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Tata Power posted an 85 per cent rise in its September-end quarter consolidated net profit at Rs 393 crores, on the back of good performance of its renewable energy business. The company had earlier reported a consolidated net profit of Rs. 213 crores in the corresponding period of the previous year.
According to the company’s regulatory filings, the total revenue during the September-end quarter of 2018 surged from Rs. 6610 crores to Rs. 7234 crores mainly due to capacity addition in renewables, increase in fuel cost and increase in shipping tonnage. The rise in net profit was also mainly due to a good performance from renewables and all regulated businesses.
Praveer Sinha, CEO and Managing Director, Tata Power said, “We are happy to report that all our businesses have done well and our operations continue to perform well. Our growth agenda now is more focused on renewables, rooftop solar solutions and using the Resurgent Power platform to acquire value-adding assets.”
The company also said in a statement that its board has also approved the plan to raise up to Rs 55 billion through the issuance of non-convertible debentures (NCDs) on a private placement basis.
Tata Power also announced that during the July-September quarter it has signed a memorandum of understanding (MoU) with Hindustan Petroleum Corporation Ltd for setting up commercial-scale charging stations for electric vehicles at the HPCL retail outlets and other locations across India.
Also, Tata Power Solar commissioned world’s largest solar rooftop stadium installation of 820kWp at Cricket Club of India in Mumbai.
