29 October 2018 Tata Powers (TPWR) 2QFY19 consol. PAT declined 28% YoY (+25% QoQ) to prior-period revenue of ~INR0.9b, net of loss on discontinued operations of ~INR0.3b. Operational performance (EBITDA and PAT of JV companies) was in line. increased 25% QoQ to INR4.1b, driven by INR depreciation, higher coal prices and savings from blending of low-GCV coal at Mundra. Indonesias DMO obligation impacted coal JVs PAT by ~INR0.6b. Cost of production in coal JVs is rising, which could offset gains from higher prices. Regulatory assets declined by ~5% QoQ to INR41b, aiding working capital improvement in Delhi. RE EBITDA increased 8% YoY (-7% QoQ) to INR4.6b, driven by an increase in generation by 34% YoY.