Tata Power announces Q3 FY19 results


Tata Power, India’s largest integrated power company, has announced its results for the quarter ended December 31, 2018. Its consolidated Q3 FY19 revenue stood at ₹7571 crore as compared to ₹6506 crore in the corresponding quarter last year. Renewable business EBITDA was higher at ₹511 crore in Q3 FY19 as compared to ₹471 crore in Q3 FY18.

Among key business highlights, Tata Power Solar launched a complete residential rooftop solution in Ajmer and Bhubaneswar. Renascent Power Ventures Private Limited, a wholly owned subsidiary of Resurgent Power Ventures, signed a share purchase agreement with a consortium of lenders led by State Bank of India to acquire 75.01% stake in Prayagraj Power Generation Company Limited, which owns and operates a 1,980 MW supercritical power plant in the state of Uttar Pradesh, India.

‘Know Your Electricity Consumption,’ a daily energy management tool was launched for Mumbai customers. It allows the customers to view their power consumption trend through an online dashboard, hence helping them take better control of their energy usage.

Tata Power Solar bagged the prestigious Global Performance Excellence Award 2018 in the category “World Class” under the aegis of Asia Pacific Quality Organisation. The company was recognized as a “role model for future organizations to emulate” at the event.

Commenting on the company’s performance, Praveer Sinha, CEO and Managing Director, Tata Power said, “All our businesses continue to perform well. Our renewable business has added 356 MW over previous year and has a healthy order book of 1255 MW….. We have also launched residential solar rooftops in several cities now such as Mumbai, Delhi, Ajmer, Bhubaneshwar and Bangalore.”