Aug 06, 2013, 03.30 PM IST | Source: Moneycontrol.com

Tata Power slumps to 4-year low, down 18% on Q1 net loss

Tata Power Company 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.

Moneycontrol Bureau

Tata Power Company shares crashed 18.5 percent intraday Tuesday to touch more than four-year low of Rs 68.25 after it reported loss during April-June quarter .

The private power producer 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.

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 15:15 hours IST, the stock was quoting at Rs 72, down 13.98 percent amid hefty volumes on the BSE.

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