Tata Power narrows Q3 net loss to Rs 75 cr

New Delhi: Tata Power today reported net loss of Rs 75 crore for the third quarter ended 31 December, lower than the year-ago period, mainly due to reduction in overall expenses. It had reported net loss of Rs 329 crore in the October-December quarter of 2012-13 due to impairment charges worth Rs 600 crore, Tata Power said in a stock exchange filing.[caption id=“attachment_1378915” align=“alignleft” width=“380”]  Power business. Reuters[/caption] Tata Power’s total income from operations in Q3, 2013-14 was down at Rs 8,700 crore, from Rs 9,039.31 crore in the year-ago period. Its cost of fuel during the quarter decreased to Rs 2,307 crore, from Rs 2,696 crore in the same period last year. On standalone basis, the company posted net profit of Rs 251.13 crore for the quarter as compared to Rs 216.38 crore for the three months ended 31 December 2012. Its total income decreased however from Rs 2,580.93 crore for the quarter to Rs 1,998.59 crore for the quarter ended 31 December 2013. Last week, the company exited from the Indonesian coal mining firm PT Arutmin for $500 million (Rs 3,150 crore) to cut debts. The company’s Mundra UMPP project is facing under-recovery challenges. Tata Power had purchased 30 percent stake each in PT Arutmin and KPC for $1.1 billion in 2007. The country’s leading private power generator, through its wholly-owned subsidiary, signed an agreement to sell its 30 percent stake in Arutmin and associated companies in coal trading and infrastructure to an Indonesian firm Bakrie Group entity. It continues to hold its equity stake in PT Kaltim Prima Coal which owns one of the largest thermal coal producing mines in the world. Tata Power shares were trading down 0.20 percent at Rs 75.15 on the BSE in the afternoon trade. PTI