Tata Power Co Ltd is a subsidiary of Tata Group, which recently witnessed the demise of its Chairman Emeritus, Ratan Tata, who passed at on October 9, 2024 at the age of 86. Following Ratan’s passing, his half-brother, Noel Tata, 67, was appointed as the new Chairman of Tata Trusts.
In a major boost for Noel Tata, who was recently appointed as the Chairman of Tata Trusts, following the demise of his half-brother, Ratan Tata, the former Chairman Emeritus of Tata Sons, Tata Power, a major subsidiary of the Tata Group, witnessed a significant rise in net profits in the second quarter of the current fiscal year.
As per the Q2 results posted by Tata Power Co. Ltd on Wednesday, the firm announced a 7.4% percent increase in net profits in July-September quarter of FY24-25 to Rs 1,093.08 crore, compared to the 1,017.41 crore profit it had posted in same quarter last fiscal, according to consolidated financial statements mentioned in Tata Power’s BSE filing.
The share prices of Tata Power Co. Ltd closed at Rs 427.15 on Wednesday, a slight jump of 0.42 per cent from the previous day’s Rs 425.35, according to stock market data.
Following the market’s closure on October 30, Tata Power announced its Q2 earnings, revealing that its net profit had increased by 7.4% , with expenses dropping by 4.55% to Rs 14,082.46 crore, compared to Rs 14,754.76 crore during last year’s second quarter.
Tata Power’s BSE filing also revealed that its fuel also dropped by 19.64% to Rs 2,871.69 crore in Q2 of current fiscal, compared to last year’s Rs 3,573.62 crore. Additionally, the company’s revenue from operations also fell from last year’s figures, dropping to Rs 15,697.67 crore, compared to Rs 15,738.03 crore in Q2 last year.
However, Tata Power’s revenue from power generation through hydroelectric and thermal sources dipped 13.35% to Rs 4,309.24 crore in the second quarter, compared to Rs 4,973.22 crore in last year’s Q2. But, the company’s Transmission and Distribution business, surged to Rs 10,207.10 crore, compared to previous year’s Rs 9,453.43 crore, a growth of 7.97%.
Tata Power Co Ltd is a subsidiary of Tata Group, which recently witnessed the demise of its Chairman Emeritus, Ratan Tata, who passed at the Breach Candy Hospital in Mumbai on October 9, 2024 at the age of 86. Following Ratan’s passing, his half-brother, Noel Tata, 67, was appointed as the new Chairman of Tata Trusts, a umbrella body of charities, which which essentially owns Tata Sons, having a 66 percent stake in the holding company which runs the Rs 34 lakh crore Tata Group business empire.
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