TATA POWER ANNOUNCES Q3 FY17 RESULTS; REPORTS CONSOLIDATED PROFIT UP BY 38% AT ₹599 CRORE AND CONSOLIDATED OPERATING PROFIT UP BY 16% AT ₹1,555 CRORE
Q3 consolidated Profit After Tax was up by 38% mainly due to improved performance by key Indian subsidiaries & coal companies coupled with a favourable tax credit.
§ Profit from Operations* stood at ₹1,555 crore, up by 16% from Q3 FY16 mainly due to recent solar acquisition, on account of full capacity tie up for MPL and no unfavorable tariff order impact as was in Previous Year Quarter for TPDDL.
Q3 consolidated revenues# for the quarter stood at ₹6,836 crore as compared to ₹6,764 crore in Q3FY16.
Q3 standalone profit after tax stood at ₹283 crore.
Q3 standalone profit from operations* stood at ₹505 crore.
EDITORIAL SYNOPSIS
Consolidated Q3 FY17:
Profit after Tax (PAT) stood at ₹599 crore, as against ₹433 crore in Q3 FY16.
Revenues# for the quarter stood at ₹6,836 crore, compared to ₹6,764 crore in Q3 FY16.
Net profit after Other Comprehensive Income (OCI) stood at ₹695 Crore, up 42% from the corresponding quarter last year mainly due to profit from sale of one of the businesses of Tata Communications.
Standalone Q3 FY17:
Profit After Tax stood at ₹283 crore as compared to ₹294 crore in the corresponding quarter last year.
PAT after Other Comprehensive Income (OCI) for the quarter stood at ₹330 crore, as against ₹323 crore of Q3 FY16.
Key Business Highlights:
Together with its subsidiaries Tata Power achieved generation of 13022 MUs of power from all its power plants.
Tata Power Renewable Energy Limited, signed a Power Purchase Agreement (PPA) for a 100 MW solar project at Anantapuram solar park in Andhra Pradesh with the Solar Corporation of India (SECI).
Mumbai, February 10, 2017: Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 31st December, 2016.
PERFORMANCE HIGHLIGHTS Q3 FY17: CONSOLIDATED
§ Tata Power’s consolidated Q3 FY17 Revenues# stood at ₹6,836 crore as compared to ₹6,764 crore in the corresponding quarter last year mainly due to lower revenue in standalone on account of lower power purchase costs, lower trading at TPTCL & one time recovery in standalone in Previous Year Quarter (PYQ).
§ Profit from Operations* stood at ₹1,555 crore as compared to ₹1,335 crore in the corresponding quarter last year mainly due to recent solar acquisition, on account of full capacity tie up for MPL and no unfavorable tariff order impact as was the case in PYQ for TPDDL.
§ PAT was up by 38% at ₹599 crore as compared to ₹433 crore in Q3 FY16 due to improved performance by key Indian subsidiaries & coal companies coupled with a favorable tax credit.
§ On consolidated Segment-wise performance for the quarter, revenues from power stood at ₹6,255 crore as compared to ₹6,166 crore in the corresponding quarter last year mainly due to lower revenue at standalone on account of lower power purchase, lower MUs traded at TPTCL & one time revenue in PYQ.
§ Segmental Profit from power stood at ₹1062 crore as compared to ₹909 crore in the corresponding quarter last year.
PERFORMANCE HIGHLIGHTS Q3 FY17: STANDALONE
Standalone Revenues# stood at ₹1,784 crore as against ₹2,040 crore in Q3 FY16 mainly due to lower power purchase cost & favorable one off items in PYQ.
Profit from operations* stood at ₹505 crore as compared to ₹700 crore in the corresponding quarter last year mainly due to tighter Regulatory Norms & no one time favorable impact as was the case in PYQ.
PAT stood at ₹283 crore as compared to ₹294 crore in corresponding quarter last year due one time favorable impact and no interest income from CGPL as was in PYQ, which was offset by higher dividend received from JVs & Subsidiaries in current period.
Commenting on the Company’s performance, Mr. Anil Sardana, CEO & Managing Director, Tata Power said,
“During the third quarter of FY16-17, Tata Power has improved profitability and has maintained strong operational performance across all business verticals. With a gross installed generation capacity of 10,496 MW, we continue to be India’s largest integrated power player as also largest green generator. Our subsidiaries continue to perform well despite challenging business environment. We are confident that our strong growth trajectory will continue thanks to our focus on operational excellence and responsible growth.”
