Tata Power today said its consolidated net profit more than doubled to Rs 360.25 crore for the quarter ended March 31, 2016 on strong operational performance and lower fuel cost.
The company’s net profit after tax, minority interest and share of associates was at Rs 159.14 crore in the year-ago period, Tata Power said in a BSE filing.
The company said its profit more than doubled mainly “due to strong operational performance and lower fuel cost”.
Total income from operations of the company increased to Rs 9,375.16 crore from Rs 7,907.64 crore in the corresponding quarter of the previous fiscal.
“Operating profit for the quarter was up by 12 per cent at Rs 1,572 crore as compared to Rs 1,408 crore in Q4FY15 mainly due to strong operational efficiencies and lower fuel cost,” the statement said.
For the full fiscal 2015-16, Tata Power posted a consolidated net profit of Rs 873.35 crore against Rs 167.83 crore for the year ended March 31, 2015.
Total income increased to Rs 37,559.16 crore for the year ended March 31, 2016, from Rs 34,144.31 crore in the year ended March 31, 2015, the company said.
“During the year-ended March 31, 2016 consequent to the decline in forecast of coal prices, the company has assessed the carrying amount of goodwill arising from the group’s investment in Indonesian coal companies and has accounted for impairment loss of Rs 2,533.35 crore, (Rs 26.20 crore for the quarter ended March 31, 2016, due to exchange of realignment) and disclosed under exceptional items,” the company said.
Tata Power CEO and MD Anil Sardana said, “The company’s relentless focus on operational improvements have shown great results. All our subsidiaries and plants have shown strong performance despite very challenging circumstances.
“We have grown our footprint and commissioned various projects nationally and internationally. Also APTEL decision is a welcome development and we hope that CERC would help resolve the impending issue of fuel-under recovery at CGPL soon,” he said.
“To strengthen company’s focus on sustainability, Tata Power has commissioned several non-fossil fuel based projects during the year, which is in line with its strategic intent,” he said.
In a separate BSE filing, Tata Power said that the Board has recommended a “dividend of Rs 1.30 per equity share of Rs 1 each (@ 130 per cent) to the shareholders for the year ended March 31, 2016.