Tata Power Q2 quarterly loss narrows
The country's largest private power producer had a consolidated loss of Rs 1,187.32 crore in the year-ago period, the company said today.
Indicating improved business activities, overall consolidated revenues climbed 22 per cent to Rs 7,649.49 crore in the second quarter of the current fiscal. It stood at Rs 6,248.33 crore in the same period a year ago.
Tata Power said the higher revenues were mainly on account of commissioning of new units.
"The current quarter has an impairment charge of Rs 250 crore in relation to Coastal Gujarat Power Ltd (CGPL) mainly on account of a change in the long term foreign currency outlook for the INR/USD from 45 to 50," it said in a statement.
CGPL is implementing the 4,000 MW Mundra Ultra Mega Power Project in Gujarat.
"Last year Q2FY12 had an impairment charge of Rs 823 crore based on assessment of fuel and other operating costs. Further, corresponding quarter last year also had a forex loss of Rs 638.96 crore recorded by CGPL," the statement said.
Tata Power Managing Director Anil Sardana said during the last few quarters, the company recorded significant increase in its revenues driven by all round performance of its business divisions. "All our projects and subsidiaries have performed well," he said.
On a consolidated basis, revenues from power business rose 40 per cent to Rs 5,488.54 crore.
"Our key projects are progressing well and
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