Tata Power back in black

The revenue for the quarter for the company grew by a 25% to Rs 9032.4 crore on year on year basis

Tata Power, India’s largest private power producer, recorded a net profit of Rs 181 crore for the quarter ended March, against a net loss of Rs 628.7 crore in the corresponding period last year. The company’s revenue rose 25 per cent to Rs 9,032 crore on year-on-year.

For the year ended March, the company reported a consolidated loss of Rs 85.4 crore, against a net loss of Rs 1,088 crore in 2011-12, as provisioning related to the Mundra ultra mega power project (UMPP) fell sharply. Revenue for the year rose 27 per cent to Rs 33,025 crore, owing to additional sales from the Mundra UMPP and higher volume traded at Tata Power Trading.

“During the financial year, the company recorded the highest revenue, driven by all-round performance of projects and subsidiaries,” said Managing Director Anil Sardana.

India’s first 4,000 MW UMPP was commissioned by the company in the year. With this Tata Power’s generation capacity has now touched 8521 MW.  

“We are looking forward to expeditious resolution on compensatory tariff to be finalized by a committee set up as per CERC’s direction,” said Sardana talking about the Mundraa UMPP’s plea to revise tariff in the background of increased cost for imported coal.

On the distribution front, the company is on track to execute its Jamshedpur mandate. It has already got 1.8 million customers. The company is also setting up a 202.5 MW power plant in Orissa in a joint venture with Tata Steel. Besides, it has started the land acquisition process for 1980 MW plant at Tiruldih in Jharkhand which it expects to complete in 2014-15.

The company also continues to expand its international presence with signing of agreements with Clean Energy and IFC for developing hydro projects in Georgia for sale of power primarily to Turkey.