SME Times News Bureau | 24 Aug, 2016
Tata Power on Tuesday reported a
76 percent drop in its consolidated net profit to Rs 72.49 crore for
the quarter ended June 30, as compared to Rs 303.14 crore in the same
period last year.
"PAT (profit after tax) stood at Rs 72 crore
mainly due to one off items as well as first time impact on account of
INDAS. One-off items includes Rs. 120 crore in CGPL (Coastal Gujarat
Power Ltd) and eegulatory orders pertaining to previous years of Rs 62
crore and INDAS related adjustments of Rs 130 crore," the company said
in a statement.
Its consolidated revenue in the quarter under
review stood at Rs. 6,566 crore (including regulatory income/expense) as
compared to Rs 7,016 crore in the corresponding period last year.
"The
company's focus on operational improvements have continued to show good
results. All our subsidiaries and plants have shown strong performance
despite very challenging circumstances. We have grown our footprint and
commissioned projects at South Africa and Zambia," said the power
producer's CEO and Managing Director Anil Sardana.
The company
has announced acquisition of renewable assets and also commissioned
several non-fossil fuel based projects during the year, which is in line
with its strategic intent.
"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 energy output to 30-40 percent by 2025," Sardana
said.
