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)
Showing posts with label Forex reserves. Show all posts
Showing posts with label Forex reserves. Show all posts
Tuesday, November 15, 2011
Friday, February 25, 2011
Economic Survey: Forex reserves 4th largest in world at $297.3 bn
25 Feb, 2011, 02.41PM IST, PTI
NEW DELHI: The Economic Survey on Friday said India has the fourth largest foreign exchange reserves, which helped the nation to tide over global financial crisis.
India's foreign exchange reserves touched USD 297.3 billion in December, 2010 from USD 279.1 billion in March. "It needs to be acknowledged that foreign exchange reserves have helped insulate India from the worst impact of the crisis," it said.
Unlike many Western nations, India was relatively less affected by the global financial meltdown in 2008-09 that had pushed many advanced economies into recession. India had the fourth largest foreign exchange reserves at USD 297.3 billion at the end of December 2010, it said.
At the same time, the foreign exchange reserves of Japan and Russia stood at USD 1.12 trillion and USD 479.4 billion, respectively. Neighbouring China's foreign exchange reserves was at USD 2.45 trillion in June, 2010.
According to the Survey, the country's reserves mainly comprise portfolio investment (FII), "which are more vulnerable to sudden stops and reversals and borrowings from abroad".
India's foreign exchange reserves have increased over the years from just USD 5.8 billion in March, 1991. "The reserves reached a peak at USD 314.6 billion at May-end, 2008 before declining to USD 252 billion at the end of March 2009.
"The decline in reserves in 2008-09 was inter alia a fallout of the global crisis and strengthening of US dollar vis-a-vis other international currencies," the Survey said.
About the idea of having a multilateral option of a pre-arranged credit line, the Survey noted such an option is necessary but is not sufficient. "... (This is because) foreign investors often view the size of foreign exchange reserves as a key input in taking investment decisions," it added.(via ET)
India's foreign exchange reserves touched USD 297.3 billion in December, 2010 from USD 279.1 billion in March. "It needs to be acknowledged that foreign exchange reserves have helped insulate India from the worst impact of the crisis," it said.
Unlike many Western nations, India was relatively less affected by the global financial meltdown in 2008-09 that had pushed many advanced economies into recession. India had the fourth largest foreign exchange reserves at USD 297.3 billion at the end of December 2010, it said.
At the same time, the foreign exchange reserves of Japan and Russia stood at USD 1.12 trillion and USD 479.4 billion, respectively. Neighbouring China's foreign exchange reserves was at USD 2.45 trillion in June, 2010.
According to the Survey, the country's reserves mainly comprise portfolio investment (FII), "which are more vulnerable to sudden stops and reversals and borrowings from abroad".
India's foreign exchange reserves have increased over the years from just USD 5.8 billion in March, 1991. "The reserves reached a peak at USD 314.6 billion at May-end, 2008 before declining to USD 252 billion at the end of March 2009.
"The decline in reserves in 2008-09 was inter alia a fallout of the global crisis and strengthening of US dollar vis-a-vis other international currencies," the Survey said.
About the idea of having a multilateral option of a pre-arranged credit line, the Survey noted such an option is necessary but is not sufficient. "... (This is because) foreign investors often view the size of foreign exchange reserves as a key input in taking investment decisions," it added.(via ET)
Subscribe to:
Posts (Atom)
Posts
