Tata Power slips into red, loss at Rs.329 cr
Analysts had expected the company to report a profit of R270 crore in the latest reported quarter. Tata Power, which is India’s largest private power company, said it recorded the impairment charge on review of the Mundra project’s earning capacity compared with its cost.
“The company eagerly awaits CERC’s decision on PPA tariff revision for Mundra UMPP to address long term sustainability,” Tata Power said in a media statement.
Total income from operations rose 36% to R9,039.31 crore, partly driven by additional revenue generated from Mundra and Maithon plants, as well as increased sales from its Delhi distribution business.
Revenue for its power business rose 64% to R6,403 crore, while its sales for the coal division slipped 9% to R2,464 crore. Tata Power Delhi Distribution, joint-venture with Delhi government, reported revenue of R1,300.24 crore, up 19% from last year. In distribution, profit after tax stood at R76.58 crore, up from R30.36 crore in the previous year.
The company, which has an installed generation capacity of nearly 7,700 MW, said sales volume for the quarter stood at 3,998 million units (MUs) versus 3,922 MUs last year, while gross generation
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