India's Tata Power posts net loss in Q2

Tue Nov 6, 2012 5:48pm IST

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Nov 6 (Reuters) - 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)