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Tata Power returns to profit in Q4

Special Correspondent
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Tata Power has reported a net profit of Rs.181.36 crore on a consolidated basis for the fourth quarter ended March 31, 2013, against a net loss of Rs.628.75 crore in the year-ago period. Last year’s profit after tax was impacted by deferred stripping charge of Rs.324.71 crore, and provision for impairment amounting to Rs.815 crore for Coastal Gujarat Power Limited (CGPL).

During the quarter, consolidated revenue was up 25 per cent at Rs.9,032.46 crore against Rs.7,234.76 crore.

On a standalone basis, the net profit increased by 71 per cent to Rs.200.03 crore from Rs.116.97 crore, mainly due to favourable ATE order.

Revenue was Rs.2,214.27 crore as against Rs.2,374.69 crore mainly due to lower fuel cost in Mumbai Licenced Area.

For the whole of 2012-13, the company reported a lower net loss of Rs.85.43 crore on a consolidated basis as compared to a net loss of Rs.1,087.68 crore in 2011-12 largely due to better operating performance and lesser impairment provision on account of CGPL.

Revenue was up 27 per cent at Rs.33,025.43 crore against Rs.26,001.40 crore mainly on account of additional revenue generated from CGPL Mundra, Maithon, higher revenue of TPDDL on account of increase in power purchase cost and higher volume traded by Tata Power Trading, the company said.

On a standalone basis, the company reported a net profit of Rs.1,024.69 crore for 2012-13 against Rs.1,169.73 crore in 2011-12 mainly due to lower dividends this year from coal companies, reversal of forex losses due to adoption of AS-11 last year, higher finance charges and change in depreciation rates.

Revenue grew by 13 per cent to Rs.9,567.28 crore from Rs.8,495.84 crore.


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