India's Tata Power profit jumps 94.1% on robust energy demand

(Reuters) - Tata Power Company Ltd posted a 94.1% rise in second-quarter profit on Friday, with energy consumption remaining robust as economic activity ramped up following the pandemic lockdowns.

The energy arm of the Tata conglomerate's consolidated net profit rose to 8.19 billion Indian rupees ($99.34 million) for the three months ended Sept 30, from 4.22 billion rupees a year earlier, an exchange filing showed.

Power consumption has rebounded and is seen increasing in coming months as monsoon abates and the festival season continues. A rise in coal prices amid strong demand has also pushed power prices higher.

Consolidated revenue from operations rose 43% to 140.31 billion rupees.

The company posted strong growth across its business clusters such as generation, transmission, distribution, and renewables, with profit after tax increasing for 12 consecutive quarters, said Chief Executive Officer Praveer Sinha.

While the company derives most of its revenue from generation and transmission of power, it is looking to aggressively grow its renewable energy business and in April, it secured $525 million from a BlackRock-led consortium to fund growth.

Revenue from its power generation segment rose 118% to 48.34 billion rupees, transmission revenue grew 32.9%, and renewables revenue rose 7.2%.

($1 = 82.4410 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru; Editing by Janane Venkatraman)