The overall consolidated net profit for the entire financial year stood at Rs 2,440.41 crore as against Rs 2,610.85 crore in the previous fiscal
New Delhi: In the financial year that ended on March 31, Tata Power reported a whopping 92 percent drop in consolidated net profit at Rs 107.32 crore due to an exceptional adjustment in the previous year, the company said. An official statement said that Tata Power's consolidated net profit stood at Rs 1,364.33 crore in the fourth quarter of the last fiscal.
In its defence, Tata Power said that the consolidated net profit in the fourth quarter before the exceptional item stood at Rs 259 crore, which marked a 119 percent from over the previous year when it stood at Rs 118 crore.
Tata said that it's power arm made provision for impairment of investment in Mundra and Georgia businesses in the fourth quarter of 2017-18 and therefore that led to a decline in the Q4 consolidated net profit.
The total income of Tata Power stood at Rs 7,416.89 crore in Q4 as opposed to 7,281.02 crore a year ago. The overall consolidated net profit for the entire financial year stood at Rs 2,440.41 crore as against Rs 2,610.85 crore in the previous fiscal.
The total income during financial year 2018-19 stood at Rs 29,954.47 crore as compared to Rs 27,272.96 crore earlier.
"The Company continues to focus on growth in new businesses. Our renewable business added capacity of 200 MW and another 400 MW is currently in pipeline. Our solar EPC business possesses a healthy order book of Rs 1360 crore," Praveer Sinha, CEO and MD, Tata Power, said.
"With regard to CGPL, we are in discussion with various state governments and state discoms and are expecting a resolution for it soon. It will then be submitted to CERC for approval… Moving forward, the key growth areas identified for the Company include renewables, transmission, distribution and value-added businesses including Rooftop Solar, Smart Metering, EV charging stations and Micro grids in rural areas," he said.
The meeting of board of directors on Thursday also proposed a dividend of Rs 1.30 per equity share of face value of Re 1 each. It also decided to hold the Annual General Meeting (AGM) of the company on June 18.