New Delhi: Private power producer Tata Power on Thursday reported a consolidated net profit of Rs 241.33 crore for the quarter ended June 30, helped by higher revenues.
The company had reported a net loss of Rs 111.30 crore in the corresponding quarter of the previous fiscal, Tata Power said in a regulatory filing.
The total income from operations during the quarter was at Rs 9,234.58 crore, an increase of 6.05 per cent. The total income from operations in the year-ago period was Rs 8,707.53 crore.
The company's other operating income (net of excise duty) during the quarter increased over four-fold to Rs 123.08 crore as against Rs 28.75 crore in the year-ago period.
Tata Power's revenue from the power business increased to Rs 6,802.99 crore as compared to Rs 6,568.38 crore in the same quarter of the previous fiscal.
It further said that in the case of Coastal Gujarat Power Ltd (CGPL), a wholly-owned arm of the company, the Supreme Court has stayed the orders passed by CERC and APTEL granting compensatory tariff.
The company, it said, has been legally advised that it has a good arguable case.
"However, in view of the above and considering that amounts associated are significant, CGPL has not recognised aggregate revenue of Rs 192.03 crore for the quarter ended June 30, and Rs 1,776.95 crore for the period from April 1, 2012 to March 31, 2015," it said.
It said that CGPL has reviewed and reassessed the recoverability of the carrying amount of its assets at Mundra and has concluded that no further provision for impairment as at June 30, 2015 is necessary.
"In view of the estimation uncertainties, the assumptions will be monitored on a periodic basis by the management and adjustments will be made if conditions relating to the assumptions indicate that such adjustments are appropriate.
Certain financial covenants in respect of loans taken by CGPL had not been met," it said.
The management has requested lenders to extend the existing waivers. "Accordingly, the long-term loans continue to be classified as long-term loans," it said.
Shares of the company on Thursday closed at Rs 69.20 per scrip, up 2.44 per cent.
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