Tata Power reports Q2 net profit of Rs 74.97 crore

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Tata Power had made an impairment provision of Rs 250 crore for future cash flows. Reuters Tata Power had made an impairment provision of Rs 250 crore for future cash flows. Reuters
SummaryTata Power reported a net loss of Rs 83.8 cr in the corresponding period of the previous year.

The country's largest private electricity producer, Tata Power, today posted a net profit of Rs 74.97 crore for the quarter ended September 30.

The company had reported a net loss of Rs 83.8 crore in the corresponding period of the previous financial year, when it made a provision of Rs 250 crore, Tata Power said in a filing to the stock exchanges.

Total income increased 14 per cent to Rs 8,764.69 crore due to operations of all units at its Mundra and Maithon plants, the utility said.

The company had made an impairment provision of Rs 250 crore for future cash flows at its Mundra plant due to fuel costs, exchange rate variation and other operating costs.

On a standalone basis, the company's net profit fell 11.55 per cent to Rs 261.77 crore, while total income decreased to Rs 2,245.83 crore from Rs 2,716.06 crore a year earlier.

Tata Power shares gained 1.09 per cent to Rs 78.70 at the close on the BSE.

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