Tata Power consolidated profit before tax falls 31% in June quarter
Private power producer Tata Power’s consolidated profit before tax (PBT) and exceptional items for the June quarter dipped 31 per cent Rs 480 crore. Net profit rose by 10 per cent to Rs 268 crore for quarter ended June on the back of reduced expenses. The company had posted a net profit of Rs 243 crore during the same period a year ago, Tata Power said in a BSE filing.
During April-June, the firm reported a total income of Rs 6,540 crore as compared to Rs 7,874 crore in the year-ago quarter. Total expenses during the quarter under review stood at Rs 6,555 crore as against Rs 7,228 crore in the year-ago period. The company said it was able to maintain stable performance despite lower profits from Solar EPC businesses mainly on account of lower financing cost and stable performance across all clusters.
The company also said its three wholly-owned subsidiaries, Coastal Gujarat Power (CGPL), Tata Power Solar Systems (TPSSL) and Af-Taab Investment Company (Af-Taab) are proposed to be merged with the parent company for greater synergies.
