Coal news and updates

Tata Power consolidated Q3 net profit at Rs 198 crore

February 12: The Tata Power Company Limited, one of the major private power producers in India, has reported a consolidated net profit of Rs 198 crore for the third quarter (October–December) of 2014-15 against a net loss of Rs 75 crore recorded in the same quarter of the previous year.

The increase in profit during the quarter was attributed to a forex gain of Rs 500 crore, including Rs 410 crore due to VAT settlement in coal companies, favourable impact of the tariff order and higher generation.

During the quarter under review, Tata Power’s consolidated revenues increased to Rs 8,807 crore as compared to Rs 8,700 crore in the corresponding quarter last year.

“During the third quarter of FY14-15, Tata Power has improved profitability and consistently maintained strong operational performance across our business verticals. Most of our projects and subsidiaries continue to perform well despite very challenging circumstances,” said Anil Sardana, CEO & Managing Director, Tata Power.

During the quarter, the company entered into a share purchase agreement to acquire 100% shareholding in Ideal Energy Projects Limited (IEPL), a 540-MW domestic coal-based thermal power project in Nagpur district of Maharashtra.

In addition, it had signed a memorandum of understanding with Russian Direct Investment Fund (RDIF) to work together to identify and target investment opportunities in the energy sector across Russia in order to develop mutually beneficial transactions, he added.