Ltd on Tuesday reported a 76% fall in the first quarter net profit due to one-off items and the impact of adopting the new Indian Accounting Standards, sending its shares down as much as 4.4% in afternoon trading.
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MPL, IPTC (Zambia) and Coal & Infra Companies reported higher profits of Rs. 30 crore, Rs. 69 crore and Rs. 65 crore respectively, as compared to corresponding quarter previous year, it said.
Profit came in 76.1 per cent lower than Rs 303 crore that the company had reported for the corresponding quarter previous year, thanks to a one-time regulatory expense of Rs 272 crore and forex losses that amounted to Rs 160 crore for the quarter.
“PAT stood at Rs 72 crore mainly due to one off items as well as first time impact on account of INDAS”, the company said. It has also been seeking avenues of growth overseas, winning contracts to set up plants in South Africa, Georgia and Zambia.
During the quarter, CGPL had ₹286 crore adverse PAT impact due to factors, such as plant overhauls leading to a lower than 80 per cent availability plant factor, one-time cost on account of dredging of ₹33 crore and extra depreciation of ₹30 crore due to impairment reversals.
Tata Power Company has declared its Q1FY17 results on August 23.
Tata Power shares closed 2.95 per cent lower at Rs 74.80 compared to 0.04 per cent gain in the broader Nifty.
Tata Power Company is now trading at Rs. 75.50, up by 0.75 points or 1.00% from its previous closing of Rs. 74.75 on the BSE. It plans to increase the share of non-fossil fuel based energy output by 30-40% by 2025 in order to strengthen its sustainability.
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Asia’s third-largest economy has stepped up efforts to reduce dependence on thermal fuels such as coal in its bid to reduce pollution. It is engaged in the renewable energy business in India with a clean energy portfolio of over 1630 megawatts.
