Tata Power Q3 net drops 67% on higher fuel, finance costs
"Continued efforts are being made for cost reduction by higher blending of low CV (calorific value) coal. The coal mines profits were affected due to the Domestic Market Obligations requirements," it said. Tata Power's fuel costs during the October-December quarter rose to Rs 3,189.87 crore, from Rs 2,491.24 crore in the corresponding quarter a year ago.
The company's finance costs in the third quarter also rose to Rs 1,013.96 crore, from Rs 855.28 crore in the like quarter of 2017-18. The company's total income, however, rose to Rs 7,721.52 crore during the quarter in consideration from Rs 6,451.31 crore in the same period of 2017-18.
The statement also said that the company's net profit over April-December 2018, at Rs 2,333.09 crore, was higher compared to Rs 1,246.52 crore earned on this count in the corresponding 9-month period of 2017. The Tata Power stock closed on Monday at Rs 70.80 a share, down Rs 3.15, or by 4.26 per cent, on its previous close on the BSE.
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