Feb 14, 2018 06:50 PM IST | Source:

Tata Power Q3 profit falls to Rs 612 cr, renewable portfolio PAT up 4-fold

Consolidated revenue from operations grew by 5.7 percent to Rs 6,950 crore compared to Rs 6,574.5 crore in same quarter last fiscal.

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Tata Power Company has reported consolidated net profit at Rs 612 crore for December quarter 2017, falling marginally compared to Rs 619 crore in year-ago period.

"Marginal growth in profit was due to one-off gains in Q3 FY17 of Rs 355 crore offset by one-time gains of Rs 299 crore in Q3 FY18 and adverse impact of tariff order in MPL of Rs 96 crore," the company said in its filing.

Consolidated revenue for the quarter grew by 5.75 percent to Rs 7,096 crore compared to Rs 6,710 crore in the corresponding quarter last year mainly due to higher power purchase cost.

Share of profit of associates and joint ventures, and deferred tax helped the company report profit for the quarter. Tata Power reported share of profit of associates and joint ventures at Rs 457 crore for the quarter against Rs 506.41 crore in same period last fiscal.

Deferred tax for the quarter stood at Rs 320 crore against Rs 104 crore in year-ago.

Renewable portfolio's profit jumped four-fold to Rs 72 crore in Q3 FY18 as compared to Rs 14 crore in Q3 FY17 mainly due to refinancing of loans in WREL. TPREL profit impacted by lower fixed cost absorption in newly commissioned projects under stabilisation, Tata Power said.

Tata Power achieved generation of 12,402 million units of power from all its power plants during the quarter while the group has successfully added 227 MW of solar capacity and 5.4 MW of thermal capacity to its portfolio.

Profit on standalone basis increased sharply to Rs 524 crore from Rs 303 crore YoY mainly due to one-off gain of Rs 188 crore. Revenue during the quarter rose to Rs 1,842 crore compared to Rs 1,675 crore in Q3 FY17 mainly due to higher fuel cost and higher income tax entitlement.

The stock price closed up 0.23 percent at Rs 87 on the BSE.
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