Tata Power Q1 net down 29% due to forex losses

Private power producer Tata Power today reported 29 per cent decline in net profit to Rs 266.98 crore for the quarter ended June, 2010, mainly due to foreign exchange losses.

The company had posted a net profit of Rs 377.06 crore for the same period in the previous fiscal (2009-10), it informed the Bombay Stock Exchange.

Total income of the company declined by about 7 per cent to Rs 1,867.90 crore from Rs 2,015.52 crore in the corresponding period last fiscal.

Profit-after-tax for the April-June quarter factored in a Rs 154 crore forex loss on account of realignment of Tata Power subsidiary Coastal Gujarat Power's borrowings.

"We have started the year on a strong footing. All our businesses have performed well in this quarter," Tata Power Managing Director Prasad R Menon said.

The total installed capacity of Tata Power is 2,971 Mw, of which 1,838 Mw is coal-based.

The company is executing projects with a combined capacity of 5,470 Mw, including a 4,000-Mw ultra-mega power project (UMPP) at Mundra, in Gujarat. The first 800-Mw unit of the UMPP is likely to go onstream by the end of 2012.