Tata Power posts Rs 145.33 crore loss in Q4
Tata Power today reported a consolidated net loss of Rs 145.33 crore in the three months ended March 2014, mainly on account of Mundra project.
The leading private power utility had a profit after tax of Rs 181.36 crore in the year-ago period.
The net loss was mainly mainly due to full year operation of 4,000 MW Mundra ultra mega power project. Besides there was also an impact of “exceptional item accounted last year which is one time impact of Depreciation rate adjustment,” the company said in a statement.
Tata Power raked in a consolidated revenue of Rs 8,844.50 crore in the fourth quarter ended March 2014. In the same period a year ago, the same stood at Rs 9,032.46 crore.
During the 2014 January-March quarter, the power producer also saw its total expenses rise to Rs 7,747.20 crore from Rs 7,591.47 crore in the year-ago period.
Finance costs too jumped to Rs 858.61 crore during the quarter under review.
For the full year ended March 2014, Tata Power recorded a net loss of Rs 259.97 crore. In the previous fiscal, net loss stood at Rs 85.43 crore.
However, total income from operations went up to Rs 35,648.70 crore in the last financial year (2013-14) compared to Rs 33,025.43 crore reported in the same period a year ago.
The Mundra UMPP is being implemented by Coastal Gujarat Power Ltd, a wholly-owned subsidiary of Tata Power.
CGPL posted revenues of Rs 1,578.63 crore in the latest quarter as compared to Rs 1,345.50 crore in Q4 FY13, jump of 17 per cent on account of full operations of five units.
However, CGPL incurred a net loss of Rs 327.72 crore in the March quarter, whereas the net loss was at Rs 146.87 crore in the year-ago period.
Tata Power Managing Director Anil Sardana said that last fiscal, the company continued its strong operational performance across all its businesses despite very challenging circumstances.
“CGPL has not recognised aggregate revenue of Rs 1,019.06 crore for the present towards compensatory tariff, considering that a payout is awaited and we hope this get resolved quickly,” he said in a statement.
According to him, the company has received independent legal advice that it has good arguable case and is monitoring progress closely.
“On the distribution front, the quarter also witnessed significant investments and has grown network in Mumbai and Delhi and looks forward to progress in Jamshedpur