Tata Power Company has reported a healthy 85.1 percent on year growth in second quarter profit to Rs 393.4 crore due to low base in year-ago period.
Profit in the corresponding period last fiscal stood at Rs 213 crore, which was impacted by impairment in respect of other property, plant and equipment and goodwill (Rs 35.63 crore) and damages towards contractual obligations (Rs 113.17 crore).
Revenue from operations during the quarter grew by 6.7 percent to Rs 7,332.6 crore compared to same period last year.
Tata Power said during the quarter, pursuant to receipt of true-up tariff order from the Regulatory Commission for the years 2014-15, 2015-16 and 2016-17, the company has recognised net income of around Rs 92 crore comprising of a credit of around Rs 274 crore in regulatory income and a charge of around Rs 182 crore to revenue from operations.
On the operational front, EBITDA (earnings before interest, tax, depreciation and amortisation) fell 4.5 percent year-on-year to Rs 1,725.9 crore and margin contracted by 280 bps to 23.5 percent for the quarter ended September 2018.
The operational numbers were ahead of estimates. A CNBC-TV18 poll of analysts had estimated EBITDA at Rs 1,680 crore and margin at 21.8 percent.
At 14:15 hours IST, the stock was quoting at Rs 77.90, up Rs 8.95, or 12.98 percent amid high volumes on the BSE.
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