Tata Power shares fell for a second day on the bourses on Wednesday after posting a consolidated loss of Rs 628.75 crore for the fourth quarter ended March 31.
Shares of the company, which lost nearly 5 per cent on Tuesday, extended the fall and lost 4.8 per cent to Rs 86.10 on the
Bombay Stock Exchange.
At the
National Stock Exchange, the stock tanked 4.7 per cent to Rs 86.15.
Tata Power on Tuesday reported a consolidated loss of Rs 628.75 crore in the fourth quarter ended March 31, hit by non-cash impairment charge provision of Rs 815 crore related to the Mundra UMPP.
The country's largest private power producer had a consolidated profit after tax of Rs 625.02 crore in the 2011 March quarter.
Consolidated revenue climbed 44 per cent to Rs 7,234.76 crore in the three months ended March 2012. In the year-ago period, the same stood at Rs 4,985.84 crore.
In a statement, Tata Power said the net loss was mainly on account of additional provision made for impairment of Rs 815 crore related to the Mundra Ultra Mega Power Project (UMPP). Steep rise in Indonesian coal prices is hurting the UMPP, it said.
The company has an installed capacity of over 5,000 MW. Tata Power Managing Director Anil Sardana said it was looking forward to early resolution on imported coal compensation issue for long-term sustenance of power sector.
Recently, the company set up a joint venture - Cennergi - with Exxaro to explore electricity generation opportunities across South Africa, Botswana and Namibia.
"We are also pleased to share that Cennergi has been announced as preferred bidder for two wind projects of 234 MW - Amakhala 139 MW and Tsitsikamma 95 MW projects," the firm said.
For the full-year ended March 2012, the company posted a net loss of Rs 1,087.68 crore. In the comparable period, the entity had a profit after tax of Rs 2,059.60 crore.
Consolidated full-year profit after tax includes provision worth Rs 1,800 crore for impairment charges related to Mundra UMPP and deferred stripping costs to the tune of Rs 659.44 crore.
Boosted by strong operational performance and higher coal price realisations, Tata Power's consolidated revenues for 2011-12 jumped 34 per cent to Rs 25,868.87 crore. In the year-ago period, it stood at Rs 19,348.21 crore.
"The annual consolidated results reflect non-cash impairment provision for Mundra Project and deferred stripping costs. We believe it's prudent to make such provisions," Sardana said.
The second 800 MW unit of the Mundra UMPP is scheduled to be commissioned by August this year. The first unit started commercial operations in March 2012.
"Work on units 3, 4 and 5 of the project is on track and progressing well," the firm said.
With PTI inputs
Special 
