Tata Power has reported a consolidated profit after tax (PAT) of ₹2,050 million (~$28.9 million) in the third quarter of FY 2018-19. When compared to the consolidated PAT in Q3 2017-18, it is a decline of approximately 67 percent. In Q3 FY 2017-18, Tata Power’s PAT stood at ₹6,280 million (~$88.5 million). The decline can be attributed to lower profits from the company’s coal business as Tata Power’s renewable business during Q3 FY 2018-19 proved to be good.

According to the company, “Q3 FY19 standalone PAT stood at ₹2,560 million (~$36.09 million), compared to ₹5,190 million (~$73.17 million) in Q3 FY 18 mainly due to an exceptional gain of ₹3,030 million (~$42.7 million) for deferred tax on the sale of investments included in Q3 FY18.”

Tata Power’s renewables business’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) has been recorded to be ₹5,110 million (~$72.0475 million), a 9 percent increase year-over-year. In Q3 FY 18, its renewable business’s EBITDA was ₹4,710 million (~$66.4078 million).

According to the company, this has been made possible due to the consistent performance in Mumbai operations, Delhi distribution, and other regulated businesses. By the end of Q3, the company had solar engineering procurement construction (EPC) orders aggregating 1,255 MW. Renewable business of the firm added extra 356 MW capacity when compared to Q3 FY 18.

Tata Power’s consolidated Q3 FY 19 revenue stood at ₹75,710 million (~$1067.46 million) which was ₹65,060 million (~$917.302 million) in Q3 FY 18.

Praveer Sinha, the CEO and Managing Director of Tata Power said in a media statement, “Our renewable business has added 356 MW over previous year and has a healthy order book of 1,255 MW. We have also launched residential solar rooftops in several cities now such as Mumbai, Delhi, Ajmer, Bhubaneshwar, and Bangalore.”

According to Mercom’s India Solar Project Tracker, the company has over 1,345 MW of solar projects in operation across the country while another 500 MW worth of projects are in the pipeline.

Mercom previously reported, Tata Power’s Q2 FY19 consolidated PAT was up 85 percent at ₹3.93 billion (~$53.53 million) as compared to ₹2.13 billion (~$29.01 million) in the previous year.