Tata Power receives LOI for distribution and retail supply of electricity in West & South Odisha
Tata Power today announced that it has received a letter of intent (LOI) from Odisha Electricity Regulatory Commission (OERC) for the distribution & retail supply of electricity in Odisha’s five circles of the western part (WESCO) and six circles of the southern part (SOUTHCO). Tata Power has received this licence of distribution for a period of 25 years.
Reacting to this, the stock of Tata Power today jumped 6.36 per cent and made an intraday high of Rs 73.60 per share.
Tata Power will serve the consumers of the western and southern parts of Odisha with a geographical spread of more than 47,000 sq km each and will manage the network of more than 100,000 ckt. km each.
WESCO serves close to 20 lakh consumers with annual input energy of 7,520 MUs while SOUTHCO serves close to 23 lakh consumers with annual input energy of 3,470 MUs.
The company reported a net profit of Rs 371 crore in Q2FY21, which increased by 10 per cent YoY, as compared to Q2FY20 when it had reported a profit of Rs 339 crore. The company reported a revenue of Rs 8,413 crore for Q2FY21, an increase of 15 per cent, as against the revenue of Rs 7,329 crore for Q2FY20.
The share price of the company closed at Rs 71.65, up by 3.64 per cent on BSE.