Tata Power, on Wednesday, reported a drop of 66 per cent in its consolidated net profit for the first quarter of 2012-13 ended June 2012 at Rs.146 crore. The company’s consolidated total income grew 24.5 per cent to Rs.7,254 crore.
A company release attributed the drop in profit mainly “to lower profit in coal companies owing to lower price realisation and higher cost of production, higher interest and depreciation cost due to commissioning of Mundra and Maithon units and reversal of revenues due to change in effective date of MYT regulations in Mumbai.’’
The company reported a foreign exchange loss of Rs.45.2 crore against a gain of Rs.90 crore in the quarter ended June 2011.
Its profit from operations before other income, finance costs, exceptional items and tax fell 24 per cent to Rs.906.95 crore.