Tata Power posted a net profit over better performance by key Indian subsidiaries and Indonesian coal mines.
Tata Power on Tuesday posted a consolidated net profit of Rs 336.2 crore for the quarter ended on September 30, 2016, on better performance by key Indian subsidiaries as well as Indonesian coal mines.
The company had posted a consolidated net loss of Rs 95.8 crore in the July-September period of previous fiscal. "PAT was up by 451% at Rs 336 crore as compared to net loss of Rs 96 crore in Q2 FY16. This was due to higher contribution from CGPL on improved availability, lower losses due to MTM (mark-to-market) on IRS/FX variation compared to Q2 FY16, improved performance by key Indian subsidiaries...," Tata Power said in a filing to stock exchanges.
Total income from operations (net) declined to Rs 7,208.8 crore in the quarter under review from Rs 7,666.3 crore in the year-ago period. The income from operations declined due to "lower revenue at standalone level due to lower fuel cost & lower power purchase", the company said. Total expenses of the company increased to Rs 6,194.89 crore in the quarter, over Rs 6,056.5 crore in the same quarter of FY'16.
"On consolidated segment-wise performance for the quarter, revenues from power stood at Rs 6,485 crore as compared to Rs 6,666 crore in the corresponding quarter last year due to lower revenue at standalone due to lower fuel cost & power purchase, lower MUs traded at TPTCL (Tata Power Trading Company Ltd)," it said. On standalone basis, the company's net profit increased to Rs 447.3 crore during the July-September quarter from over Rs 356.1 crore in the year-ago period. "During the second quarter of FY16-17, Tata Power has improved profitability and has maintained strong operational performance across all business verticals. The Consolidated Profit of Rs 336 crore for the quarter shows good & steady performance," Tata Power CEO & Managing Director Anil Sardana said.
"With a gross installed generation capacity of 10,477 mw and more than 2.2 million customers, we continue to be India s largest integrated power player. Our subsidiaries continue to perform well despite challenging circumstances. We are confident that our strong growth trajectory will continue into the next quarter," he said. Together with its subsidiaries Tata Power achieved generation of 13,634 million units (MUs) of power from all its power plants. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10,477 mw.
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