Tata Power Company Ltd., India's largest private power utility company, reported a consolidated loss for the fourth-quarter on provision of impairment for the Mundra Project.
However, on a stand-alone basis, the company reported a lower net profit for the quarter on forex losses.
Consolidated Results
The Mumbai-based company posted a fourth-quarter consolidated net loss, after minority interest and share of profit of associates, of Rs.628.75 crore or Rs.2.71 per share, compared with a net profit of Rs.625.02 crore or Rs.2.68 per share in Q4FY11.
Results for the quarter under review included a one-time charge of Rs.815.00 crore, under exceptional item, towards provision of impairment for Mundra Project.
Its quarterly net income from operations was Rs.7,169.85 crore, up by 44 percent from the Rs.4,985.84 crore in the corresponding quarter of the preceding year, while other operating income stood at Rs.64.91 crore, compared with Rs.29.64 crore in the year-ago quarter.
For the fiscal year, consolidated net loss, after minority interest and share of profit of associates, was Rs.1,087.68 crore, compared with a net profit of Rs.2,059.60 crore in 2011. Results for the year included provisions of Rs.1,800 crore of impairment for the Mundra Project.
Total income for the year, including other operating income, totaled Rs.26,001.40 crore in 2011, up by 34 percent from the Rs.19,450.76 crore a year-ago, due to strong operational fundamentals.
Stand-alone Results
Tata Power's fourth-quarter stand-alone net profit was Rs.116.97 crore, compared with Rs.267.71 crore in Q4FY11, reflecting a 56 percent decline due to forex losses. On a per share basis, earnings for the quarter fell by 76 percent to Re.0.30 per share from the Re.1.23 per shares a year-ago.
Its quarterly net income from operations was Rs.2,184.02 crore, up by 34 percent from the Rs.1,630.22 crore in the corresponding quarter of the preceding year, while other operating income stood at Rs.190.67 crore, compared with Rs.132.41 crore in the year-ago quarter.
income from operations from 'Power Business' segment was Rs.2,211.71 crore, up by 30 percent from the Rs.1,695.68 crore last year, whereas that from 'Others' was Rs.162.98 crore, compared with the Rs.66.95 crore a year-ago.
During the quarter, sales stood at 3,593 (MUs), down by five percent from the 3,777 MUs in Q4FY11, while the generation fell by two percent to 3,599 MUs from the 3,531 MUs in the year-ago quarter.
For the 12-month period, net profit stood at Rs.1,169.73 crore, up by 24 percent from the Rs.941.49 crore last year, due to strong operational performance of power business and higher divided income from Coal SPVs. Total income, including other operating income, amounted to Rs.8,495.84 crore from the Rs.6,918.48 crore in 2011.
The company reported annual sales at 15,240 million units (MUs), down by five percent from the 16,060 MUs last year, while the annual generation was 15,230 MUs, flat from last year's 15,325 Mus.
During the year, the company crossed the milestone of 5,000 MW mark, re-affirming its position as the largest integrated power company in India. During this period, it commissioned several large projects -Unit-1 of India's first UMPP in Mundra, Unit-1 of 1050 MW Maithon Power and 25 MW solar plant at Mithapur.
The company's Board recommended a dividend of 125 percent or Re.1.25 per equity share of Rs.1 each for the fiscal year 2012 to be paid on and from August 21 this year.
Managing Director Anil Sardana said, "During the financial year, all our businesses have registered robust performance. We look forward to early resolution on imported coal compensation issue for long-term sustenance of power sector."
At the BSE, Tata Power shares are currently trading at Rs.86.60, down Rs.3.85 or 4.26 percent on a volume of 519,000 shares.
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