HOME > BUSINESS > Tata Power PAT down sharply as CGPL costs weigh

Tata Power PAT down sharply as CGPL costs weigh

mundraTata Power Consolidated Revenue stood at Rs. 6,566 crore in Apr-Jun quarter as compared to Rs. 7,016 crore a year earlier.

This revenue dip is mainly because previous quarter had favorable ATE order impact in standalone for Rs 137 crore, whereas corresponding quarter has an adverse MERC order in Mumbai Transmission Business for standalone of Rs. 62 crore and lower capacity revenue in CGPL, the company said.

Consolidated PAT fell to Rs. 72 crore as compared to Rs. 303 crore.

“PAT stood at Rs 72 crore mainly due to one off items as well as first time impact on account of INDAS,” the company said. “One-off items includes Rs. 120 crore in CGPL & Regulatory orders pertaining to previous years of Rs. 62 crore & INDAS related adjustments of Rs. 130 crore.”

Operating Profit in standalone stood higher by Rs. 50 crore at Rs 588 crores as compared to Rs 538 crores in the corresponding quarter last year.

On the net profit side, the company had an impact of Rs 133 crore due to mark-to-mark forex movement in P&L.

Most Operations other than Coastal Gujarat Power Limited (CGPL) — which operates the 4000 MW UMPP near the port city of Mundra in Gujarat — did better & reported strong performance, the company said.

During the quarter, CGPL had Rs. 286 crore adverse PAT impact due to overhauls, which brought down availability to less than 80% which, according to the company, led to Rs 90 crore PAT impact.

“However, over the current Financial Year station is expected to achieve 80% availability factor & hence be entitled to full recovery of fixed costs,” the company said.

CGPL also had one time cost on account of dredging of Rs. 33 crore and extra depreciation of Rs 30 crore due to impairment reversals.

Most Operations other than CGPL have done better & reported strong performance. MPL, IPTC (Zambia) and Coal & Infra Companies reported higher profits of Rs. 30 crore, Rs. 69 crore and Rs. 65 crore respectively, as compared to corresponding quarter last year, it said.

“All our subsidiaries and plants have shown strong performance despite very challenging circumstances,” said Anil Sardana, CEO & Managing Director, Tata Power. “This quarter reflect changes in treatment of forex-mark-to-mark, Interest on equity to CGPL and several items that have impacted PAT due to change to INDAS.”

He also said non-fossil fuel based energy output will be increased to 30-40% of the company’s total output by 2025.

