Tata Power net up 11.76% at Rs 245.64 Crore in Q3

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Published: January 29, 2020 8:26:50 PM

Total income, however, declined to Rs 7,136.04 crore in the October-December quarter from Rs 7,997.42 crore in the year-ago period.

The increase in profit is mainly due to "lower fuel under recovery in Mundra and better operational performance by all businesses", the company said.The increase in profit is mainly due to “lower fuel under recovery in Mundra and better operational performance by all businesses”, the company said.

Tata Power on Wednesday posted an 11.76 per cent rise in its consolidated net profit to Rs 245.64 crore for the third quarter of 2019-20 compared to the year-ago period mainly due to lower expenses.

The company’s consolidated net profit was Rs 219.79 crore in the quarter ended on December 31, 2018, a BSE filing said.

Total income, however, declined to Rs 7,136.04 crore in the October-December quarter from Rs 7,997.42 crore in the year-ago period.

The increase in profit is mainly due to “lower fuel under recovery in Mundra and better operational performance by all businesses”, the company said.

Tata Power CEO & Managing Director Praveer Sinha said, “All our operations have performed well. We have reported a strong growth trajectory in renewable business and other consumer centric businesses.

“We are happy to share the recent Public-Private-Partnership (PPP) with CESU which has doubled our customer base to 50 lakhs. We hope to serve Odisha’s consumers with 24×7 reliable power and unmatched customer services.”

On renewables he said that Tata Power Solar’s order book stands at an about Rs 7,700 crore, marking a major business accomplishment for the company.

“Our collaboration with the Rockefeller Foundation to set up 10,000 micro-grids in India by 2026, is a testament of our commitment to provide affordable, reliable electricity for millions of rural homes and enterprises.”

“Our new consumer-centric businesses including Rooftop solar projects for residential consumers have reached 60 cities with 100 EV charging points across 4 cities. We aim to continue this trend and create smart consumers for tomorrow by providing a range of next-gen power solutions,” he added.

Tata Power is India’s leading integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10,803 MW.

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