NE BUSINESS BUREAU
AHMEDABAD, JAN 30
Tata Power, India’s largest integrated power company, on Wednesday, announced that its consolidated PAT stood at ₹246 crore for the quarter ended December 31, 2019, as against ₹220 crore in Q3 2019-2020, a company release said.
During the reporting period, its consolidated revenue stood at ₹7171 crore, down by 9% from ₹7,911 crore Q3 FY19. The standalone Profit after Tax stood at ₹7 crore, down by 97% as compared to ₹271 crore Q3 FY19 mainly due to one-off deferred tax benefit of the PPA extension in Mumbai Licensed area in PY.
Q3 Consolidated EBDITA was up 8% at ₹1,970 crore (Excluding one-off item in Q3FY19, EBITDA grew by 27%) as compared to ₹1,820 crore in Q3FY19. Q3 Consolidated PAT is up 12% and stood at ₹246 crore as compared to the corresponding quarter last year at ₹220 crore. This is mainly due to lower losses in Mundra and better operational performance across all businesses. Q3FY19 included a one-off deferred tax benefit of ₹272 Crore on PPA extension in the Mumbai Licenses area.
Commenting on the Company’s performance, Praveer Sinha, CEO & Managing Director, Tata Power said, “All our operations have performed well. We have reported a strong growth trajectory in renewable business and other consumer-centric businesses. We are happy to share the recent Public-Private-Partnership (PPP) with CESU which has doubled our customer base to 50 lakhs. We hope to serve Odisha’s consumers with 24×7 reliable power and unmatched customer services. Tata Power Solar’s order book stands tall at an approximate ₹7,700 crore, marking a major business accomplishment for the company. Our collaboration with the Rockefeller Foundation to set up 10,000 micro-grids in India by 2026, is a testament of our commitment to provide affordable, reliable electricity for millions of rural homes and enterprises.”
