Tata Power slides after weak Q1 numbers

Tata Power Company fell 1.25% to Rs 59.15 at 10:28 IST on BSE after the company's consolidated net profit fell 31.3% to Rs 190.89 crore on a 6.2% increase in net sales to Rs 7,766.72 crore in Q1 June 2019 compared with Q1 June 2018.

The result was announced after market hours yesterday, 1 August 2019.

Meanwhile, S&P BSE Sensex was down 344.37 points or 0.93% at 36,673.95.

On BSE, 3.75 lakh shares were traded in Tata Power Company counter, compared to a 2-week average of 7.89 lakh shares. The stock hit an intraday high of Rs 60.10 and an intraday low of Rs 57.70, which is also 52-week low for the counter. It hit a 52-week high of Rs 86.15 on 29 October 2018.

Consolidated EBITDA rose 26.57% to Rs 2,210 crore in Q1 June 2019 over Q1 June 2018, mainly due to lower losses in Mundra on account of lower FOB price of coal, new capacity addition in renewables, favourable regulatory Order in Maithon and steady operational performance across all segments.

Tata Power Company's CEO and managing director, Praveer Sinha, has said, "During the quarter, all our business clusters have reported robust performance despite sectoral challenges. Our generation from conventional & renewable sources continue to perform well and set new benchmarks in operational efficiencies. Moving forward, the key growth areas identified for the Company include renewables, transmission, distribution and value-added businesses including Rooftop Solar, EV charging stations Smart Metering and Micro grids in rural areas. During the quarter we added 150 MW of renewable capacity and we believe our future growth areas will bring in greater value and help us align with the changing consumer needs. With regards to CGPL, we are in discussion with various state governments and state discoms and are expecting a resolution for it soon. It will then be submitted to CERC for approval."

Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, hasan installed capacity of 11,107 MW.

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