Finance Chart | March 2013
Tata Power posts Q3 loss at Rs 329 crore
Tata Power, one of the largest private power producers in India, posted a consolidated net loss of Rs 328.9 crore in Q3 December of financial year 2012-13 as against profit of Rs 297.9 crore in a year ago period. The result was impacted due to provision for impairment charges on Mundra UMPP project. Consolidated net sales jumped more than 35 per cent to Rs 8,991.7 crore from Rs 6,645.9 crore during the same period. Meanwhile, revenues from its power business (YoY) in¡creased nearly 64 per cent YoY to Rs 6,403.33 crore. The company reported an exceptional loss of Rs 600 crore during the quarter as against Rs 162 crore in a year ago period due to provision for impairment. The company explained the hurdles faced by it through a statement which said "Coastal Gujarat Power (CGPL), a wholly owned subsidiary, is in the process of implementing the 4,000 MW ultra mega power project at Mundra. The management has reviewed the recoverability of the carrying amount of the project considering the fuel cost, exchange rate variation and other operating costs that would impact future cash flows on commencement of commercial ope¡rations, the management has concluded that a provision for impairment loss of Rs 600 crore for the December quarter and Rs 850 crore for the nine months of FY13."