Tata Power on Monday announced an 85% growth in its consolidated net profit in the second quarter to ₹393.36 crore compared with the ₹212.5 crore registered in the same quarter of the previous financial year.
The company registered a ₹2,128.48 crore net profit during the first half of the financial year, up 244% over the April-September period of the previous year. This strong growth in FY19 includes an “exceptional gain of ₹1,483 crore and favourable Mumbai operations tariff order of ₹98 crore, the company said.
“We are happy to report that all our businesses have done well and our operations continue to perform well,” Praveer Sinha, CEO & managing director, Tata Power, said in a note.
“Our growth agenda now is more focussed on renewable, rooftop solar solutions and using the resurgent power platform to acquire value adding assets.”
Tata Power announced a consolidated total income of ₹7,437.18 crore in the Q2 of this financial year, up 6.14% from the same period of FY18.
Looking at the first half of FY19, the company’s total income on a consolidated basis grew 9.39% to ₹14,840.36.
Looking ahead, Mr. Sinha said that the company had identified renewable energy generation, transmission, and distribution as key growth areas, along with new value-added businesses such as rooftop solar, smart metering, home automation, micro grids in rural areas, and the setting up of electric vehicle charging units.
