Tata Power Limited has reported a ₹464.13 crore fall in its December quarter consolidated net profit to ₹126.68 crore compared with a net profit of ₹590.81 crore in the year-earlier period, following lower profit from the coal business and higher losses from the Mundra power project due to fuel under-recovery.
The previous year included an exceptional gain of ₹299 crore for deferred tax on sale of investment.
The fall in profit was reported on a 16% rise in consolidated revenue to ₹7,571 crore. Tata Power renewable segment EBITDA was seen higher at ₹511 crore in Q3 FY19 as compared with ₹471 crore in Q3 FY18.
ADVERTISEMENT
Commenting on the results, Mr. Praveer Sinha, CEO and MD, Tata Power said,“PAT is adversely affected due to coal companies profitability that is under pressure due to domestic market pricing obligation and increase in fuel prices. With regard to CGPL, we are in discussion with various State governments and State discoms and are expecting a resolution for it soon. The proposal will then be submitted to CERC. All our businesses continue to perform well. Our renewable business has added 356 MW over previous year and have a healthy order book of 1255 MW. ”