Tata Power has reported profits of ₹246 crore in the December 2019 quarter, a 11.8 per cent increase compared with the ₹220 crore it posted in the December 2018 quarter. The profit growth was driven mainly due by lower fuel under-recovery in the company’s Mundra plant and better operational performance by all businesses.
Consolidated revenue came in at ₹7,171 crore in the December 2019 quarter, down compared with the ₹7,911 crore in the corresponding quarter last year. This was due to a one-off deferred tax benefit of ₹272 crore on a PPA (power purchase agreement) extension in the Mumbai licences area, lower demand and lower coal prices, the company said.
