Mumbai: Swinging into profitability, Tata Power Thursday reported consolidated net profit of Rs 181.36 crore for the fourth quarter ended March 31, primarily on account of higher income.
The leading power producer had consolidated net loss of Rs 628.75 crore in the year-ago period.
These figures are after taxes, minority interest and share of profit/loss of associates.
According to a regulatory filing, the company's total income climbed to Rs 9,071.97 crore in the January-March quarter, from Rs 7,127.69 crore in the year-ago period.
For the entire 2012-13 fiscal, Tata Power saw its consolidated net loss narrow to Rs 85.43 crore as the provisioning for impairment loss related to Mundra Ultra Mega Power Project (UMPP) came down sharply.
It was Rs 1,087.68 crore in 2011-12.
Tata Power said the management has reviewed and re-assessed the recoverability of the carrying amount of the assets at Mundra project by taking into consideration fuel cost, exchange rate variation and other operating costs that would impact future cash flows.
Subsequently, the company has decided to have a "provision for impairment loss of Rs 850 crore for the year ended March 31, 2013 (Rs 1,800 crore for the year ended March 31, 2012) in CGPL", the filing said.
The 4,000 MW Mundra project is being executed by Coastal Gujarat Power Ltd (CGPL), a wholly-owned subsidiary of Tata Power.
Consolidated total income went up to Rs 33,206.99 crore in 2012-13, from Rs 25,845.11 crore in the previous fiscal.
On a standalone basis, net profit rose to Rs 200.03 crore in the fourth quarter last fiscal. In the comparable period, the same stood at Rs 116.97 crore.
However, total income fell to Rs 2,334.65 crore in the latest March quarter compared to Rs 2,367.81 crore in the same period a year ago.
For the full year ended March this year, the company's standalone net profit dropped to Rs 1,024.69 crore as against Rs 1,169.73 crore recorded in the comparable period.
On the other hand, standalone total income increased to Rs 10,261.33 crore in 2012-13. Last fiscal, it was at Rs 9,479.30 crore.
The board of directors has recommended a dividend of Rs 1.15 per share for the last financial year.
Tata Power scrip closed at Rs 90.30, up 0.33 percent on the BSE.
First Published: Thursday, May 30, 2013, 18:33