Tata Power posts over 2-folds jump in Q4 net to Rs 475 cr

Tata Power on Tuesday posted a two-folds jump in its consolidated net profit to Rs 475crore in the January-March quarter compared to the year-ago period.

The company's consolidated net profit was Rs 172 crore in the quarter ended on March 31, 2019, a company statement said.

"PAT was up 177 percent at Rs 475 crore as against Rs 172 crore due to gain on sale of Cennergi investment offset by impairment provision in SED & reversal of MAT Credit due to transition to new tax regime in the renewables business," the company said.

Consolidated revenue stood atRs 6,881 crore in the fourth quarter of 2019-20 compared to Rs 7,597 crore in the corresponding quarter last year mainly due to delay in project execution in solar EPC (engineering procurement and construction) business on account ofCOVID19, lower power demand and lower coal price", it said.