Tata Power, on a consolidated basis, has posted a loss of Rs 115 crore for the quarter ended June 30, against a profit of Rs 146 crore in the same period last year.
Net loss on the forex front was Rs 293 crore, which the company said was because of re-pricing of liabilities due to the weakening of the rupee and higher finance cost related to the Mundra project.
Revenue was up 29 per cent at Rs 9,339 crore (Rs 7,254 crore). The increase was due to the commissioning of all units in Mundra, Maithon and higher volume traded by Tata Power Trading Company.
Revenues from its power business increased 43 per cent to Rs 6,894 crore (Rs 4,824 crore). Coal business revenue was marginally down at Rs 2,184 crore (Rs 2,265 crore).
Coastal Gujarat Power Ltd ( CGPL), which operates the company’s 4000 MW Mundra project, posted revenues of Rs 1,359 crore (Rs 285 crore).
Profit after tax stood at minus Rs 548.84 crore (- Rs 165 crore) as all units of the plant have been commissioned.
Anil Sardana, Managing Director, Tata Power, said: “We continue to expand our international presence by entering new markets like Vietnam with the 1,200 MW Long Phu thermal power project, and Europe with a hydro project in Georgia.
“On the Mundra plant, Central Electricity Regulatory Commission has notified CGPL of its decision for a compensatory tariff to be paid till the fuel situation stabilises.”
On Tuesday, the company scrip closed 14.76 per cent down at Rs 71.35 on the BSE.