Tata Power Q2 net profit at 6.75 bln rupees

Tata Power, India’s largest integrated private power utility company, said its consolidated profit after tax (PAT ) increased to 6.75 billion rupees as compared to 3.68 billion rupees the corresponding quarter last year.

On consolidated basis, revenues increased 1 percent to 47.97 billion rupees as compared to 47.35 billion rupees in the corresponding period last year.

The company reported net profit after statutory appropriations at 6.72 billion rupees as compared to 3.67 billion rupees in the corresponding quarter last year.

Profit from operations before other income, interest and exceptional items increased 23 percent to 8.90 billion rupees as compared to 7.25 billion rupees over the corresponding quarter last year.

Profit before tax, share of associates, minority interest and statutory appropriations stood at 9.98 billion rupees as compared to 6.16 billion rupees in the corresponding quarter last year.

In segment-wise performance, net revenue for power business at 29.92 billion rupees and coal business at 14.74 billion rupees as compared to 31.98 billion rupees and 13.79 billion rupees respectively, during the corresponding period last year.

PBIT for power business increased 11 percent to 4.71 billion rupees against to 4.22 billion rupees, and PBIT for coal business increased 6 percent to 3.62 billion rupees as compared to 3.40 billion rupees over the corresponding quarter last year.

PBIT of other businesses increased by 616 percent to 2.02 billion rupees.

“Tata Power has a strong mission to achieve at least 25 percent of its generation portfolio through renewable sources of energy by 2017, geothermal energy being one of the prime renewable growth engines. The 240 MW Sorik Marapi exploration along with consortium partner Origin Energy and Supraco is in line with our overall growth strategy to build global relationships and partnerships with organizations which are leaders in their field, said Prasad R. Menon, Managing Director of Tata Power.