Tata Power loss up 3.7% to Rs 78 crore

Consolidated revenue was down 4% to Rs 8394 crore due to shutdown of a unit in company's Trombay plant and lower realisation in its coal business. Interest cost rose 22% to Rs 980 crore from Rs 803 crore in second quarter of last fiscal.

On a standalone basis the company reported 17% growth in profit to Rs 306 crore on account to higher other income.

Tata Power said it has made a provision of Rs 30.50 crore for diminution in investment following Supreme Court's decision to cancel its two coal blocks. Additionally it has also booked Rs 28.50 crore as other expenses for interest cost and expenditure incurred on coal mines and the same was earlier capitalised. Tata Power said it would be able to recover the entire investment.

"During the second quarter of FY15, the Company reported robust operational performance by its businesses maximizing shareholder value. In this quarter, we have successfully received the distribution and transmission license for Mumbai for the next 25 years,'' said Tata Power CEO Anil Sardana.

He added that the company is hopeful of a quick resolution of India's fuel issues including the unprecedented rise of imported coal prices and issues around domestic coal.