Tata Power reports a modest 0.8% increase in Q3 profit at ₹9.53 billion, influenced by higher costs despite robust energy demand in India.
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Tata Power Q3 Results 2024, Profit Inches Up 0.8%
Tata Power, a leading power transmission company in India, reported a marginal 0.8% increase in consolidated net profit for the third quarter, reaching ₹9.53 billion ($114.8 million).
Despite strong industrial output-driven power demand, higher power purchase and raw material costs impacted Tata Power’s Q3 results. Revenue grew proportionately to ₹146.51 billion, while expenses rose by 3.7% to ₹142.54 billion.
India’s Electricity Generation Surges 8.7% YoY in Q3
India witnessed an 8.7% year-on-year increase in electricity generation during the October-December period, fueled by robust industrial demand. Peak average demand rose by 13.8% to 218 gigawatts (GW), according to Investec analysts.
The higher demand in India’s industrial sector had a predominantly positive impact on power companies, with Power Grid, JSW Energy, and Adani Power reporting higher profits. However, Torrent Power experienced a profit decline due to increased fuel costs.
Tata Power Faces Market Reaction with 3.8% Share Dip
According to Mint, Shares of Tata Power concluded down 3.8% ahead of the Tata Power Q3 results 2024, reflecting the market’s reaction to the company’s performance amidst the challenges posed by higher costs.
