NEW DELHI: Tata Power’s consolidated net profit for the March 2019 quarter fell 92% to ₹107.32 crore, compared to ₹1364.33 crore in the year-ago period. The March 2018 quarter had been boosted by a one-time writeback in impairment of ₹1886 crore on the troubled Mundra ultramega power plant. Revenue over the same periods remained flat at ₹7230 crore.
The company, with installed capacity of nearly 11GW, reported EBITDA for the quarter that was up 35% at ₹1,879 crore as compared to ₹1,391 crore in Q4FY18, mainly driven by Mundra plant and the renewable business.
The renewable business, which focuses mostly on solar power production and EPC services, grew Q4 FY19 EBITDA increasing by 34% on quarter on quarter basis to ₹606 crore with higher operational revenues and EPC volume.
For the full year, the company reported net profit of ₹2440.41, falling 6.5% year-on-year. Consolidated revenue had risen marginally by 10% to ₹29,558.64 crore.
Standalone generation for the quarter stood at 12,186 million units (MUs) in thermal power plants. Mundra reported generation of 7770 MUs, while Maithon plant reported 1839 MUs. Trombay Thermal Power Station generated 1443 MUs, Jojobera Thermal Power Station generated 671 MUs and Haldia reported generation of 211 MUs Industrial Energy Limited reported generation of 746 MUs. TPREL generated 368 MUs through clean sources of energy (Solar & Wind) and WREL (the erstwhile Welspun Renewables) generated 455 MUs.
In a note to accounts, Tata Power said that while a reassessment of the assumptions used in estimating the impact of impairment of Coastal Gujarat Power Ltd (the Mundra plant) and the Indonesian coal mines would have resulted in a reversal of ₹1,052 crore of provision recorded earlier, the company decided not to do this considering the significant uncertainties arising from ongoing renegotiation of the Mundra Power Purchase Agreement and the pending renewal of the mining license at the Indonesian coal mines.
The board of directors recommended a dividend of ₹1.30 per equity share of Re 1 for shareholders.
Praveer Sinha, CEO & MD, Tata Power said in a statement: “All our subsidiaries and plants have reported robust performance despite sectoral challenges. Our renewable business added a capacity of 200 MW and another 400 MW is currently in pipeline. Through Resurgent platform, the company is in the process of acquisition of 1980 MW Prayagraj plant. With regard to CGPL (Mundra), we are in discussion with various state governments and state discoms and are expecting a resolution for it soon. It will then be submitted to CERC for approval."
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