Tata Power Q2 net profit declines 45% at Rs 234 cr

The firm's consolidated PAT stood at Rs 386 cr as compared to Rs 427 cr in the second quarter of last fiscal

Tata Power today reported a 45 per cent decline in consolidated net profit attributable to its owners at Rs 234.16 crore for the quarter ended September 30, 2017.

However, the company said the consolidated PAT (profit after tax) stood at Rs 386 crore (before one-off impacts of Rs 152 crore) as compared to Rs 427 crore in the second quarter of last fiscal which includes Rs 52 crore PAT of PT Mitratama Perkasa.

PT Mitratama Perkasa is now held for sale and hence not consolidated, the company said in a statement.

According to the company, the one-off impacts of Rs 152 crore include provisions for Docomo and Rithala plant.

Tata Power said its Board today approved a proposal to issue non-convertible debentures up to Rs 3,500 crore on private placement basis in one or more tranches.

The company said renewable business profits jumped over two-fold to Rs 173 crore in the quarter under review from Rs 86 crore in the year-ago period led by profits from the renewable acquisition.

It further said coal companies reported strong performance offsetting fuel under recovery at CGPL (Coastal Gujarat Power Ltd).

CGPL was further impacted by forex losses of Rs 113 crore as compared to corresponding period last year.

The consolidated revenue stood at Rs 7,393 crore in the quarter as compared to Rs 7,285 crore in the corresponding period last year, it added.

Together with subsidiaries, Tata Power has achieved power generation of 14,440 MUs (million units) from all its power plants.

Tata Power said it has completed the construction of 187 Mw Hydro project in Georgia, which is likely to commence soon.

"During the quarter, the company reported robust operational efficiency and performance inspite of a difficult business environment...We are confident that our strong growth trajectory will continue into the next quarter," CMD Anil Sardana said in the statement.