New Delhi: Tata Power Tuesday posted a consolidated net profit of Rs 159.14 crore for the January-March quarter of 2014-15 against a loss of Rs 145.33 crore in the same quarter of previous fiscal.
Total income of the company decreased to Rs 8,227.14 crore for the quarter ended March 31, 2015, from Rs 8954.87 crore for the quarter ended March 31, 2014, Tata Power Company said in a BSE filing.
It posted a net profit after taxes, minority interest and share of profit of associates of Rs 167.83 crore for the year ended March 31, 2015, against a loss of Rs 259.97 crore for the year ended March 31, 2014.
Its total income fell to Rs 34,783.59 crore for the year ended March 31, 2015, from Rs 35,311.24 crore for 2013-14, it added.
The decrease in the total income is "mainly due to lower realisation in coal companies and lower revenue from Trombay Units", the company said in a release.
The net profit is up "due to favourable impact of forex in VAT settlement & in coal companies, favourable impact of tariff order in MPL and CGPL's higher contribution due to reduced coal prices and lower depreciation", it said.
Tata Power CEO & Managing Director Anil Sardana said, "The company has significantly improved its profitability in the fourth quarter of 2014-15 and for the year 2014-15."
"We are extremely happy to announce various landmarks in the 100th year of our company's existence, such as commissioning of the 126MW Dagachhu Hydro Power Corporation (DHPC) in Bhutan, completion of the financial closure for 187 MW Adjaristsqali hydro project in Georgia along with IFC, ABD and EBRD.
"The Company has also formalised the acquisition of 50 percent shareholding in 120 MW hydro power plant in Itezhi Tezhi district in Zambia," he added.
The company also informed BSE that its board has recommended a dividend of Rs 1.30 per equity share of Rs 1 each (at 130 percent) to the shareholders for the year ended March 31, 2015.
Shares of the company closed at Rs 75.85 apiece, up 0.86 percent at BSE today.
In a separate filing, Tata Power informed BSE that Vijay Kumar Sharma has been appointed as an Additional Director of the Company from May 19, 2015.
Sharma is the Nominee Director appointed by Life Insurance Corporation of India in place of Thomas Mathew T, who stepped down as nominee of LIC from the Board of Tata Power earlier.
