Tata Power announces Q2 FY 2018-19 results with 85% increase in Consolidated PAT.

Tata Power announces Q2 FY 2018-19 results with 85% increase in Consolidated PAT. Reaffirms strong operating performance.Reports 19% increase in renewables EBITDAA at ₹631 crore.

Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 30^thSeptember 2018, reporting a85% increase in consolidated profit.During this quarter, Tata Power introduced various future-ready technological deployments for the benefit of its customers like the QR Code for easy bill payments and installing Electric Vehicle charging infrastructure in Mumbai, thereby reaffirming its positioning of being a tech forward integrated power company.

Q2 FY19: PERFORMANCE HIGHLIGHTS: CONSOLIDATED

• On a consolidated basis, Tata Power Group’s Q2FY19 Revenue* stood at ₹7,234crore as compared to ₹6,610crore last year mainly due to capacity addition in renewables, increase in fuel cost and increase in shipping tonnage

• Consolidated PATwas up 85% at ₹393crore as compared to ₹213 crore in Q2 FY18 mainly due togood performance from Renewables and all regulated businesses.There was also a favourable regulatory order impact. Tata Power’s renewables business profits for Q2 FY19 stoodat ₹159 crore.The quarterly results were also lower due to pricing pressures and higher fuel cost in the Indonesian coal mines.

PERFORMANCE HIGHLIGHTS: STANDALONE

• For the Quarter ended September 30, 2018, Standalone Revenue* was up by 9% at ₹1,922 croreas against ₹1,769crore due to higher fuel cost and favourable tariff order
• PAT stood at ₹265 crore due to higher wind PLF, lower finance cost, lower taxes and favorable MO tariff order impact as compared to ₹52 crore in corresponding period last year in Q2 FY18.

Commenting on the Company’s performance, Mr. Praveer Sinha, CEO & Managing Director, Tata Power said, “We are happy to report that all our businesses have done well and our operations continue to perform well. Our growth agenda now is more focused on renewables, rooftop solar solutions and using the Resurgent Power platform to acquire value adding assets. In the coming years, we haveidentified key growth areas which includes Renewable Generation, Transmission, and Distribution along with new value-added businesses including Rooftop Solar, Smart Metering, Home Automation, Micro Grids in rural areas and setting up of Electric Vehicle charging units.

During the quarter, we also rolled out our retail rooftop solutions nationwide that has received good response from the customers.”