Tata Power’s Q1 FY19 revenue was up 16 percent at ₹71.39 billion (~$1.04 billion) compared to ₹61.66 billion (~$0.09 billion) Q1 FY18. Standalone revenue stood at ₹18.44 billion (~$0.27 billion) as compared to ₹18.50 billion (~$0.27 billion) the previous quarter.
The company’s Q1 FY19 consolidated profit after tax (PAT) stood at ₹17.35 billion (~$0.25 billion), up 328 percent when compared with the previous year’s quarter, the company announced recently.
Tata Power’s consolidated business EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization), including joint venture companies stood at ₹16.86 billion (~$0.25 billion) in Q1 FY19.
The company has reported that its standalone PAT stood at ₹11.34 billion (~$0.17 billion) this quarter. This was a notable increase of 422 percent when compared to Q1 of the previous year. The company attributed it to the exceptional gain of ₹9.30 billion (~$0.14 billion) as compared to ₹2.17 billion (~$0.032 billion) the past quarter.
Renewables continue to report a strong EBITDA of ₹5.80 billion (~$ 0.084 billion) despite lower EPC sales. During the quarter, the company added 100 MW of capacity and won new renewable bids worth 400 MW.
There was a reduction in renewable business PAT from ₹1.42 billion (~$0.021 billion) to ₹1.25 billion (~$0.018 billion) due to a lower wind plant load factor (PLF) and lower EPC sales.
The company emphasised that higher generation in renewable business is one of the main reasons for the 16 percent rise in Q1 FY19 consolidated revenue.
The slight decrease in the company’s standalone revenue (between Q1 FY18 and Q1 FY19) from ₹18.50 billion (~$0.27 billion) to ₹18.44 billion (~$0.27 billion) was mainly due to lower wind availability, according to Tata Power’s statement.
Commenting on the development, Praveer Sinha, the CEO of Tata Power, said, “During the quarter, Tata Power has redesigned its organization structure to focus on key identified growth areas like renewable generation, transmission, distribution and new and value-added businesses including rooftop solar, smart metering, micro grids in rural areas and the setting up of electric vehicle charging units.”
Mercom previously reported that Tata Power’s underlying business EBITDA, including joint venture companies, increased by 17 percent to ₹101.04 billion (~$1.514 billion) in FY 2018, mainly due to a 46 percent increase in its renewable business.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer