Tata Power had made provision for impairment of investment in Mundra and Georgia businesses in the fourth quarter of 2017-18.
Tata Power on Thursday reported a 92 per cent decline in consolidated net profit at Rs 107.32 crore for the quarter ended March due to an exceptional adjustment in the previous year. The company’s consolidated net profit stood at Rs 1,364.33 crore in the quarter ended March 31, 2018, it said in a statement. However, the company added that the consolidated net profit in the fourth quarter before the exceptional item stood at Rs 259 crore, up 119 per cent from Rs 118 crore in the year-ago period.
Tata Power had made provision for impairment of investment in Mundra and Georgia businesses in the fourth quarter of 2017-18. Total income of the company in the fourth quarter was Rs 7,416.89 crore compared to Rs 7,281.02 crore a year ago. For 2018-19, consolidated net profit came in at Rs 2,440.41 crore as against Rs 2,610.85 crore in the previous fiscal. Total income during the fiscal was at Rs 29,954.47 crore as compared to Rs 27,272.96 crore earlier.
The board of directors at its meeting held Thursday also proposed a dividend of Rs 1.30 per equity share of face value of Re 1 each. The Annual General Meeting (AGM) of the company is scheduled to be held on June 18, 2019.
“The Company continues to focus on growth in new businesses. Our renewable business added a capacity of 200 MW and another 400 MW is currently in pipeline. Our solar EPC business possess a healthy order book of Rs 1360 crore… “With regard 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. “Moving forward, the key growth areas identified for the Company include renewables, transmission, distribution and value-added businesses including Rooftop Solar, Smart Metering, EV charging stations and Micro grids in rural areas,” said Praveer Sinha, CEO and MD, Tata Power. Tata Power shares settled at Rs 66.75, down 1.48 per cent at BSE Thursday.