Tata Power has reported a net loss of Rs.83.80 crore on a consolidated basis for the second quarter ended September 30, 2012, as compared to a net loss of Rs.1,187.32 crore in the corresponding period in the previous year.
This is on account of rise in operations cost, higher finance and depreciation costs.
The second quarter has an impairment charge of Rs.250 crore in relation to Costal Gujarat Power Ltd (CGPL) mainly on account of a change in the long-term foreign currency outlook for the Indian rupee/U.S. dollar from 45 to 50. The second quarter of last year had an impairment charge of Rs.823 crore based on assessment of fuel and other operating costs. Further, the corresponding quarter last year also had a forex loss of Rs.638.96 crore recorded by CGPL, the company said.
During the period, the consolidated revenue increased by 22 per cent to Rs.7,649.49 crore from Rs.6,248.33 crore.
On a standalone basis, the net profit declined to Rs.295.98 crore from Rs.313.04 crore in the corresponding period last year. Revenue grew to Rs.2,409.01 crore, up 29 per cent from Rs.1,864.39 crore in the corresponding period last year.
“All our projects and subsidiaries have performed well. Though coal companies posted lower profit before interest and tax compared to the previous year due to falling coal prices, the same was comparable to the first quarter,” Anil Sardana, Managing Director, Tata Power, said.
