Tata Power profits up to Rs.168 crore in 2014-15

Driven by favourable impact of forex in and tariff orders, integrated power company Tata Power on Tuesday said it consolidated net profit in 2014-15 rose to Rs.168 crore against a loss of Rs.260 crore incurred in 2013-14.

The net revenue, in the review period, however, fell by just over four percent at Rs.34,367 crore as compared to Rs.35,873 crore in 2013-14.

In a regulatory filing with the BSE, the company said the revenue fall is mainly due to lower realisation in coal companies and lower revenue from Trombay units.

"All units have consistently maintained strong operational performance across our business verticals, despite very challenging circumstances. We have grown our footprints and ventured into many projects in the international market," said the company's managing director and CEO, Anil Sardana.

During 2014-15, it has commissioned a 126 MW project for Dagachhu Hydro Power Corporation (DHPC) in Bhutan as well as completed the financial closure for 187 MW Adjaristsqali hydro-project in Georgia.

"The company has also formalised the acquisition of 50 percent shareholding in 120 MW hydro power plant in Itezhi Tezhi district in Zambia," Sardana said.

During the fourth quarter of 2014-15, the company's operating profit rose by 28 percent at Rs.1,408 crore as compared to Rs. 1,097 crore during the corresponding timeframe in 2014. The company said it was mainly due to lower depreciation and lower coal price in CGPL and higher contribution from its Mumbai operations.

The net profit during the quarter was up at Rs.159 crore against a loss of Rs.145 crore in the corresponding quarter last fiscal.

Consolidated revenues for the quarter stood at Rs.8,240 crore - down by 7.4 percent as compared to Rs.8,902 crore in the corresponding quarter last year.