BUSINESS
Earnings before interest, taxes, depreciation and amortisation (Ebitda) have also turned a negative Rs 77 crore, down 135% year on year
Tata Power's ultra mega power plant at Mundra – Coastal Gujarat Power Ltd's (CGPL) - net loss widened by 12% to Rs 431 crore in the first quarter ending June.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) have also turned a negative Rs 77 crore, down 135% year on year.
On Monday, Tata Power announced its quarter results wherein revenue from CGPL reduced. This subsidiary of Tata Power had earned revenue of Rs 1,217 crore in the first quarter of previous fiscal as compared to Rs 1,175 crore now.
In the last quarter, the power generation from this 4,000-megawatt plant had reduced resulting in lower revenue. During the quarter, the company generated 5,310 million units (mu) as against 5,420 mu a year ago.
Among the factors that have led to rise in losses is higher fuel costs "as Free on Board price' or transportation cost of coal was higher by $17 per metric tonne.
For the entire last fiscal, CGPL's accumulated loss stood at Rs 6,457 crore.
A couple of months ago, CGPL had approached the procuring states to arrive at alternative solutions to minimise operating losses. This includes "offer of 51% shareholding in CGPL at a nominal value to procurers subject to grant of compensatory tariff to CGPL for the entire period of Power Purchase Agreement (PPA)," stated the results filing.
According to reports, the company is ready to sell 51% of its equity for Re 1. CGPL has been in trouble ever since imported coal prices procured from Indonesia became expensive due to changes in regulations in Indonesia of levying international rates on coal being exported from the country. Last year, the Supreme Court rejected Tata Power's appeal for a higher tariff, maintaining that PPA cannot be revised for a compensatory tariff.
Meanwhile, parent company Tata Power posted a 126% jump in consolidated net profit to Rs 163.78 crore mainly driven by strong performance from renewables and coal.
DNA TV Show: Why Pakistan worried about a Donald Trump presidency
Pakistan bow down as THIS country set to host India’s Champions Trophy 2025 matches
Amid heavy pollution in Delhi, these 12 Indian cities enjoy fresh, clean air
Bigg Boss 18: Vivian Dsena confides in Kashish Kapoor about his stepdaughters, talks about his...
After S Jaishankar's conference, India slams Canada for action against Australian news channel
Sidhu Moosewala's parents share NEW pic of his baby brother, netizens say 'so cute'
‘It definitely does a lot of good to my ego’: Aishwarya Rai gets candid in film promotion interview
Ignored for Australia Tests, India star slams sensational Ranji Trophy double ton
Interviewer asks Aishwarya Rai ‘how do you look so fab’, she says…
How Biden’s Lame-Duck Period Could Influence Policy Decisions After Choosing Not to Run in 2024
Watch: Viral video shows heated argument between passengers in Delhi metro
Virat Kohli's 'new chapter for me' post ahead of Border-Gavaskar Trophy sends internet into frenzy
Mukesh Ambani, India's richest man, donated over Rs 400 crore in one year, Gautam Adani gave Rs...
Delhi: Air pollution in national capital spike during Chhath Puja, AQI reaches 'severe' level
AUS vs PAK Live Streaming: When and where to watch Australia vs Pakistan 2nd ODI live in India?
'I gain weight as body...' Arjun Kapoor reveals being diagnosed with Hashimoto’s disease
Stark Visas: The Best Immigration Consultant in Delhi Sets Immigration Dreams High in Ahmedabad
KREEVA targets top 1% elite for its ultra-luxury homes in Delhi-NCR’s prime locations
Tata Group acquires another company for over Rs 18 crore days after Noel Tata joins board
WPL 2025 Retentions: Full list of players retained and released by all 5 franchises
ED raids main vendors of Amazon, Flipkart across multiple cities, including Delhi, Mumbai due to...
Anil Ambani suffers major setback, his company banned for 3 years due to...
Meet woman, a cuddler, professional hugger, earns Rs 7400 in 1 hour, she is...
Meet teen who started working from garage, now set to make Rs 25 crore at just 16 from...
Viral video: Slum children recreate Sabyasachi bridal wear, designer reacts; WATCH
Missing Home on Chhath Puja: Yearning and significance behind Bihar’s holy festival
Chhath Puja 2024 Day 4: Usha Arghya date, timings of sunrise, puja rituals, significance and more
Ricky Ponting wants Babar Azam to follow Virat Kohli's footsteps for THIS reason
Elon Musk's net worth surges by Rs 2193295096200 in a day after...
Meet India's richest female YouTuber, left teaching job, has Rs 43 crore net worth, now works as...
This fruit is called non-vegetarian, it is...
Meet man who was India's biggest con artist, he sold Taj Mahal, Rashtrapati Bhawan, Red Fort...
Nita Ambani reveals husband Mukesh Ambani follows a strict diet, here's what he eats
'Tu jhuti woh makkar': Influencer accuses 10-year-old of groping her; narrates ordeal in viral video
Richa Chadha, Ali Fazal name their daughter, Zuneyra Ida Fazal; it means...
After returning as President, what will happen to cases against Donald Trump? Know here
25-year-old turns temple thief, steals ornaments worth Rs 78 lakh for...
Why Mahindra XUV700 is perfect for road trips and off-road adventures
Mahindra Scorpio N: A legacy of toughness with a modern twist
'Capable of loving more women': Kamal Haasan's bold take on marriage and relationships goes viral
How reaction time and speed tests can give gamers a competitive edge
This is world’s most polluted city with AQI of 1165, it’s just 409 kms away from Delhi
Blow to Gautam Adani as his company's shares fell 7% due to...
Pune Porsche crash: Father of teen driver's friend surrenders before court
Geographic and political nature of drug trafficking sea routes to India
Delhi AQI Update: Air quality turns 'severe', AQI reaches...
Mukesh Ambani's SUPERHIT new plan for Jio users, offers 100 GB of free cloud storage for just Rs...
Delhi-Mumbai expressway to slash travel time to 25 minutes: Key stretch to open on...