For the April-June 2017 period, the company reported a net profit attributable to the owners of the company of Rs 163.78 crore, higher from Rs 72.49 crore consolidated net profit reported in the same period a year back.
Tata Power, however, missed street estimates by a huge margin. In a Bloomberg poll, five analysts estimated the company’s net profit at Rs.397 crore and revenue of Rs 7286 crore.
The company’s total income grew 3% to Rs 6,999.9 crore, from Rs 6,790.58 crore a year back. Expenses for the company also grew at 3% to Rs 6,651.77 crore. Segment wise, the company’s power business reported a 3% rise in revenue seen at Rs 63441.7 crore. Earnings before interest, tax, depreciation and ammortisation were at Rs 2,514 crore, a rise of 40% at the consolidated level.
“Consolidated profit stood at Rs.164 crore up by 126% as compared to Rs 72 crore in Q1 FY17 mainly due to strong performance of the Indonesian coal mines, the renewable business and sustained operations at other Indian companies like MPL, Tata Power Solar, TPDDL, Powerlinks & others,” the company said in its statement.