Mumbai: Tata Power on Thursday registered a 30 per cent fall in consolidated net profit for the fourth quarter ended on March 31 at Rs 661.54 crore following lower forex gains and a reversal of deferred tax provision.  

The company, which is the country's largest private player in the thermal power generation space, had posted a net profit of Rs 942.78 crore for the corresponding period last year. For the 12-month period in FY 11, its consolidated net profit improved 6 per cent to Rs 2,088.12-crore.

It attributed the fall in profits in Q4 to lower forex gains of Rs 61-crore from CGPL (Coastal Gujarat Power Limited) versus Rs 358-crore last year and a reversal of deferred tax provision of Rs 83 crore in New Delhi Power Limited last year, which is recoverable from future tariff.

The Tata group company plans to install over 2,600 MW of generation capacity from thermal power in FY 12 which will be coming from the Mundhra UMPP (1600 mw) and Maithon (1050 mw) plants, its  Executive Director, (Operations) S Padmanabhan, told reporters here.

It will be investing up to Rs 7,000-crore in the various projects it is erecting in the ongoing FY 12 and has achieved financial closure for all the projects, he said.

Asked about fund raising plans, the company's Executive Director, Finance, S Ramakrishnan said it is always on the look-out for raising money and does not have any specifics to share at this juncture.

He said on fuel linkages and protecting costs in a rising prices scenario, the company does not have a worry as of now as the costs are getting passed on to consumers, but said there will be “some pressure” in coming time as yearly contracts it has entered into are coming up for renewal soon.

Tata Power added 1.60 lakh consumers in Mumbai during the fiscal and will be investing Rs 1,000 crore during FY 12 for augmenting its distribution in Mumbai as against Rs 200-crore in the year before.

It plans to commission the first of the five 800 MW units at Gujarat's Mundhra by end September and a second one as the financial year draws to a close, Padmanabhan said, adding the challenge in the project is evacuation of the power produced by laying the transmission network.

As regarding the Maithon project, Tata Power expects the first unit to be commissioned by early July and the second one by November, he said.

Presently, the total generation capacity of the company stands at 3,127 MW.

Meanwhile, in order to make the stock more affordable for retail investors, the company board has also recommended a stock split under which one share will be split into ten.

The board has also recommended that the dividend be increased to Rs 12.50 per share from last year's Rs 12, Ramakrishnan said.