Tata Power reports rise in revenue due to renewable energy installations

Tata Power has reported a 13 per cent increase in its revenue during the first half of the financial year 2018-19. Reportedly, the increase has attributed to the company’s growing renewable energy business, profits through which stood at Rs 1.59 billion in the second quarter (Q2) of 2018-19.

As per media sources, the company’s consolidated PAT in Q2 2018-19 was up 85 per cent at Rs 3.93 billion as compared to Rs 2.13 billion in the previous year. The company’s recently launched residential rooftop business was a key reason for this and the growth was further supported by lower finance costs, lower taxes and a favourable regulatory scenario.

The company’s consolidated revenue in the Q2 2018-19 rose to Rs 72.34 billion as compared to Rs 66.10 billion in the corresponding period last year. Standalone revenue was up at 9 per cent to Rs 19.22 compared to Rs 17.69 billion in Q2 2017-18.

Tata Power’s and its joint venture companies’ Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), stood at Rs 26.68 billion in the first half (H1) of the financial year 2018-19. The company’s consolidated PAT during this period was up 244 per cent at Rs 21.28 billion as compared to Rs 6.18 billion in the same period last year. Revenue was also up 13 percent at Rs 143.73 billion as compared to Rs 127.75 billion in the same period last year.

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