BackTata Power’s Q3 profit falls 87.6% to Rs24.46 crore
Total consolidated income from operations rose about 9.4% to Rs9,329.27 crore from Rs8,528.40 crore a year ago
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Mumbai: Tata Power Co. Ltd on Friday reported an 87.6% fall in consolidated net profit for the quarter ended 31 December, missing analysts’ expectations.
Net profit for the third quarter of the current fiscal fell 87.6% to ₹ 24.46 crore from ₹ 197.74 crore in the year ago quarter. Total consolidated income from operations rose about 9.4% to ₹ 9,329.27 crore from ₹ 8,528.40 crore a year ago.
Fifteen analysts polled by Bloomberg had expected Tata Power to report a consolidated net profit of ₹ 229.90 crore on net sales of ₹ 9,454.20 crore.
During the third quarter, Tata Power reported a forex loss of about ₹ 61 crore compared with a gain of ₹ 421.04 crore in the year ago quarter, the company said in a statement. The company also recorded exceptional loss of ₹ 187.15 crore, due to impairment of goodwill on its Indonesian coal assets. However, the company reversed an impairment loss in subsidiary CGPL (Coastal Gujarat Power Ltd) of ₹ 2,320 crore, Tata Power said in the statement.
The company’s income was also hurt by regulatory expenses of about ₹ 601 crore during the quarter.
“Profit from operations (after adjustment for regulatory income) was up 20% at ₹ 4,043 crore as compared to ₹ 3,358 crore in the same quarter last year, the company said in its press release.
Revenue from the power segment fell 2.3% to ₹ 6,449.99 crore, while revenue from coal segment fell 8.6% to ₹ 1,922.16 crore during the quarter.
Revenue from other segments, including defence electronics, solar equipment, and infrastructure management services, rose 59.5% to ₹ 619.79 crore.
As of 30 September, the company had a consolidated debt of ₹ 40,720 crore. Tata Power’s shares closed up 2.2% to ₹ 60.40 apiece on BSE on Friday, while the benchmark Sensex rose 1.14%, or 278.54 points, to 24,616.97.
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