Tata Power Q3 net rises 12%Y-o-Y to Rs 246 crore
Tata Power on Wednesday reported a 3.86% year-on-year decline in its consolidated operating profit for the December quarter to Rs 1,804 crore on account of higher cost of power purchased. Revenue from operations was down 11.41% year-on-year to Rs 7,071 crore as lower income from Coastal Gujarat Power (CGPL) and Maithon Power impacted the performance.
The net profit for the quarter was up 11.76% year-on-year to Rs 245.64 crore, led by lower under-recovery at Mundra ultra mega power project, though it missed the consensus Street estimate of Rs 269 crore. However, operating margins for the latest quarter were up 200 basis points to 25.52% as overall expenses dropped 8.4% to Rs 7,067 crore.
Its subsidiary CGPL, which operates Mundra UMPP, saw its under-recovery halve during the December quarter with lower coal prices and benefit from higher coal blending. CGPL’s operating profit for the quarter was at Rs 260 crore, against a loss of Rs 120 crore in the previous year, while net losses fell to Rs 164 crore from Rs 464 crore a year ago.
