Tata Power said on Monday its consolidated net profit rose 85 per cent in the second quarter of FY19 to ₹393 crore, against ₹213 crore in Q2 FY18.

This was mainly due to a good performance by its power distribution business as well as renewables vertical.

The company’s consolidated revenue for the quarter stood at ₹7,234 crore (₹6,610 crore) mainly due to an addition of 300 MW capacity in the renewable vertical, increase in fuel cost and rise in shipping tonnage, it said.

While Coastal Gujarat Power Ltd (CGPL), operating the 4,000 MW Mundra power plant, has widened its losses to ₹463 crore (₹336 crore) due to higher coal prices as well as less plant availability, the company has noted “a favourable regulatory order impact”.

CGPL recently completed refinancing of outstanding ECB loans of around $770 million (₹5,500 crore) through a mix of rupee-denominated debt instruments and divestment of non-core assets.

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The company also noted that during the quarter, its Singapore-registered joint venture platform for acquisition of stressed assets, Resurgent Power Ventures Pte Ltd, had received an LoI from the lender of Prayagraj Power Generation Co Ltd (PPGCL), a 3 x 660 MW coal-based power project based in UP, to acquire a 75 per cent stake in PPGCL.

“Our growth agenda now is more focused on renewables, rooftop solar solutions and using the Resurgent Power platform to acquire value adding assets,” said Praveer Sinha, MD and CEO of Tata Power.

He added that the new growth areas for Tata Power include renewable generation, transmission and distribution along with new value-added businesses such as rooftop solar, smart metering, home automation, micro grids in rural areas and setting up of EV charging units.

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