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