CHENNAI: Private power producer Tata Power’s profit for the June 2017 ended quarter more than doubled, mainly driven by strong performance from renewables and coal. The company’s consolidated net profit jumped 126 per cent jump to Rs 163.78 crore in the reporting quarter, higher than Rs 72.49 crore reported in the same period a year ago. Total income grew three per cent to Rs 6,999.9 crore, 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 year-ago 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 (WREPL), Tata Power Solar and Tata Power Renewable Energy (TPREL) — reported strong growth and operational performance in the first quarter as compared to the year-ago period. The other businesses including MPL, TPDDL and others also reported higher profits as compared to the corresponding quarter of last year, it said.
Anil Sardana, CEO and MD, 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.”