Tata Power narrows Q3 net loss to Rs 75 cr

Tata Power today reported net loss of Rs 75 crore for the third quarter ended December 31, lower than the year-ago period, mainly due to reduction in overall expenses.

It had reported net loss of Rs 329 crore in the October- December quarter of 2012-13 due to impairment charges worth Rs 600 crore, Tata Power said in a stock exchange filing.

Tata Power's total income from operations in Q3, 2013-14 was down at Rs 8,700 crore, from Rs 9,039.31 crore in the year-ago period.

Its cost of fuel during the quarter decreased to Rs 2,307 crore, from Rs 2,696 crore in the same period last year.

On standalone basis, the company posted net profit of Rs 251.13 crore for the quarter as compared to Rs 216.38 crore for the three months ended December 31, 2012.

Its total income decreased however from Rs 2,580.93 crore for the quarter to Rs 1,998.59 crore for the quarter ended December 31, 2013.

Last week, the company exited from the Indonesian coal mining firm PT Arutmin for USD 500 million (Rs 3,150 crore) to cut debts. The company's Mundra UMPP project is facing under- recovery challenges.

Tata Power had purchased 30 per cent stake each in PT Arutmin and KPC for USD 1.1 billion in 2007.

The country's leading private power generator, through its wholly-owned subsidiary, signed an agreement to sell its 30 per cent stake in Arutmin and associated companies in coal trading and infrastructure to an Indonesian firm Bakrie Group entity.

It continues to hold its equity stake in PT Kaltim Prima Coal which owns one of the largest thermal coal producing mines in the world.

Tata Power shares were trading down 0.20 per cent at Rs 75.15 on the BSE in the afternoon trade.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amit Shah deserved to be crowned President of India, some say

    The Bharatiya Janata Party is now firmly in the hands of Modi’s alter ego, which in plain English means ‘another side of oneself, a second self’

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Necessary yet inadequate boost to education

The finance minister, in the very first minutes of his ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture