Tata Power’s Q2 revenues were ahead of expectations, but margins contracted on higher cost of power purchased. Praveer Sinha, MD and CEO at Tata Power discussed the numbers in detail with CNBC-TV18.
“We are looking at opportunities in the privatisation of distribution companies [Discoms] that will happen in some Union Territories. Bids for Chandigarh have come in and we are definitely looking at bidding at many of these places as and when the opportunity comes,” he said.
The company took over the central Odisha distribution on June 1 and performance has been good over there. “It is as per the plan and we have managed to improve on it. Going forward we expect it will improve further moving into the next few quarters,” he added.
Tata Power has bid for three other Discoms in Odisha. The results would be declared by December end. “We expect to increase our footprint in distribution,” Sinha highlighted.
Speaking about the reduction in debt, he said, “Debt numbers have come down, but most of it happened in the middle of the last quarter. We expect that once we complete InvIT — which could happen in next two quarters — we will be very much in-line to reduce our debt to the Rs 25,000 crore level.”
