Tata Power Installs Electric Vehicle Charging Stations at Kolkata Airport

Tata Power Installs Electric Vehicle Charging Stations at Kolkata Airport
Tata Power Installs Electric Vehicle Charging Stations at Kolkata Airport

by Tanushree Jaiswal Last Updated: Sep 27, 2023 - 07:03 pm 582 Views
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Tata Power has taken a step towards promoting electric mobility by setting up four electric vehicle (EV) charging points at Kolkata airport. These charging stations were strategically chosen to ensure convenience and easy access for EV users traveling to the airport and the surrounding areas. According to Tata Power EV Charging Solutions Ltd, this move not only facilitates EV users but also showcases a strong commitment to environmental conservation, as stated by C Pattabhi, the director of Kolkata airport.

The company has already established itself as a leader in the EV charging infrastructure market in Kolkata, with more than 50 public and semi-public charging points installed across the city. In fact, it holds a dominant 60% market share in India's EV charging industry. The company's network extends to over 58,000 home chargers, 4,800 public and semi-public charging points, and 430 bus charging stations, serving more than 420 cities across India.

During the Q1 2023 results announcement, Dr. Praveer Sinha, the CEO & MD of Tata Power, stated, ‘We have set aside around ₹12,000 crore for capital spending this fiscal year. This investment is aimed at leading the transition to green energy and taking advantage of opportunities for growth in the transmission and distribution sector. Tata Power is well-positioned to lead the way in creating renewable energy solutions that work around the clock.’

Tata Power Q1FY24 Results

In the first quarter of fiscal year 2024, the company reported a 22.4% year-on-year increase in its consolidated net profit, reaching ₹972.49 crore compared to ₹794.60 crore in the same period last year. Sequentially, the net profit showed a 25% increase from ₹777.73 crore in the previous quarter (Q4FY23).

The company’s consolidated revenue from operations also grew, rising by 5% to ₹15,213.29 crores in Q1FY24, compared to ₹14,495.48 crores in Q1FY23. The total income for the quarter amounted to ₹15,484.71 crore, an increase from ₹14,638.78 crore in the corresponding period last year.

According to the company, this marks the fifteenth consecutive quarter of net profit growth for Tata Power, with impressive strong sales growth and a remarkable 43% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached ₹3,005 crore.

In summary, Tata Power continues to expand its EV charging infrastructure, contributing to the growth of electric mobility in India, while simultaneously achieving impressive financial results, reflecting its commitment to sustainable business practices.

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Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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