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
Adani Enterprises Q3 operating profit up 49% Diversified group Adani Enterprises reported revenue of Rs 9,938 crores for the Oct-Dec quarter compared to Rs 8,606 crores for the same quarter last year. Due to the higher revenue, operating profit (EBIDTA) jumped to Rs 1,048 crores from Rs 705 crores last year. Net prof...
DB Corp advertising sales down 6% in Oct-Dec North Indian newspaper publisher DB Corp reported disappointing results for the third quarter as its key revenue sources, advertising, saw a abnormal decline during the quarter. Revenue from print advertisements declined by 5.8% despite the comparison being with a quarter that...
HUL sees strong growth in profit margins in Q3 Hindustan Unilever, the country's largest fast-moving consumer goods maker, reported a 17% increase in its like-to-like top line and an 11% growth in sales volumes for the October December period when compared to the previous year. The previous year's sales were disrupted by ...
Zee Entertainment reports a 30% jump in India ad sales due to demonetization Zee Entertainment Enterprises, the country's largest listed media company, reported a whopping 30% jump in advertising sales in India as the comparison period of last year was hit by demonetization. Domestic advertising revenue was at Rs 11,373 mn (Rs 1,137 cr) on a like to l...
TV18 posts 8% top line growth, regional news slips Reliance Industries' controlled TV18 reported better results than in recent quarters, and said advertising revenue is showing signs of recovery. The company reported a 8% growth in the top line for Oct-Dec quarter to Rs 271 cr, while profit before tax remained flat at Rs 16 c...
Infosys reports in-line quarter, revenue up 5.8% YoY in constant currency Infosys reported a quarter that was largely in line with expectations and said it retains its full-year revenue growth guidance at 5.5-6.5%, excluding the impact of currency movements. With nine months gone, the company has grown at 5.6% in constant currency terms so far. F...
TCS reports 1.2% sales growth QoQ, PAT up 1.3% TCS CEO, Tata Group Chairman & Maharashtra CM Tata Consultancy Services reported a 1.3% improvement in revenue in constant currency terms, which is less than the 1.7% improvement reported in the previous quarter, but largely in line with expectations for a tame quarter. R...
Hindustan Media Ventures reports 5% ad revenue growth Hindustan Media Ventures, the publisher of Hindustan daily, reported a 12% jump in net profit for the third quarter due to ongoing cost cutting measures. On a positive note, advertising revenue increased by Rs 8 cr, or 5%, on year during the third quarter to Rs 177 cr. Howeve...
Titan jewelry retail sales meet expectations, primary sales slow Titan's promotion for Taneira Titan Co, India's largest jewelry company, said its mainstay jewelry business saw retail sales that were in line with expectations for the October-December period, but there was a slight slowdown in sales to franchisees. It also said its pilot...
Siemens Q2 sales hit by GST, profitability improves, orders up 10% Electrical goods maker Siemens Ltd reported an improvement in its profit margins, but underlying sales growth decelerated to 1.8% due to GST-related impact. The company usually posts 8%-15% growth in revenue. Net profit also showed a decline as last year, the company had exce...
Tata Power, Israeli partner get sonar contract from Indian Navy Tata Power said its Strategic Engineering Division, along with partner DSIT Solutions Ltd, received a contract to supply Portable Diver Detection Sonar (PDDS) to the Indian Navy. The deal is one of the the largest in the world for such systems, it said. The detection syste...
NMDC Q2 sales up 39%, PBT up 19% India's largest iron ore producer NMDC has reported a 39% increase in its revenue for the September quarter compared to the same period last year. Net profit increased 10%. The increase in revenue and profit was mainly due to increase in pricing and volume, the company said. ...
Tata Global says lower costs helped Q2 profit growth Tata Global Beverages reported a 4.4% increase in revenue for the September quarter, while net profit jumped to 144 cr from Rs 127 cr in the year-ago quarter. Revenue declined marginally on a sequential basis, while net profit was higher by Rs 20 cr. The company said reven...
Zydus Cadila has an excellent quarter in Q2, PAT up 33% Pharma giant Zydus Cadila reported excellent numbers for the September quarter, led by rising US revenue that lifted its margins and profits. For the second quarter ended September 30, 2017, Zydus Cadila reported Earnings before Interest, Depreciation and Tax (EBIDTA) of Rs. 8...
Tata Chemicals PAT up 52% despite GST impact Tata Chemicals Limited reported flat revenue for the quarter ended September, partly due to the impact of the GST, but net profit from continuing operations was up 52%. On a like to like basis, said the company, revenue was up 2.6%. As reported, revenue was at 3,462 Cr and ...
Idea Cellular loss widens, ARPU down, VoLTE in early 2018 Idea Cellular reported a 19.7% year-on-year decline in its standalone revenue for the second quarter of this financial year, while net loss increased to Rs 1,176 cr from 617 cr in the preceding quarter and a net profit of 4.3 cr in the year-ago period. The revenue per subscri...
Sun TV continues slow ad growth trend, but subscription fees jump Chennai-based Sun TV continued to report decent overall growth in the July-September quarter as well, but advertising sales continued to lag behind peers such as Zee Entertainment. The company has been ‘suffering from’ poor advertisement growth in the last couple of years, ev...
Amara Raja Batteries sees telecom impact on Q2 sales Amara Raja Batteries reported a modest improvement in its results for the September quarter, with operating profit edging above last year's level by a whisker. Growth would have been faster, if it hadn't been for the disruption in the telecom market, the company said. The ...
Jagran Prakashan profits hit by poor revenue growth, blames GST Jagran Prakashan reported disappointing results for the September quarter, continuing the trend of print and newspaper companies struggling in recent quarters. Total revenue from operations fell to Rs 566.55 cr for the three months ended September, down from 591.33 cr in the ...
Greenlam beats GST blues with higher margins Greenlam Industries reported a 15.8% increase in net profit for the September quarter despite a hit on revenue from the GST by cutting down on operating costs. The company recorded a net profit of Rs 16.0 crores, up from Rs. 13.8 crores in the corresponding quarter last year....