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India's Tata Power posts surprise Q4 loss on charge
May 19, 2017 / 9:33 AM / 6 months ago

India's Tata Power posts surprise Q4 loss on charge

May 19 (Reuters) - Tata Power Co Ltd posted a loss in the fourth quarter on Friday compared with a profit a year earlier as it incurred a one-time charge towards contractual obligations.

The company posted a consolidated net loss for the quarter ended March 31 of 2.47 billion rupees ($38.12 million), compared with a profit of 829.5 million rupees a year earlier.

Consolidated exceptional loss towards contractual obligations amounted to 6.51 billion rupees, Tata Power said.

Analysts on average had expected a consolidated profit of 4.26 billion rupees for the quarter, according to Thomson Reuters data.

The company’s consolidated revenue from its power business fell 12 percent to 59.75 billion rupees. ($1 = 64.7975 rupees) (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Gopakumar Warrier)

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