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.

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