Tata Power’s shares slipped more than 6.5% after the power distribution company posted a muted third-quarter profit after tax for the 2023-2024 financial year.

The Tata group company announced its results after the trading hours on February 9. Tata Power disclosed a Profit after Tax (PAT) of Rs 1,076.12 crore for Q3FY24, marking a 2.2% year-on-year (YoY) increase from Rs 1,052.14 crore in Q3FY23, making it the 17th consecutive quarter with a growth in its PAT. 

Additionally, its revenue surged by 6.2% to Rs 15,294.13 crore compared to Rs 14,401.95 crore in the corresponding quarter of the previous fiscal year. Notably, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) witnessed a significant uptick, soaring 20% YoY to Rs 3,060.55 crore.

Further, the company’s revenue from its renewables segment saw a 29.6% YoY growth to Rs 2,483.93 crore in Q3FY24. As of December 31, 2023, the company boasts an operational capacity of 4270 MW in the renewable energy sector, producing an impressive 6,031 million units of green power. 

Additionally, there are ongoing projects totalling 4752 MW under Tata Power Renewable Energy Ltd and 4120 MW under Tata Power Solar Systems Ltd, which are expected to be completed within the next 12-24 months, thereby pushing the total clean energy capacity beyond 10,000 MW. 

At 1:55 pm, the shares of Tata Power were trading at Rs 367.65, which is 6.24% lower than its previous closing price on the National Stock Exchange (NSE).