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infrastructure | IST

Tata Power looking to divest South Africa and Zambia businesses, says CEO Sinha

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Tata Power on Thursday reported a 92 percent decline in consolidated net profit at Rs 107.32 crore for the quarter ended March due to an exceptional adjustment in the previous year. Praveer Sinha, MD & CEO of Tata Power, spoke about the financial results and shared outlook.

Tata Power on Thursday reported a 92 percent decline in consolidated net profit at Rs 107.32 crore for the quarter ended March due to an exceptional adjustment in the previous year. Praveer Sinha, MD & CEO of Tata Power, spoke about the financial results and shared outlook.
Talking about the Mundra plant, Sinha said, “The Gujarat government agreed to the modification of the power purchase agreement (PPA).”
“The PPA has since then been circulated to the other 4 states also and there has been a huge amount of discussion with them, some of the states especially Punjab and Haryana had certain issues in terms of accepting the revised PPA as suggested by Gujarat. However, they have discussed with us and we have now come to an understanding and hopefully we should be in a position to get this sorted out and go to Central Electricity Regulatory Commission (CERC) and get final approval in next few months,” Sinha said on Friday.
On the earnings front, Sinha said, “Q4 performance for all our businesses has been good and the operating revenue, operating profit, EBITDA and PAT before exceptional items, all have improved tremendously in Q4 and even for the renewable business we see a huge improvement in the EBITDA as well as the PAT.”
“We expect that going forward this will have a much larger contribution. This year we commissioned 200 megawatt (MW) and there is another 400 MW which will get commissioned in this financial year. Therefore, we expect the impact of all this will improve the profitability of the renewable business,” Sinha said.
Talking about the business, Sinha said, "We are looking at divesting South Africa and Zambia businesses."