Tata Power reports 9% growth in net profit for Sep qtr

livemint.com:

Tata Power on Wednesday reported an 8.79% growth in its consolidated net profit for the July-September quarter on a year-on-year (y-o-y) basis at ₹1,017.41 crore. During the same period last fiscal, the company had reported a net profit of ₹935.18 crore. Its revenue for the period under review, also rose 9% to ₹15,442 crore.

The company attributed its growth in revenue and profits to its “healthy balance sheet, operational excellence, and synergies across all business clusters". “Revenue, too, rose by 9% to ₹15,442 crore (y-o-y) largely driven by higher revenue from core businesses of generation, transmission & distribution," said a company statement. During the quarter, 84% contribution in the company’s net profit came from the core businesses, while the contributions from overseas joint ventures, including coal mining operations, continued to decline.

Speaking to Mint, Praveer Sinha, CEO and MD, Tata Power, said the company would focus on consolidation and growth of the operations. He said healthy operations in the core businesses of transmission, distribution and renewable businesses, has set the momentum for robust growth in these segments going ahead. He also said although power demand is growing at a significant pace, Tata Power would not steer towards new brownfield and greenfield coal-based power projects and would only undertake its renewable energy projects.