Tata Power has reported a consolidated net loss of Rs.115 crore during the first quarter ended June 30, 2013, as compared to a net profit of Rs.146 crore in the same period of the previous year, mainly due to higher forex loss on realignment of liabilities due to weakening of rupee and higher finance cost related to Mundra project, the company said.

Revenues increased by 29 per cent to Rs.9,339.49 crore from Rs.7,253.89 crore, mainly due to commissioning of all the units in Mundra, Maithon and higher volume traded by Tata Power Trading Company Ltd.

On a standalone basis, Tata Power reported a 14 per cent growth in net profit at Rs.357 crore against Rs.312.30 crore.

Revenues grew to Rs.2,607.51 crore, up 14 per cent from Rs.2,284.1 crore.

“The company reported revenue growth of 29 per cent driven by robust performance of its businesses and subsidiaries. We continue to expand our international presence by entering new markets like Vietnam and Europe,” Anil Sardana, Managing Director, Tata Power, said.

“On the Mundra Ultra Mega Power Project front, Central Electricity Regulatory Commission (CERC) has notified Coastal Gujarat Power Ltd (CGPL) of its decision for a compensatory tariff to be paid till the fuel situation stabilises. A committee has been formed to evaluate the same. This decision of the CERC is an important step in resolving the major impasse affecting imported coal-based power projects,” Mr. Sardana added. Tata Power stock closed with a loss of 14.76 per cent at Rs.71.35 on the BSE.

More In: Industry | Business