Tata Power reports Rs329-crore Q3 net loss as Mundra UMPP bleeds
11 Feb 2013
Tata Power, India's largest private power producer, has reported a consolidated net loss of Rs328.92 crore during the quarter ended 31 December 2012, pulled down by impairment charge of Rs600 crore related to its Mundra Ultra Mega Power Project.
The company had posted net profit of Rs297.95 crore in the October-December quarter of 2011-12.
Tata Power incurred an impairment charge of Rs600 crore on its newly-commissioned 4,000 MW Mundra ultra mega power project (UMPP), arising from high operating costs and low power tariff realization.
Total income from operations, however, was up at Rs9,039.31 crore in the third quarter of current financial year against Rs6,659.87 crore in October-December 2011-12, Tata Power said in a regulatory filing today.
During the quarter, Tata Power's standalone revenue grew 13 per cent to Rs2549.11 crore from Rs2251.86 crore in Q3 of FY12.
Operating profit was up 35 per cent at Rs440.40 crore compared to Rs326.35 crore in the corresponding period last year on account of better performance by Mumbai operating assets.
