Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 30th June, 2017, reporting a 126% increase in PAT and 28% increase in standalone PAT as compared to Q1FY17.
PERFORMANCE HIGHLIGHTS: CONSOLIDATED
§ On a consolidated basis, Tata Power Group’s Q1 FY18 Revenue*was up by 2% at ₹6,725crore as compared to ₹6,566crore last year. This is mainly because of addition of WREPL revenue.
§ Consolidated PAT stood at ₹164crore up by 126% as compared to ₹72crore in Q1 FY17 mainly due to strong performance of the Indonesian coal mines, the renewable business and sustained operations at other Indian companies like MPL, Tata Power Solar, TPDDL, Powerlinks& others.
§ The Consolidated PAT was also impacted by higher tax provision of about ₹120 croreascompared to Q1 FY17.
§ The impact of higher coal prices on CGPL was partially offset by MTM gains. The performance was also impacted by lag in notified tariff which will come in subsequent quarters.
PERFORMANCE HIGHLIGHTS: STANDALONE
§ For the Quarter ended June 30, 2017, Standalone Revenue*stood at ₹1,916crore up by 9%as against ₹1,754croremainly due to Mumbai operations.
§ Profit from Operationsstood at₹592crore up by 12% as against ₹526crore in the corresponding quarter last year.
§ PAT stood at ₹188crore,up by 28% as compared to ₹147crore in corresponding period last year mainly due to
Commenting on the Company’s performance, Mr. Anil Sardana, CEO & Managing Director, Tata Power said, “During the quarter, the Company reported a strong performance by all its businesses, backed by operational excellence. Tata Power Solar, WREPL and Tata Power Renewable Energy have demonstrated excellent performance & reported a significant jump in profits. The Company has significantly increased its green footprint by building its non-fossil fuel capacity beyond 3000 MW.
Despite the challenging environment in the power sector in recent years, the Company has expanded its international presence and continues to look for viable business opportunities across the select international geographies. The Company is continually evaluating opportunities for improvements and integrating them within its operations, execution and growth processes in itsendeavour to maximize stakeholder value.”
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