Tata Power posted consolidated net loss of Rs 114.7 crore in first quarter (April-June) as against profit of Rs 145.9 crore in a year ago period, dented by higher interest payment and forex loss, but its standalone performance was quite good.
Consolidated net revenue increased higher-than-expected 29 percent on yearly basis to Rs 9,292 crore during June quarter while earnings before interest, tax, depreciation & amortisation (EBITDA) margin jumped 290 bps year-on-year to 21.7 percent as against analysts' forecast of 21.2 percent.
Analysts on an average had expected the power company to report net profit at Rs 224 crore on revenues of Rs 9,004 crore for the quarter.
Meanwhile, foreign exchange loss rose by 6.5 times to Rs 292.8 crore during April-June quarter from Rs 45.2 crore in corresponding quarter of last fiscal.
Finance costs (interest payment) ballooned 64.3 percent year-on-year to Rs 902 crore in first quarter. Finance cost includes Rs 45 crore being provision for interest on amounts which have not been deposited with the statutory authorities on account of disputes which are pending.
Consolidated EBIT from power business doubled to Rs 1,303.52 crore from Rs 579.45 crore Y-o-Y due to higher generation after commissioning of Mundra units, but EBIT of coal business (mining and trading) plunged nearly 63 percent on yearly basis to Rs 96.19 crore during June quarter.
On standalone basis, net profit increased to Rs 357 crore from Rs 312.30 crore and revenues rose to Rs 2,484.89 crore from Rs 2,190.02 crore Y-o-Y.
At 13:47 hours IST, the stock was down 7.5 percent to Rs 77.40 amid large volumes on the BSE.
For CNBC-TV18 review of the earnings, watch video.