Lower realisation from coal companies coupled with a Rs 155-crore reversal on shifting of the multi-year tariff regime by the Maharashtra electricity regulator impacted Tata Power’s consolidated net profit.
Addressing mediapersons, Anil Sardana, Managing Director, said this is mainly due to lower profit in coal companies owing to lower price realisation and higher cost of production, besides higher interest and depreciation due to commissioning of Mundra and Maithon units.
Net profit plunged 61 per cent to Rs 195 crore in the current quarter against Rs 504 crore in the corresponding period last year. But revenue increased 25 per cent to Rs 7,254 crore in the current quarter against Rs 5,825 crore in the same period last year.
Revenue from coal business was up by 14 per cent at Rs. 2265 crore (Rs 1991 crore). However, the profit before interest and tax (PBIT) from coal business was Rs 258 crore (Rs 750 crore).
On Wednesday, the company scrip closed marginally down at Rs 98.05 on the BSE.