Follow ULTRA.news
Persistent Systems profit up 10% QoQ, revenue up 4.5% Mid-sized IT services provider Persistent Systems reported 4.5% sequential USD revenue growth and 4.6% rupee revenue growth for the September quarter.On a year-on-year basis, dollar revenue rose 12.3%, while rupee revenue was up 8.1%.Operating profit, however, was up onl...
Surprisingly, Reliance Jio is already profitable at PAT level Reliance Jio has reported revenue of Rs 7,213 cr, including GST, and an operating profit of Rs 261 cr for the second quarter of the financial year.However, after deducting costs related to the wear and tear of its machines, Reliance Jio reported a pretax loss of 414 cr. This...
Reliance Jio breaks even on opg level, 9.62 GB avg consumption per month Reliance Jio has reported revenue of Rs 7,213 cr and an operating profit of Rs 261 cr for the second quarter of the financial year.Per capita data consumption was 9.62 GB per user per month.Average voice consumption was 626 minutes per month during the period, it added. ...
Karnataka Bank NII up 11%, PAT down Karnataka Bank's second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year.However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr.The Net Interest Income rose to 440 cr from 397 cr last year.G...
TCS Q2 results comes largely in line with expectations Tata Consultancy Services Ltd, the country's largest IT services exporter, reported revenue largely in line with expectations, while net profit fell slightly.Revenue was 30,541 cr, up 4.3% on year. Dollar and constant currency numbers have not yet been revealed.Operating...
Cyient posts strong results for Q2, sales hit record high, up 6.7% Mid-sized IT services provider Cyient reported revenue growth of 6.7% on quarter to $150.1, an increase of 10.0% on year.Out of this, services revenue accounted for $134.3 Mn, up 4.2% on quarter and 9.2% on year.Operating profit jumped 21.5% on quarter to Rs 21.41 bln. ...
Hindustan Unilever says early sales in Jul-Sep quarter affected by ‘GST myths’ Hindustan Unilever, the country's largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors."Early part of SQ'17 (July-September 2017) was affect...
Tata Power renewable generation up four times last year Tata Power said it generated more four times as much power from renewable sources like solar and wind in the financial year ended March, compared to the year before.This was achieved partly due to an acquisition.During the year, its renewable arm Tata Power Renewable En...
Tata Power to set up electric vehicle charging stations in Mumbai Tata Power announced its plan to set up electric vehicle charging stations across Mumbai, and has set up the first one at its compound in Vikhroli."These chargers would facilitate electric car users to charge their cars (Battery Electric Vehicles such as the Mahindra e2O, Nis...
SpiceJet reports 10th quarterly profit in a row SpiceJet reported an 18% growth in its net profit for April-June period at Rs 175 crore, the company said, making it the 10th successive profitable quarter for the airline. Total revenue from operations were Rs 1,869 crore, higher than Rs 1,521 crore for the same quarter las...
Bharti Airtel profit down 75%, says market remains “turbulent” Bharti Airtel Limited reported a drop of 14% in its revenue for the first quarter, at Rs 21,958 crore. Adjusted for sale of its units, the drop was 11%, it said.Net profit fell 75% to 367 crore rupees for the first quarter. Operating profit was down 18%.India revenues for...
Bharti Airtel Q1 revenue up 10%, profit down 12% Tower provider Bharti Infratel reported a 10% growth in its revenue and profit for the first quarter.The Consolidated revenues for the quarter, at Rs. 3,524 Crore, was up by 10% over the corresponding period last year.Consolidated profit from operations improved to Rs 1,...
ACC net profit up 33%, sales up 18%, volume rises 10% Cement manufacturer ACC Ltd reported a 46% jump in profit before tax to Rs 482 Cr, while sales increased 18% in the first quarter to 3,329 Cr.Net profit rose 33% to 326 cr.Cement volume rose 10% on year."The Company delivered strong volume growth amidst challenging ma...
Jet Airways posts profit of Rs 23 cr for Q4 Jet Airways Group today announced its second successive profitable year for the year ended Mar. 31, 2017.For Q4 of FY17, the group reported a net profit of INR 23 crores. The Group reported a consolidated profit of INR 438 crores for the year. "Despite the challenges po...
Larsen & Toubro reports 12% increase in sales, 30% in profit Larsen & Toubro recorded revenue of Rs 36,828 crore for the final quarter of the financial year, recording an increase of 12% on a y-o-y basis.The overall PAT for the quarter January to March 2017 stood at Rs 3,025 crore higher by 29.5%, as compared to Rs 2,335 crore reco...
IGL profit up 23% in fourth quarter, sales up 13% Indraprastha Gas Limited, the supplier of Compressed Natural Gas and Piped Natural Gas in the National Capital Territory of Delhi, Noida, Greater Noida & Ghaziabad today announced its Q4 results.The company’s net profit for the three months ended March increased from Rs. ...
Tech Mahindra net profit down 31% due to rupee, poor growth Tech Mahindra said its revenue fell 0.8% quarter on quarter in the three months ended March to Rs 7,495 crore, while net profit fell 31% to Rs 588 cr.In dollar terms, revenue rose 1.3% quarter on quarter and in constant currency terms, it was up 0.9% QoQ.In dollar ter...
Bharti Airtel is successfully adopting the Reliance Jio model It is not every day that a new entrant forces the established players in the market to overhaul their business models. But Reliance Jio seems to be doing just that, and rivals like Bharti Airtel are proving to be quick, if slightly unwilling, learners.In the three months from...
Vitara Brezza lifts Maruti Suzuki’s fortunes in FY17 New Maruti Suzuki Dzire 2017 model to be launched next monthMaruti Suzuki said its revenue increased 20.3% in the three months from January to March this year compared to the same quarter last year, while net profit jumped 16%."Growth in volumes, increase in share of the...
Infosys guides for FY18 growth of 6.5-8.5% in constant currency Infosys Q4 resultsInfosys Ltd said it expects its revenue to grow by a modest 6.5-8.5%, stripped off the impact of currency movements, in the year that started this month.The street was expecting a guidance of 7-9% growth.The guidance is well below the traditional gu...