Tuesday, Nov'15, 2011
Mumbai: Tata Power, on a consolidated basis, posted a loss of Rs 1,219 crore for the quarter-ended September 30, against a profit of Rs 673 crore logged in the same period last year.
During the quarter, the company incurred a forex loss of Rs 737 crore as against a gain of Rs 220 crore registered in the comparable period last year.
Revenue was up 30 per cent at Rs 6,248 crore (Rs 4,798 crore).
Tata Power said net profit was not comparable due to the provision made for impairment of Rs 823 crore and forex loss of Rs 639 crore incurred by its wholly-owned subsidiary, Coastal Gujarat Power Ltd (CGPL).
Coal processing charges were higher by Rs 188 crore, fuel cost by Rs 390 crore and power purchased by Rs 480 crore.
Royalty for coal mining rose to Rs 267 crore from Rs 175 crore.
Coastal Gujarat Power
Mr Anil Sardana, Managing Director, Tata Power, said, “One of the key highlights this quarter is the provision made for impairment of Rs 823 crore in Coastal Gujarat Power Ltd (CGPL). This has been done primarily on the projected fuel cost that has an impact on future cash flows.
“Further, to provide protection from the risk of price volatility on coal to be used in power generation at CGPL, and to support its cash flows the company will be undertaking a restructuring and will look at the option of transferring at least 75 per cent of the ownership of investments in the coal companies to CGPL or else evaluate alternative options to effect to the above objective of protection.”
Keywords: net profit, quarterly results,
(sourced BL)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment