Private sector Tata Power today reported a consolidated net profit of Rs 241.33 crore for the April-June quarter on the back of robust performance across business segments.
The company had reported a net loss of Rs 111.30 crore in the corresponding quarter of the previous fiscal, Tata Power said in a statement.
Total income from operations during the quarter increased to Rs 9,234.58 crore, as against Rs 8,707.53 crore in the year-ago period, up 6.05 per cent.
Tata Power's consolidated revenue during the quarter stood at Rs 9,065 crore as compared to Rs 8,818 crore in corresponding three months a year ago, the company said.
The revenue jump was "mainly due to higher revenue in TPTCL (Tata Power Trading Company Ltd), Tata Power Solar and Mumbai operations which is offset by lower fuel cost in Mumbai Operations", the statement said.
TPTCL is a wholly owned subsidiary of The Tata Power Company Ltd.
"PAT was up by 317 per cent at Rs 241 crore...This is due to strong operational performance by Mumbai operations and positive impact of truing up of past years regulatory income, in addition to higher contribution by CGPL. However, this is offset by provision for certain investments," the company said.
Coastal Gujarat Power Ltd (CGPL), Tata Power's wholly- owned subsidiary, is operating the 4000 MW UMPP near the port city of Mundra in Gujarat.
Tata Power's revenue from the power business increased to Rs 6,802.99 crore as compared to Rs 6,568.38 crore in the same quarter of the previous fiscal, it said.
Revenue from coal business stood at Rs 2,006 crore as against Rs 2,091 crore in the corresponding period last year, a drop of 4 per cent.
"The coal companies continue to face downtrend in global coal prices," the company said.
Commenting on the company's performance, Tata Power CEO and Managing Director Anil Sardana, said, "Tata Power continues to report improved operational performance and has consistently maintained strong performance across its various businesses. Most of the projects and subsidiaries of the company continue to perform well despite very challenging circumstances."
"With an operating base of 8669 megawatts as of June 30, 2015, the company's distribution business has crossed 2 million connected customers, 14 lakh in Delhi and 6 lakh in Mumbai," he said.
