Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 30th September 2019, reporting a 20% increase in consolidated EBITDA. During this quarter, Tata Power introduced various future-ready technological deployments for the benefit of its customers like the QR Code for easy bill payments and installing Electric Vehicle charging infrastructure in Mumbai, thereby reaffirming its positioning of being a tech forward integrated power company.
Q2 FY20: Performance Highlights: Consolidated
- On a consolidated basis, Tata Power Group’s Q2 FY20 Revenue* stood at Rs. 7,329 crore as compared to Rs. 7,279 crore last year.
- Consolidated PAT stood at Rs. 351 crore (Rs. 509 crore with one-off tax impact of Rs. 158 crore) as compared to Rs. 393 crore in Q2 FY19 mainly due to favorable tariff order in Mumbai Licensed area in the previous year. The lower losses in Mundra and better operational performance across all businesses helped the quarterly PAT.
Performance Highlights: Standalone
- For the Quarter ended September 30, 2019, Standalone Revenue* stood at Rs. 1,813 crore as against Rs. 1,962 crore due to favorable tariff order in Mumbai Licensed area in the previous year.
- PAT stood at Rs. 155 crore as compared to Rs. 265 crore in corresponding period last year in Q2 FY19 due to favorable tariff order in Mumbai Licensed area in the previous year.
Commenting on the Company’s performance, Mr. Praveer Sinha, CEO & Managing Director, Tata Power said, “We are glad to report that with a continued market focus, we have performed well across all our businesses and operations. We aim to stay focused on our key growth areas of Renewable Generation, Transmission and Distribution along with new value-added services such as Rooftop Solar, EV charging, home automation Micro Grids in rural areas. We have witnessed a robust performance both in terms of revenue and profitability and received an encouraging response from our customers.”
- Tata Power bagged Platinum award for National Occupational Health & Safety – Corporate Category and Coastal Gujarat Power Limited (CGPL), won a Gold award in Power Generation & Electrical Units Category by the Indian Chamber of Commerce.
- Tata Power was honored at the 8th ACEF Asian Leaders Forum & Awards, 2019 for ‘Excellence in CSR and Branding & Marketing’. The Company was conferred with six awards which included three golds, two silvers and a bronze award across three categories 1) Social Impact 2) Engagement & 3) Communication and Capability in delivering the end-objectives of the company’s initiatives.