Private power producer Tata Power reported a consolidated net loss of Rs 246.90 crore for the March quarter against a profit of Rs 82.95 crore reported in the same period a year back largely due to a one-time impact related to regulatory obligations over Tata Docomo.
"The Company's profit after tax for the quarter was up at Rs 389 crore before Docomo impact of Rs 651 crore as against Rs 22 crore reported in the corresponding quarter last year mainly due to coal companies and renewables business," the company said in a statement to BSE.
For the January-March 2017 period, the company reported a total income of Rs 7,392.95 crore, one per cent lower from Rs 7,434.1 crore reported in the same period a year back. Total expenses for the quarter rose to Rs 7,287.22 crore from Rs 7,226.1 crore a year back. "During the Quarter ended March 31, 2017, Tata Power's consolidated Revenue stood at Rs 6,984 crore as compared to Rs 7,574 crore in the corresponding quarter last year due to lower power purchase and fuel cost," the company said in its statement.
For the full year 2016-2017, the company reported a net profit of Rs 948.56 crore against Rs 786.39 crore in the previous financial year. The company added, its earnings before interest, taxation, depreciation and ammortisation or Ebitda grew 10 per cent at the consolidated level for the full year.
Anil Sardana, managing director for Tata Power added, the group will now work towards increasing its green energy portofolio. "The Renewable Energy Business made a healthy contribution to PAT this year. The company aims to pursue a well-charted growth strategy by demonstrating a high level of commitment towards cleaner sources of generation thus increasing the share of non-fossil fuel based generation output to 35-40 per cent by 2025," Sardana said. The company said its profit after tax for the renewable business crossed Rs 175 crore and 2,000 Mw capacity generation for the entire fiscal year.