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Tata Power Company Ltd. reported another strong quarterly performance in Q2 FY23, boosted by higher profits from coal and Mundra operations, recovery in earnings for Tata Power Solar Systems Ltd. and Tata Projects, and strong performance for distribution businesses.
On a consolidated basis, the company’s reported revenue for the quarter, at Rs 141.5 billion, was up 49% y-o-y, mainly due to higher power sales across discoms and higher revenue from coal operations.
Reported profit after tax rose 85% y-o-y to Rs 9.4 billion (Tata Power’s share of profit was Rs 8.2 billion, up 94% y-o-y).
According to our estimates, the main delta in profits, both QoQ and YoY, came from the performance of Coal and Mundra operations, while the Rs 2.3 billion QoQ recovery in Tata Projects’ bottom line was negated by a similar amount of deferred tax.
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