Tata Power Company Ltd for the third quarter ended December 31, 2014 has reported consolidated net profit of Rs.198 crore as compared to net loss of Rs. 75 crore in the same period last year.
The growth in profitability was mainly contributed by forex gains of approximately Rs 500 crore including Rs 410 crore due to VAT settlement in the coal companies; favourable impact of tariff order in Maithon Power Ltd and Coastal Gujarat Power Ltd’s higher contribution due to higher availability coupled with higher generation, the company said.
Total income has increased to Rs. 8806 crore from Rs. 8700 crore in the same period last year.
On a standalone basis the company posted a net profit of Rs. 235 crore for the quarter ended December 31, 2014 as compared to Rs. 251 crore in the same period last year, mainly due to increase in treasury income and forex gains.
Total income has increased to Rs. 2109 crore for the quarter ended December 31, 2014 to from Rs. 2007 crore in the same period last year.
“During the third quarter of FY14-15, Tata Power has improved profitability and consistently maintained strong operational performance across our business verticals. Most of our projects and subsidiaries continue to perform well despite very challenging circumstances,” Anil Sardana, CEO & Managing Director, Tata Power said.
During the quarter the company entered into a Share Purchase Agreement to acquire 100 per cent shareholding in Ideal Energy Projects Limited (IEPL), a 540 MW domestic coal based thermal power project near village Bela in the Nagpur district of Maharashtra.
“Furthermore, to nurture our international ventures, we signed a MoU with Russian Direct Investment Fund wherein RDIF and Tata Power will work together to identify and target investment opportunities in the energy sector across Russia in order to develop mutually beneficial transactions,” he added.
Tata Power shares closed with a gain of 3.32 per cent at Rs. 90.20 on the BSE.
