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Tata Power posts quarterly loss on higher costs

LiveMint logoLiveMint 30-05-2014 Tommy Wilkes

New Delhi: Indian utility Tata Power Co. Ltd reported a net loss of `145 crore ($24.6 million) in the quarter ended March, after a rise in operating costs at its mega Mundra power plant.

Tata Power, part of India’s salt-to-steel Tata conglomerate, reported a net profit of `181 crore a year earlier.

The company said in a statement late on Thursday that the 4,000 megawatt Mundra plant, which has suffered from higher coal costs during the past year, was now fully operational.

The company got a boost in February after the federal power regulator said it could raise tariffs for electricity from the Mundra plant.

Consolidated revenue in the fourth quarter ended March rose 8% to `35,649 crore from `33,025 crore last year.

The company also recommended a 125% hike in dividend to `1.25 per share to reflect the potential boost to future earnings from the regulator’s decision. Reuters

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