Tata Power Company's consolidated net profit slipped 19.5% to Rs 270.17 crore on 4.4% increase in net sales to Rs 7,677.82 crore in Q2 September 2019 over Q2 September 2018.
Net profit declined mainly due to favourable tariff order in Mumbai licensed area in the previous year.
Consolidated EBITDA grew 20.03% to Rs 2,133 crore in Q2 September 2019 over Q2 September 2018, mainly driven by lower losses in Mundra, new capacity addition in renewables and steady operational performance across all businesses. The result was announced after market hours yesterday, 8 November 2019.
Commenting on the firm's results, Praveer Sinha, the CEO and managing director of Tata Power, has said that, "We are glad to report that with a continued market focus, we have performed well across all our businesses and operations. We aim to stay focused on our key growth areas of Renewable Generation, Transmission and Distribution along with new value-added services such as Rooftop Solar, EV charging, home automation Micro Grids in rural areas. We have witnessed a robust performance both in terms of revenue and profitability and received an encouraging response from our customers."
Tata Power Company's principal businesses are in the areas of generation, transmission, distribution-cum-retail, power trading, power services, coal mines and logistics, strategic engineering for defense applications, solar photovoltaic (PV) manufacturing, and engineering, procurement and construction (EPC) services.
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