Tata Power gains after announcing turnaround in Q4

Tata Power Company rose 3.76% to Rs 78.70 at 9:20 IST on BSE after the company reported consolidated net profit of Rs 159.14 crore in Q4 March 2015 compared with consolidated net loss of Rs 145.33 crore in Q4 March 2014.

The result was announced after market hours yesterday, 19 May 2015.

Meanwhile, the S&P BSE Sensex was up 174.08 points or 0.63% at 27,819.61.

On BSE, so far 1.56 lakh shares were traded in the counter as against average daily volume of 4.97 lakh shares in the past two weeks.

The integrated power company hit a high of Rs 79.80 and a low of Rs 78.70 so far during the day.

Tata Power Company's total income fell 8.12% to Rs 8227.14 crore in Q4 March 2015 over Q4 March 2014.

Net profit in Q4 March 2015 was up at Rs 159 crore mainly due to lower depreciation & lower coal prices in company's wholly owned subsidiary, Coastal Gujarat Power (CGPL) and better performance of Mumbai operations. The profits for the quarter also include adverse forex impact at the South African Joint Venture-Cennergi. The impact of lower coal price realization were offset by better operational efficiencies of coal mines as well as forex gains on value added tax (VAT) related settlement during the year. Operating profit rose 28% at Rs 1408 crore in Q4 March 2015 over Q4 March 2014.

The board has recommended dividend of Rs 1.30 per share for the year ended 31 March 2015 (FY 2015).

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