Tata Power net profit falls 11% to Rs 350 crore in Q2

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Updated: November 9, 2019 4:15:15 AM

The consolidated PAT before one-time past tax adjustments in coal companies came at Rs 509 crore.

Tata Power Company, Tata Power net profit, Tata Power Q2 result, Mundra Ultra Mega Power projectThe consolidated PAT before one-time past tax adjustments in coal companies came at Rs 509 crore.

Tata Power Company’s consolidated net profit for the September quarter fell 10.81% year-on-year (YoY) to Rs 350.81 crore as the company last year benefited from a favourable tariff order in the Mumbai licensed area. However, lower losses in Mundra and better operational performance across all businesses helped the quarterly net profit beat Bloomberg analysts’ estimate of Rs 283 crore. The consolidated PAT before one-time past tax adjustments in coal companies came at Rs 509 crore.

Consolidated total income for the July-September quarter was up 6% on year to Rs 7,904 crore on account of higher sales. Plant load factor (PLF) for the company’s largest thermal power plant at Mundra in Gujarat was 65% same as last year, helping Coastal Gujarat Power or CGPL, that operates Mundra Ultra Mega Power project, to achieve a positive Ebitda of Rs 175 crore compared to a loss of Rs 63 crore in previous year. In the September quarter the fuel cost fell 12.17% on year to Rs 2,330 crore.

Fuel under-recovery for Mundra fell 43% on account of lower coal prices and benefit from higher coal blending. Though the drop in coal prices impacted the profit of coal companies in Indonesia. The integrated losses for the coal companies, however, fell significantly from Rs 100 crore in the September quarter of 2018 to a profit of Rs 9 crore in Q2 before one-off tax adjustments in coal companies, the company said in the analyst presentation.

Tax liability of $30 million for the prior quarter got 100% recognised in the Indonesian coal mining company, PT Kaltim Prima Coal during the September quarter due to disallowance of certain expenses on final tax assessment. Ebitda for the September quarter was up 21.86% to Rs 2256 crore on account of lower fuel costs, while operating margins rose 456 basis points to 29.38%.

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