Tata Power lost 1.64% to Rs 59.9 after consolidated net profit rose 11.76% to Rs 245.64 crore on a 11.4% decline in net sales to Rs 7,071.03 crore in Q3 December 2019 over Q3 December 2018.
Q3 FY20 consolidated revenue declined mainly due to deferred tax benefit on Power Purchase Agreements (PPAs) extension in Mumbai Licensed area in Q3FY19, lower demand and lower Free On Board (FOB) coal price. Consolidated profit before tax (PBT) dropped 23.49% to Rs 349.08 crore in Q3 December 2019 (Q3FY20) as against Rs 456.27 crore in Q3 December 2018 (Q3FY19).Consolidated PAT bounced back from losses due to lower fuel under recovery in Mundra and better operational performance by all businesses during this quarter. Tax expenses tumbled 62.43% to Rs 72.50 crore in Q3FY20 compared with Rs 192.98 crore in the corresponding quarter of the previous year. The Q3 earnings were declared after trading hours yesterday, 29 January 2020.
Q3 Consolidated EBDITA was up 8% at Rs 1,970 crore (excluding one-off item in Q3FY19, EBITDA grew by 27%) as compared to Rs 1,820 crore in Q3FY19.
Speaking on Tata Power's Q3 performance, Praveer Sinha, the CEO & managing director of Tata Power, stated that, "All our operations have performed well. We have reported a strong growth trajectory in renewable business and other consumer centric businesses. We are happy to share the recent Public-Private-Partnership (PPP) with CESU which has doubled our customer base to 50 lakhs. We hope to serve Odisha's consumers with 24x7 reliable power and unmatched customer services."
"Tata Power Solar's order book stands tall at an approximate Rs 7,700 crore, marking a major business accomplishment for the company. Our collaboration with the Rockefeller Foundation to set up 10,000 micro-grids in India by 2026, is a testament of our commitment to provide affordable, reliable electricity for millions of rural homes and enterprises. Our new consumer-centric businesses including Rooftop solar projects for residential consumers have reached 60 cities with 100 EV charging points across 4 cities. We aim to continue this trend and create smart consumers for tomorrow by providing a range of next-gen power solutions," he added.
Tata Power's principal businesses are in the areas of generation, transmission, distribution-cum-retail, power trading, power services, coal mines and logistics, strategic engineering for defense applications, solar photovoltaic (PV) manufacturing, and engineering, procurement and construction (EPC) services.
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