Tata Power, one of India's largest integrated power companies, on Thursday reported consolidated profit after tax (PAT) before exceptional items at Rs 254 crore for the first quarter ended June 30, 2019, as compared to Rs 252 crore in same quarter last fiscal.
"This was driven by lower losses in Mundra on account of lower freight on board (FOB) price of coal, new capacity addition in renewables, favourable regulatory Order in Maithon and steady operational performance across all segments," Tata Power Company said in a filing to the Bombay Stock Exchange.
Consolidated revenue of the company was up 5 per cent at Rs 7,567 crore in Q1FY20 as compared to Rs 7,199 crore in Q1FY19.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 27 per cent to Rs 2,210 crore versus Rs 1,746 crore in the year ago period, the Tata group company said.
"Renewables continue to report strong EBITDA of Rs 663 crore up by 12 per cent driven by new capacity addition and steady operational performance. Buying efficiencies led to 40 per cent lower under recovery at its subsidiary Coastal Gujarat Power Limited (CGPL). All other subsidiaries and joint ventures continued to perform well," Tata Power said in the regulatory filing.
On the standalone basis, PAT before exceptional items jumped 57 per cent to Rs 320 crore during quarter under review as compared to Rs 204 crore in the corresponding quarter due to higher dividends from subsidiaries. Standalone Revenue stood at Rs 1,854 crore as compared to Rs 1,894 crore in the same quarter last year. EBITDA stood at Rs 983 crore up as against Rs 825 crore in the year ago quarter.
Commenting on the company's performance, Praveer Sinha, CEO and Managing Director, Tata Power said, "During the quarter, all our business clusters have reported robust performance despite sectoral challenges. Our generation from conventional and renewable sources continue to perform well and set new benchmarks in operational efficiencies."
"Moving forward, the key growth areas identified for the company include renewables, transmission, distribution and value-added businesses including Rooftop Solar, EV charging stations Smart Metering and Micro grids in rural areas," Sinha added.
Ahead of earnings announcement, shares of Tata Power closed trade 1.07 per cent lower at Rs 59.90 apiece on the Bombay Stock Exchange on Thursday.
Edited by Chitranjan Kumar