Tata Power posted a staggering consolidated net loss of Rs 1,218.86 crore for three months ended September, bogged down by provision for impairment charge and forex loss amounting to Rs 1,461.96 crore related to its upcoming
Mundra UMPP .
The huge provision has been made due to rising price of Indonesian coal that would fire the country's first ultra mega power project at Mundra in Gujarat. The quarterly figures also take into account various appropriations.
The leading power utility had a consolidated net profit of Rs 672.54 crore in the second quarter of the last fiscal.
However, the company's total income in the 2011 September quarter jumped to Rs 6,282.26 crore from Rs 4,809.51 crore in the year-ago period, according to a regulatory filing.
The quarterly loss was due to "provision made for impairment of Rs 823 crore and forex loss of Rs 638.96 crore incurred by CGPL".
A wholly-owned subsidiary of Tata Power, Coastal Gujarat Power Ltd (CGPL) is implementing the 4,000 MW Mundra project.
Tata Power noted that the provision for impairment charge is based on the assessment of fuel and other operating costs on cash flows for the Mundra project.
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