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Reports 19% Increase in Renewables Ebitda at Rs 631 crore
- Reports strong all-round performance in H1 FY19. Consolidated underlying business EBITDA stood at Rs 2,668 crore for the quarter due to strong operating performance of all businesses
- Q2 FY19 Consolidated PAT was up 85% at Rs 393 crore as compared to Rs 213 crore in previous year mainly due to good performance from Renewables and all regulated businesses. There was also favorable regulatory order impact. The corresponding period last year had a one-time charge of DOCOMO provision of rs.113 crore and Rs 35 crore in Rithala.
- Q2FY19 Standalone continues to show strong Regulatory and other business performance with PAT at Rs 265 crore as compared to Rs 52 crore in previous year higher Renewables, lower finance cost, lower taxes and favorable Regulatory order impact. The quarterly results were also adversely impacted due to pricing pressures and higher fuel cost.
- H1 FY19 Consolidated PAT was up at Rs 2,128 crore (244% rise as it includes exceptional gain of Rs 1,483 crore and favorable Mumbai operations(MO) Tariff order of Rs 98 crore) as compared to Rs 618 Crore in the same period last year. Revenue was up by 13% at Rs 14373 crore as compared to Rs 12775 Crore in the same period last year.
Editorial Synopsis: Key Financial Highlights: Q2 FY19 vs Q2 FY18
Key Business and Growth Highlights Q2FY19:
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Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 30th September 2018, reporting a 85% 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 Q2 FY19 Revenue* stood at Rs 7,234 crore as compared to Rs 6,610crore last year mainly due to capacity addition in renewables, increase in fuel cost and increase in shipping tonnage
- Consolidated PAT was up 85% at Rs 393 crore as compared to Rs 213 crore in Q2 FY18 mainly due to good performance from Renewables and all regulated businesses. There was also a favourable regulatory order impact. Tata Power’s renewables business profits for Q2 FY19 stood at rs.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 Rs 1,922 crore as against Rs 1,769 crore due to higher fuel cost and favourable tariff order
- PAT stood at Rs 265 crore due to higher wind PLF, lower finance cost, lower taxes and favorable MO tariff order impact as compared to rs.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 have identified 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.”