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Our Bureau

Mumbai , Jan. 20

LOWER revenues from power sales have hit Tata Power Company Ltd's third quarter net profit, which fell 25.6 per cent to Rs 137.27 crore, or Rs 6.93 a share, compared with Rs 184.49 crore, or Rs 9.32 a share.

The total income dipped 11 per cent to Rs 940.90 crore (Rs 1,056.96 crore) for the quarter ended December 31, 2004.

Sale of TPC's 75-MW Wadi power plant added to the fall in the number of units sold, according to a senior analyst with an Indian broking house. TPC sold its Wadi plant to cement maker ACC in July 2004. The transfer was completed in January 2005. Accordingly, the company has included Rs 32.5 crore, profit from this sale, under exceptional items.

Total expenses for the quarter were Rs 717.23 crore, compared with Rs 696.47 crore last year. Interest payments were down to Rs 42.88 crore (Rs 57.02 crore) while depreciation was at Rs 60.75 crore (Rs 85.91 crore).

For the nine months ended December 31, 2004, TPC reported a net profit of Rs 380.45 crore (Rs 454.73 crore) while total income was Rs 2,968.14 crore (Rs 3,200.02 crore).

The company shares closed at 2.48 per cent lower at Rs 380.05 on the BSE on Thursday.

Tata Petrodyne sold to Tata Sons

Meanwhile, Tata Power on Thursday sold its oil and gas subsidiary Tata Petrodyne to Tata Sons for Rs 360 crore.

The much-awaited sale surprised industry observers as many oil companies, including BPCL, had expressed interest in buying Tata Petrodyne.

According to a senior company official, who declined to be named, keeping Petrodyne within the Tata Group is a strong indicator of the subsidiary's bright prospects.

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