Moody's Investors Service today said Tata Power's 2015-16 results were within its projections and it expects the company's financial position to remain stable over the next 12-18 months.
"Tata Power Company Limited's (TPC, Ba3 stable) FY2016 results are within Moody's expectations and continues to support its Corporate Family Rating of Ba3," it said in a statement.
"Tata Power's FY2016 results are in line with our expectations, with revenues growing by 7 per cent year on year...," Moody's Vice President and Senior Analyst Abhishek Tyagi said.
Based on Tata Power's 2015-16 results, its credit metrics remain within the tolerance limits for its Ba3 ratings, the statement said.
Over the next 12-18 months, Moody's expects Tata Power's financial position to remain stable, it added.
Tata Power's consolidated net profit more than doubled to Rs 360.25 crore for the quarter ended March 31, 2016 on strong operational performance and lower fuel cost.
The company's net profit after tax, minority interest and share of associates was at Rs 159.14 crore in the year-ago period, Tata Power had said in a BSE filing yesterday.
The company had said its profit more than doubled mainly "due to strong operational performance and lower fuel cost".
For the full fiscal 2015-16, Tata Power posted a consolidated net profit of Rs 873.35 crore against Rs 167.83 crore for the year ended March 31, 2015.
