Tata Power’s Renewable Biz Shines in Q3 FY19; Now Brings Rooftop Offer to Cochin

During the quarter, its consolidated revenue rose by 16 percent at Rs 7,571 crore as compared to Rs 6,506 crore last year.

Country’s one of the leading integrated power company, Tata Power’s renewable energy business showed impressive growth during the October-December quarter of FY19 as its consolidated EBITDA grew by 9 per cent to Rs 511 crore.

The company has reported an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 471 crore in Q3 FY18, Tata Power said in a regulatory filing.

However, it has reported a slump in its consolidated net profit after tax (PAT) at Rs 205 crore during the third quarter of FY19, from Rs 628 crore in Q3 FY18 mainly on the back of lower profits from coal business, as previous year included an exceptional gain of Rs 299 crore for deferred tax on sale of investment.

During the quarter, its consolidated revenue rose by 16 percent at Rs 7,571 crore as compared to Rs 6,506 crore last year.

The power giant further added that, its renewable business added 356 MW of capacity over previous year and its solar EPC order book stood at 1255 MW.

Commenting on the company’s performance, Tata Power, CEO & Managing Director, Praveer Sinha said, “All our businesses continue to perform well. Our renewable business has added 356 MW over previous year and have a healthy order book of 1255 MW. The Trombay PPA with BEST has received an extension for 5 years and through the Resurgent platform taken up 1980 MW Prayagraj power plant in U.P. We have also launched residential solar rooftops in several cities now such as Mumbai, Delhi, Ajmer, Bhubaneshwar and Bangalore. PAT is adversely affected due to coal companies profitability that is under pressure due to domestic market pricing obligation and increase in fuel prices.”

“With regard to CGPL, we are in discussion with various state governments and state discoms and are expecting a resolution for it soon. The proposal will then be submitted to CERC,” Sinha added.

In another significant development, Tata Power Solar has launched its complete residential rooftop solution in Cochin also. It is expected to save up to Rs 50,000 annually for 25 years.