Tata Power Renewable’s after-tax loss shrinks in Q2 FY 2013/14

Nov 15, 2013 - Indian power producer Tata Power (BOM:500400) on Thursday said its renewable energy unit had cut its after-tax loss to INR 2.3 million (USD 36,400/EUR 27,100) in July-September 2013.

The year-ago result was a loss of INR 11.2 million.

Furthermore, Tata Power Renewable Energy Ltd’s (TPREL’s) revenues in the second quarter of fiscal 2013/14 stood at INR 182.6 million, rising 46% in annual terms.

The unit’s current wind power capacity stands at 398 MW, while it also has over 28 MW of operational solar assets. It has agreed to buy a 39.2-MW wind park in the state of Gujarat and is currently building a 28.8-MW solar park in Maharashtra.

In July-September Tata Power returned to an after-tax profit of INR 749.9 million after losing INR 838 million a year before. Revenue rose 14% to INR 87.6 billion.

(INR 100 = USD 1.583/EUR 1.177)

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