Tata Power PAT rises as it dials down Mundra losses
Tata Power reported net profit of ₹245.64 crore in Q3FY20, rising nearly 12% from the ₹219.79 crore reported in the previous year, buoyed by lower operation losses at its Mundra plant and steady revenue despite poor electricity demand growth. Consolidated revenue for the quarter stood at ₹7171 crore, down by 9% from ₹7,911 crore Q3 FY19.
Consolidated EBDITA for the quarter was up 8% at ₹1,970 crore as compared to ₹1,820 crore in Q3FY19. By segment, the power generation (coal and hydropower) reported revenue of ₹3664.24 crore, renewables at ₹878.50 crore and ₹3101 crore from transmission and distribution. The company said in a press note that the renewables business (400 MW added so far through FY20) continued to grow with EBITDA increasing from ₹436 crore in Q3FY20 to ₹515 crore, up by 18% despite, lower generation rates in solar due to extended monsoon.
Praveer Sinha, CEO & Managing Director, Tata Power said, “All our operations have performed well. We have reported a strong growth trajectory in renewable business and other consumer centric businesses.
