Tata Power Ltd., for the third quarter ended December 31, 2013, has reported lower net loss of Rs. 75 crore as compared to net loss of Rs. 329 crore in the same period last year.
The performance for the quarter was impacted by exceptional expenditures accounted in Arutmin coal mines. Previous year’s profit and loss accounts included provision for impairment of Rs. 600 crore in Mundra, the company said.
On a consolidated basis, the company’s third quarter revenues were down by 4 per cent to Rs. 8,700 crore as compared to Rs. 9,039 crore in the same period last year.
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The peformance for the quarter were impacted by lower realization of coal prices, provisions relating to settlement of mining rates, mine rehabilitation costs and tax demands in Arutmin coal mines, the company said.
On a standalone basis, Tata Power reported 16 per cent growth in net profit at Rs. 251.13 crore. Standalone revenue stood to Rs. 2,008, down 21 per cent as against Rs. 2,549crore in the same period last year.