Tata Power Announces Q3 FY19 Results: Showcases Strong Operating Performance

Tata Power has announced its results for the quarter ended 31st December 2018.

Performance Highlights Q3 FY19: Consolidated

• Tata Power’s consolidated Q3 FY19 revenue* stood at Rs. 7571 crore as compared to Rs. 6506 crore in the corresponding quarter last year mainly due to higher PLF and coal prices at thermal plants, addition of 356 MW Renewable capacity over PYQ, higher shipping revenue       
• The renewable business EBITDA was higher at Rs. 511 crore in Q3 FY19 as compared to Rs. 471 crore in Q3 FY18.
• Q3 Consolidated PAT stood at Rs. 205 crore, as compared to the corresponding quarter last year at Rs. 628 crore due to lower profits from coal business. (PY included exceptional gain of Rs. 299 crore for deferred tax on sale of investments)

Performance Highlights Q3 FY19: Standalone

• Standalone Revenue* for the quarter stood at Rs.1803 crore, as compared to Rs. 1,846 crore in Q3 FY19 mainly due to one-time custom duty entitlement in previous year for Rs. 135 crore for Mumbai generation businessand discontinuance of Unit 6 in Mumbai generation business. 
• PATfor Q3FY19 stood at Rs. 256 crore, as compared to Rs. 519 crore Q3 FY18 mainly due to exceptional gain of Rs. 303 Cr for deferred tax on sale of investments included in Q3FY18.

Commenting on the Company’s performance, Mr. Praveer Sinha, CEO & Managing Director, Tata Power said, “All our businesses continue to perform well. Our renewable business has added 356 MW over previous year and has a healthy order book of 1255 MW. The Trombay PPA with BEST has received an extension for 5 years and through the Resurgent platform taken up 1980 MW  Prayagraj power plant in U.P. We have also launched residential solar rooftops in several cities now such as Mumbai, Delhi, Ajmer, Bhubaneshwar and Bangalore. 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."