Mumbai: Tata Power Co. Ltd on Monday said consolidated net profit grew 126.4% in the fiscal fourth quarter, beating analysts’ estimates.
Net profit rose to Rs.360.25 crore in the three months ended 31 March from Rs.159.14 crore in the year earlier, helped in part by strong operational performance and lower tax expense.
Consolidated net sales in the quarter rose about 19.1% toRs.9,333.52 crore from Rs.7,835.11 crore a year ago. This was helped by increase in revenue from power, coal, and other businesses.
Fourteen analysts polled by Bloomberg had expected Tata Power to report a consolidated net profit of Rs.277.1 crore for the quarter while 16 analysts had expected net sales ofRs.9,209.5 crore.
Revenue from the power business, its largest division, rose 17% to Rs.7,025.14 crore from Rs.5,996.54 crore a year earlier. Coal business revenue rose 8% to Rs.2023.75 crore from Rs.1873.11 crore a year earlier.
Operating profit in the quarter rose 23% to Rs.1,321.22 crore.
Tata Power has a total generation capacity of 9184 megawatt (MW) across its thermal, hydro, solar and wind power projects.
On Monday, the company also announced a dividend of Rs.1.30 per share. It aims to increase non-fossil sources of power to 30-40% by 2025, up from its earlier target of 20%.
As of 30 September, the company had a consolidated debt ofRs.40,720 crore.