Tata power net profit slides 30% to Rs 661.5 cr

Tata Power, part of the salt to steel Tata conglomerate, on Thursday said its net profit fell by 30% to R661.5 crore in the fourth quarter ended March 31, 2011 from Rs 942.8 in the same period last year.

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.

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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.

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