Tata Power Company soared 5.1% to Rs 34 after consolidated net profit surged 230.45% to Rs 402.59 crore on 1.37% fall in total income to Rs 7,953.73 crore in Q4 March 2020 over Q4 March 2019.
The company in a press release issued after market hours yesterday said that surge in profit was due to gain on sale of Cennergi investment offset by impairment provision in SEO & reversal of MAT Credit due to transition to new tax regime in the renewables business.
Consolidated EBITDA rose 6% to Rs 2,013 crore in Q4 March 2020 as compared to Rs 1,901 crore reported in Q4 March 2019 mainly due lower losses in Mundra on account of lower FOB price of coal.
Drop in revenue from operation in Q4 March 2020 was on the back of delay in project execution in solar EPC business on account COVID19, lower power demand and lower coal price.
Commenting on company's performance, Praveer Sinha, CEO & MD, Tata Power said the company's robust performance was supported by excellent performance of renewable business & capacity addition.
The company has approved a final dividend of Rs 1.55 per equity share for the year ended 31 March 2020.
Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,742 MW.
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