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Tata Power announced its Q2FY20 results on Friday. The stock is trading with a negative bias today and is down ~4%.
Tata Power's consolidated PAT for Q2FY20 stood at Rs351cr (Rs509cr with one-off tax impact of Rs158cr) as compared to Rs393cr in the corresponding period last year mainly due to lower losses at Mundra, favourable tariff order in Mumbai License area in previous year and steady operational performance across all the businesses.
The company's Standalone PAT stood at Rs155cr vs. Rs265cr in the corresponding period last year mainly due to favourable tariff order in Mumbai License area in previous year.
Consolidated revenue stood at Rs7,329cr vs. Rs7,279cr in the corresponding period last year. Standalone revenue stood at Rs1,813cr as compared to Rs1,962cr in the corresponding period last year mainly due to favourable tariff order in Mumbai License area in previous year.
Commenting on the Company’s performance, Mr. Praveer Sinha, CEO & Managing Director, Tata Power said, “We are glad to report that with a continued market focus, we have performed well across all our businesses and operations.
We aim to stay focused on our key growth areas of Renewable Generation, Transmission and Distribution along with new value-added services such as Rooftop Solar, EV charging, home automation Micro Grids in rural areas. We have witnessed a robust performance both in terms of revenue and profitability and received an encouraging response from our customers.”
Tata Power Company Ltd is currently trading at Rs57.45 down by Rs2.05 or 3.45% from its previous closing of Rs59.50 on the BSE.
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