Tata Power net profit falls 11% to Rs 350 crore in Q2
Tata Power Company’s consolidated net profit for the September quarter fell 10.81% year-on-year (YoY) to Rs 350.81 crore as the company last year benefited from a favourable tariff order in the Mumbai licensed area. However, lower losses in Mundra and better operational performance across all businesses helped the quarterly net profit beat Bloomberg analysts’ estimate of Rs 283 crore. The consolidated PAT before one-time past tax adjustments in coal companies came at Rs 509 crore.
Consolidated total income for the July-September quarter was up 6% on year to Rs 7,904 crore on account of higher sales. Plant load factor (PLF) for the company’s largest thermal power plant at Mundra in Gujarat was 65% same as last year, helping Coastal Gujarat Power or CGPL, that operates Mundra Ultra Mega Power project, to achieve a positive Ebitda of Rs 175 crore compared to a loss of Rs 63 crore in previous year. In the September quarter the fuel cost fell 12.17% on year to Rs 2,330 crore.
