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
Business in india
Thousands of people swarmed the weekend opening of "Make in India" drive to attract foreign direct investment, pitched by PM Modi as "the biggest brand that India has ever created". Full Article | Slideshow