Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 30th September, 2020, reporting a 10% increase in consolidated PAT as compared to Q2FY20.
PERFORMANCE HIGHLIGHTS: CONSOLIDATED
On a consolidated basis, Tata Power Group’s Q2 FY21 Revenue was up by 15% at ₹8,413 crore as compared to ₹7,329 crore last year. This is mainly due to TPCODL acquisition and higher Solar EPC revenue.
Consolidated PAT stood at ₹371 crore up by 10% as compared to ₹339 crore in Q2 FY20 due to stable performance across businesses.
PERFORMANCE HIGHLIGHTS: STANDALONE
For the Quarter ended September 30, 2020, Standalone Revenue stood at ₹ 1,654 crore as against ₹1,813 crore in the corresponding quarter last year mainly due to lower power demand, fuel cost and power purchase cost.
PAT stood at ₹145 crore as compared to ₹155 crore in corresponding period last year with steady operations and operating expenditure well under control.
Commenting on the Company’s performance, Mr. Praveer Sinha, CEO & Managing Director, Tata Power said, “We are glad to report that during the quarter, all our division and subsidiaries have reported robust performance despite pandemic related challenges. We will continue to stay focused on our key growth areas of Renewable and Distribution businesses and to demonstrate benchmark performance of all our existing generation, transmission and distribution businesses.
We believe that our future growth areas Rooftop Solar, EV charging stations, Solar pumps and Micro grids in rural areas will bring in greater value and help us seamlessly align with the consumer needs. For Rooftop Solar offerings, we are now present in more than 100 cities in India. For EV Charging, 203 public charging points have been installed and the geographical presence of our EV charging network has been increased to 23 cities. Tata Power Solar booked 347 MW of new solar/hybrid bids; solar EPC order book today and stands at ₹ 8,687 Crore.
We are working on a long-term strategic plan focused on reducing debt to strengthen our balance sheet. This plan involves divestment of non-core and certain overseas investments, along with restructuring of some of our businesses to unlock value and simplify the structure of the Company.
Simultaneously, we are on track to monetise our 2.7 GW in Renewable Energy assets through a private InvIT. The transfer of assets to the InvIT will allow us to churn capital and reduce net debt substantially. To further bolster the capital structure, the Promoters have infused Rs 2,600 crore through preferential allotment which has been used for reducing debt.”
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