Tata power net profit slides 30% to Rs 661.5 cr | business | Hindustan Times
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Tata power net profit slides 30% to Rs 661.5 cr

business Updated: May 19, 2011 23:15 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Tata Power, part of the salt to steel Tata conglomerate, on Thursday said its net profit fell by 30% to Rs 661.5 crore in the fourth quarter ended March 31, 2011 from Rs 942.8 in the same period last year.

In a press statement the company said the drop in profit was due to fall in foreign-exchange gains and reversal of tax provision in the fourth quarter last year.

"The decrease is mainly due to lower forex gains of Rs 61.0 crore from its Gujarat-based unit CGPL (Coastal Gujarat Power Limited) as compared to Rs 358.0 crore last year and a reversal or deferred provision of Rs 83.0 crore in NDPL (North Delhi Power Limited) last year as it is a recoverable from future tariff," the company said. http://www.hindustantimes.com/images/HTPopups/190511/20_5_11-buss-25b.jpg

The company's standalone electricity generation fell by 7% to 3.5 billion kilowatt-hours due to customers opting for other power sources.