Nov 11 (Reuters) - Tata Power on Wednesday named Sanjay Banga as its CEO and managing director for a five-year term starting May 1, 2027, and reported a nearly 49% rise in second-quarter profit, helped by recovering power generation and growth in its renewable energy business.
Here are more details:
-
Banga will also hold the position of additional director and CEO designate at the Tata Group firm, effective from Wednesday
-
Banga, whose career spans 37 years in the power sector, is currently CEO and MD of Tata Power Renewable Energy
-
Tata Power's consolidated net profit rose to 13.66 billion rupees ($145.71 million) in the quarter ended September 30, from 9.19 billion rupees a year earlier
-
A recovery at Tata Power's 4-gigawatt Mundra coal-fired plant in Gujarat, which was shut during the year-ago quarter, provided a significant boost to earnings, alongside rising contributions from solar manufacturing and rooftop installations
-
Revenue from operations rose 26.3% to 196.36 billion rupees, while total expenses rose 26.6% to 186.41 billion rupees
-
Tata Power's renewable energy business, its second-largest by revenue, recorded a 7.9% growth in profit, supported by capacity expansion, improved margins and momentum in its rooftop solar business
-
The company expects to add 2.5 gigawatts of renewable energy capacity in fiscal 2027 as it expands its solar generation and manufacturing operations
-
"While our regulated and contracted businesses provide resilient cash flows, renewables, rooftop solar, storage, and customer-facing solutions are enhancing growth momentum," CEO Praveer Sinha said in a statement
-
The company also said it would invest 118.71 billion rupees to expand capacity at its hydro project in Shirwata, Maharashtra to 1,800 megawatts
($1 = 93.7475 Indian rupees)
Reporting by Surbhi Misra, Prerna Bedi and Anuran Sadhu in Bengaluru; Editing by Jochelle Mendonca and Jonathan Ananda
Source: Reuters