Tata Power rose 1.14% to Rs 102.35 at 10:56 IST on BSE, with the stock reversing initial decline triggered by reporting weak Q4 result.
The result was announced after trading hours on Thursday, 29 May 2014.
Meanwhile, the BSE Sensex was up 63.78 points, or 0.26%, to 24,297.93
On BSE, so far 2.63 lakh shares were traded in the counter, compared with an average volume of 9.05 lakh shares in the past one quarter.
The stock hit a high of Rs 103.05 and a low of Rs 100.10 so far during the day. The stock hit a 52-week high of Rs 109.45 on 26 May 2014. The stock hit a 52-week low of Rs 65.86 on 6 August 2013.
The stock had outperformed the market over the past one month till 29 May 2014, rising 25.09% compared with 7.87% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 33% as against Sensex's 14.74% rise.
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The large-cap company has an equity capital of Rs 270.53 crore. Face value per share is Re 1.
On a consolidated basis, Tata Power Company posted a net loss of Rs 145.33 crore in Q4 March 2014 compared with net profit of Rs 181.36 crore in Q4 March 2013. Total income fell 1.92% to Rs 8897.56 crore in Q4 March 2014 over Q4 March 2013. Operating profit declined 24% to Rs 1097.30 crore in Q4 March 2014 over Q4 March 2013 due to price realization for coal mining. Last year's operating Profit was higher due to depreciation rate adjustment.
In consolidated segment-wise performance, net revenue from Power Business fell 8.4% to Rs 5982.91 crore in Q4 March 2014 over Q4 March 2013 mainly due to lower generation in Mumbai operations and power purchase costs. Revenue from Coal Business rose 2.96% to Rs 2414.90 crore Q4 March 2014 over Q4 March 2013.
On a consolidated basis, Tata Power Company posted a net loss of Rs 259.97 crore in the year ended 31 March 2014 (FY 2014), higher than net loss of Rs 85.43 crore in the year ended 31 March 2013 (FY 2013) mainly due to foreign exchange losses. Total income rose 5.66% to Rs 35086.84 crore in FY 2014 over FY 2013. Operating profit rose 8% to Rs 4976.83 crore in FY 2014 over FY 2013 driven by full operations of Mundra UMPP and Maithon's improved operational profit due to additional tie up of 150 MW sale and favourable ATE order for Mumbai operations. This was despite lower coal prices affecting coal mines profitability, Tata Power Company said.
On a consolidated basis segment-wise performance, net revenue from Power Business rose 8% to Rs 25268.18 crore and from Coal Business rose 6.04% to Rs 9693.90 crore in FY 2014 over FY 2013.
Tata Power Company said that CGPL has not accounted revenue of Rs 1019.06 crore towards compensatory tariff for the period from 1 April 2012 to 31 March 2014 due to significant amount associated nor reversed the provision of impairment of Rs 2650 crore till further progress is achieved on payout and proceedings. Coastal Gujarat Power (CGPL) is Tata Power Company's wholly-owned subsidiary.
Commenting on the Company's performance, Mr. Anil Sardana, Managing Director, Tata Power said, During the year 2013-14, the Company continued its strong operational performance across all its businesses despite very challenging circumstances. CGPL has not recognized aggregate revenue of Rs 1019.06 crore for the present towards Compensatory Tariff, considering that a payout is awaited and we hope this gets resolved quickly. The Company has received independent legal advice that it has good arguable case and is monitoring progress closely. On the distribution front, the quarter also witnessed significant investments and has grown network in Mumbai & Delhi and looks forward to progress in Jamshedpur circle soon led by consumers exercising their 'right to choose' a preferred power supplier, the last quarter also witnessed Tata Power crossing 500,000 consumers in the city. Our focus is to reach 2 Million happy consumers in India in next year.
Tata Power Company's board of directors at its meeting held on Thursday, 29 May 2014, recommended a dividend of Rs 1.25 per share for the year ended 31 March 2014.
Tata Power Company is India's largest integrated power company with a significant international presence.
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