Tata Power on Thursday posted 30 per cent dip in consolidated net profit for the fourth quarter ended March 31 at Rs 661.54 crore because of lower forex gains and a reversal of deferred tax provision.
The company, which is the country's largest private player in the
thermal power generation space, had posted a net profit of Rs 942.78 crore in the fourth quarter in 2009-10.
For the entire 2010-11, the company's consolidated net profit improved 6 per cent to Rs 2,088.12 crore.
It attributed the fall in Q4 profit to lower forex gains of Rs 61 crore from CGPL (Coastal Gujarat Power Ltd), versus Rs 358 crore in the previous financial year, and a reversal of deferred tax provision of Rs 83 crore in New Delhi Power Ltd last year, which is recoverable from future tariff.
Tata Power said it plans to install over 2,600 MW of generation capacity from thermal power in 2011-12, which will come from the Mundhra UMPP (1,600 MW) and Maithon (1,050 MW) plants, the company's Executive Director (Operations) S Padmanabhan told reporters in Mumbai.
He said the company will invest up to Rs 7,000 crore in various projects it is setting up this year and has achieved financial closure for all the projects.
Asked about the company's fund raising plans, Tata Power Executive Director (Finance) S Ramakrishnan said it is always on the look-out for raising money and does not have any specifics to share at this juncture.
On fuel linkages and protecting costs in a rising prices scenario, he said the company does not have a worry as of now as the costs are getting passed on to consumers, but added that there will be "some pressure" in the coming time as yearly contracts it has entered into are coming up for renewal soon.
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