Nov 6 India's Tata Power Company Ltd posted a net loss in its fiscal second quarter ended Sept. 30, even as increased costs at its coal units, and higher finance and depreciation costs affected its bottomline.
The company posted a consolidated net loss of 838 million rupees ($15.4 million), compared with a consolidated net loss of 11.9 billion rupees a year earlier. Revenue rose 22 percent to 76.49 billion rupees, helped by the commissioning of new units.
Analysts had expected Tata Power to post a net profit of 2.46 billion rupees, according to Thomson Reuters I/B/E/S.
Tata Power said the bottomline in the quarter ended September was impacted by impairment charges of 2.50 billion rupees due to change in the long-term foreign currency outlook at one of its units.
($1 = 54.5550 Indian rupees) (Reporting by Sumeet Chatterjee; Editing by Sunil Nair)
Trending On Reuters
Ready for Rate Hike
Two years ago India was a "fragile five" economy growing at 5 percent, facing a severe current account deficit and the rupee at record lows as the U.S. Fed Reserve prepared to taper its stimulus programme. Today, two years into the term of RBI Governor Raghuram Rajan, India is set to confidently face the Fed's first rate rise since 2006. Full Article