New Delhi: Tata Power’s consolidated net profit declined by 86 per cent to Rs 230.80 crore in the April-June quarter of 2019-20 mainly due to exceptional gains in the same quarter of last year, according to a regulatory filing.
The company had posted a consolidated net profit of Rs 1,735.12 crore for the quarter ended on June 30, 2018, boosted exceptional gains of Rs 1,897.24 crore from the sale of non-core investment.
Tata Power said that the consolidated net profit before exceptional items stood at Rs 254 crore in the June quarter against Rs 252 crore in the year-ago period due to lower losses in Mundra on account of lower price of coal, new capacity addition in renewables, favourable regulatory order in Maithon and steady operational performance across all segments.
Total income during the April-June quarter rose to Rs 7,874.64 crore from Rs 7,404.97 crore in the year-ago quarter.
During April-June 2019, its expenses were at Rs 7,228.49 crore as compared to Rs 7,145.55 crore in the year-ago quarter.
Commenting on results, Praveer Sinha, CEO & Managing Director, Tata Power said, “Moving forward, the key growth areas identified for the Company include renewables, transmission, distribution and value-added businesses including Rooftop Solar, EV charging stations Smart Metering and Micro grids in rural areas.”
He further said,”During the quarter we added 150 MW of renewable capacity and we believe our future growth areas will bring in greater value and help us align with the changing consumer needs. With regards to CGPL (Mundra UMPP), we are in discussion with various state governments and state discoms and are expecting a resolution for it soon. It will then be submitted to power regulatory CERC for approval.”
Tata Power is India’s largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 11,107 MW.
Source: PTI
