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Slowdown Blues: Tata Power profit declines 6.5% to Rs 2,440.41 crore in FY19; Q4 net nosedives 92% to Rs 107.32 crore

Tata Power, however, mentioned that its consolidated profit before exceptional item stood at Rs 259 crore, up 119 per cent, from Rs 118 crore in the previous year

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 8, 2019  | 13:35 IST
Slowdown Blues: Tata Power profit declines 6.5% to Rs 2,440.41 crore in FY19; Q4 net nosedives 92% to Rs 107.32 crore
Tata Power's board has recommended a dividend of 1.30 per share of Rs 1 for shareholders, same as last year

Tata Power Company, the country's largest integrated power company, on Thursday reported a 6.5 per cent decline in consolidated net profit at Rs 2,440.41 crore for the financial year ended March 31, 2019, as compared to Rs 2,610.85 crore in the last fiscal, due to lower realizations from coal companies. The company's consolidated revenue rose 10 per cent to Rs 29,558.64 crore in FY19 from Rs 26,840.27 crore in the previous year.

"The company's revenue increased mainly due to increase in fuel and power purchase cost related to regulated business, capacity addition in renewable business and good operational performance by businesses," Tata Power said in a filing to the Bombay Stock Exchange.

The operating profit (EBITDA) stood at Rs 6,753 crore, up by 7 per cent, in FY19, driven by renewable business and a good operational performance by all the existing businesses.

For the fourth quarter ended March 31, 2019, Tata Power's consolidated net profit plunged 92 per cent to Rs 107.32 crore, compared to Rs 1,364.33 crore in the year ago period. The company, however, mentioned that its consolidated profit before exceptional item stood at Rs 259 crore, up 119 per cent, from Rs 118 crore in the previous year.

EBITDA for the March quarter was up 35 per cent at Rs 1,879 crore as compared to Rs 1,391 crore in Q4FY18, helped by robust growth in renewable business and better operational performance by the businesses, the company said.

Total income of the company stood at Rs 7,416.89 crore in Q4FY19 compared to Rs 7,281.02 crore in Q4FY18.

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Commenting on the company's performance, Praveer Sinha, CEO and MD, Tata Power said, "All our subsidiaries and plants have reported robust performance despite sectoral challenges. The Company continues to focus on growth in new businesses."

"Moving forward, the key growth areas identified for the Company include renewables, transmission, distribution and value-added businesses including Rooftop Solar, Smart Metering, EV charging stations and Micro grids in rural areas," he added.

On the operational front, standalone power generation for the March quarter stood at 12,186 million units (MUs). "Mundra reported generation of 7,770 MUs, while Maithon plant reported 1,839 MUs. Trombay Thermal Power Station generated 1,443 MUs, Jojobera Thermal Power Station generated 671 MUs, and Haldia reported generation of 211 MUs. TPREL generated 368 MUs through clean sources of energy (Solar & Wind) and WREL generated 455 MUs," it added.

The company's board has recommended a dividend of 1.30 per share of Rs 1 for shareholders, same as last year.

Tata Power Company shares closed at Rs 66.75 a piece, down 1.48 per cent, on the BSE on Thursday.

Edited by Chitranjan Kumar

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