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Tata Power Q4 profit drops 92% to Rs 107.32 crore

Consolidated net profit for the March quarter fell 92 per cent y-o-y to Rs 107.32 crore as the largest private sector power utility made an exceptional gain from reversal of impairment charges on Mundra Power Plant and Indonesian coal mines a year ago. 

Tata Power’s consolidated operating profit for the quarter ended March 31, 2019, fell 1.5 per cent year-on-year (y-o-y) to Rs 1,348.68 crore while margins dropped marginally by 32 basis points as fuel cost and power purchase cost rose during the period.

Consolidated net profit for the March quarter fell 92 per cent y-o-y to Rs 107.32 crore as the largest private sector power utility made an exceptional gain from reversal of impairment charges on Mundra Power Plant and Indonesian coal mines a year ago.

In Q4FY19, the company has also made an impairment of Rs 106 core towards the gas-based Rithala power plant in Delhi, which is lying idle for the last four years. Profit before exceptional item for Q4FY19 was Rs 259 crore compared with Rs 118 crore a year ago, the firm said in a release. —FE

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