Private power utility Tata Power's consolidated net loss for the April-June quarter narrowed to Rs 111.30 crore mainly on account of lower forex losses and improved performance of Mundra UMPP project.
The company had posted a net loss of Rs 114.70 crore in the same quarter last fiscal.
The consolidated total revenue dropped to Rs 8,765.65 crore in the reporting quarter from Rs 9,339.40 crore in the same period last fiscal, the company said in a statement.
Tata Power's wholly-owned subsidiary Coastal Gujarat Power, which is operating the 4,000 MW ultra mega power project (UMPP) at Mundra in Gujarat, posted revenues of Rs 1,429 crore. The revenue were Rs 1,359 crore in the corresponding quarter in the last fiscal.
Net loss of Coastal Gujarat Power narrowed to Rs 305 crore in the period under reviews as compared to Rs 549 crore in the corresponding quarter last year. The company said the better performance was mainly on account of improved operational efficiency and reduction in depreciation charge by Rs 89 crore as per new Company's Act 2013.
"We are delighted to update that we commissioned yet another large solar project of 25 MW at Palaswadi in Maharashtra. CGPL (Coastal Gujarat Power) will do its utmost to continue to honour its commitment towards the nation's energy security by providing reliable and competitive power supply through the project," Anil Sardana, CEO & Managing Director, Tata Power said.
The company's income from its power business was down to Rs 6,515.95 crore from Rs 6,929.56 crore.
Its income from the coal business also declined to Rs 2,091.38 crore from Rs 2,387.96 crore, last financial year.
The decrease in revenues was mainly due to lower realisation by coal companies, lower fuel cost in Mumbai operations and lower volume traded by Tata Power Trading Company, the statement said.
On standalone basis, Tata Power's profit after tax for the period dropped to Rs 255.96 crore as compared to Rs 357 crore in the same period last fiscal.
