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Tata Power’s Q2 revenue fell 1% to Rs 15,545 crore, missing estimates
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Net profit declined 0.8% to Rs 919 crore, in line with forecasts
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EBITDA dropped 11.8% to Rs 3,320 crore, impacting profit margins
Tata Power Co. reported a subdued second quarter as heavy monsoon across India dampened electricity demand.
Higher contribution from Odisha DISCOMs, solar cells and module manufacturing and rooftop business were partly offset by Mundra plant shutdown, the company said.
Income from thermal and hydro operations plunged 46% to Rs 2,336 crore. Renewables nearly doubled to Rs 3,613 crore, while transmission and distribution rose 7% to Rs 10,936 crore.
Tata Power added 16 GW of capacity in the September quarter. The total installed capacity in India stands at 501 GW.
The company achieved record production levels in cell and module manufacturing during the quarter. The rooftop order book stands at Rs 1,116 crore.
Tata Power announced an investment of Rs 1,572 crore for 40% equity stake in a special purpose vehicle for the 1,125 MW Dorjilung Hydro Power Project in Bhutan. The total cost for the World Bank-backed project is Rs 13,100 crore. The expected commissioning is 2032.
Shares of Tata Power ended 0.3% lower at Rs 395.6 apiece on the BSE, ahead of the results, compared to a 0.4% gain in the benchmark Sensex.
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