Tata Power net down 42%

Tata Power, the country’s largest private power utility, today said its June quarter consolidated net profit fell 42.5 per cent due to a forex loss of Rs 154 crore in the said quarter and an exceptional gain of Rs 232.4 crore in the year-ago quarter. Net profit slipped to Rs 317.6 crore from Rs 552.7 crore in the previous corresponding quarter.

The company said the forex loss was due to realignment of borrowings for the Mundra project. The company had received Rs 232.40 crore due to Maharashtra Electricity Regulatory Commission (MERC) rate orders and judgment of Appellate Tribunal for Electricity (ATE) in the same quarter last year.

Net sales were up seven per cent at Rs 5,184.8 crore, compared to Rs 4,852.79 crore. Sales volume increased by eight per cent at 4,533 million units (MU), against 4,180 MUs in the corresponding period last year. Overall generation was up by three per cent at 4,386 MUs, compared to 4,260 MUs.

“We have started the year on a strong footing and all our businesses have performed well in this quarter. We are encouraged by the strong performance and growth of our retail business in Mumbai. Our generating stations have also recorded robust increase in power generation,” said Prasad R Menon, managing director, Tata Power.

The company said it added 18,300 new customers and 17,760 changeover customers during the quarter, taking its total customer base to 76,800. The company had 26,005 direct consumers before it started expanding its retail business in the Mumbai market.

Tata Power said the company had achieved 53 per cent overall progress in implementing the 4,000-mega watt (Mw) Mundra Ultra Mega Power Project. The first unit of the plant is expected to be commissioned by September 2011.