceptionally well. All due to the overall excellent performance of the generation. The transmission and distribution as been amazing. As well as renewable business has also been good.”
Tata Power’s consumer base in Odisha has expanded to 9 million with the recent acquisition. In addition, it acquired the retail power distribution for the entire State. As a result, the company now has 12 million consumers across the country.
The company anticipates significant growth in the solar sector in line with the call for ‘Aatmanirbhar Bharat.’ They have planned various initiatives to grow in the solar business.
The company has also invested in start-ups. It will speed up its innovation pipeline to help develop a fully integrated “Energy as a Service solution provider.”