Tata Power has posted a 126 per cent jump in consolidated net profit to Rs 163.78 crore in the quarter ended June 30, 2017, mainly driven by a strong performance from renewables and coal.
The company’s consolidated net profit was Rs 72.49 crore in the quarter ended June 30, 2016.
Total income was at Rs 6,999.90 crore in the first quarter, up from Rs 6,790.58 crore in the corresponding quarter of the previous fiscal.
The company said the revenue from other businesses, including renewables and coal, was Rs 1,041.03 crore in the quarter, up from Rs 415.55 crore in the corresponding period.
The segment revenue from power business was Rs 6,344.17 crore in the quarter, up from Rs 6,164.88 crore in the same period a year ago.
It said Indonesian coal companies — Tata Power Solar, Walwhan Renewable Energy Pvt Ltd (WREPL), Tata Power Solar and Tata Power Renewable Energy Ltd (TPREL) — reported strong growth and operational performance in the first quarter as compared to the corresponding period.
The other businesses including MPL, TPDDL and others also reported higher profits as compared to the corresponding quarter of last year, it said.
Commenting on the company’s performance, Anil Sardana, CEO & Managing Director, Tata Power said in a statement, “Tata Power Solar, WREPL and Tata Power Renewable Energy have demonstrated excellent performance and reported a significant jump in profits.”
He also said, “Despite the challenging environment in the power sector in recent years, the company has expanded its international presence and continues to look for viable business opportunities across select international geographies.”