The Hindu Business Line : Tata Power Q2 net at Rs 125.67 cr

TATA Power Company, on Tuesday, reported a 11.4 per cent dip in net profit for the quarter ended September 30, the decline being on account of extraordinary income of Rs 51.35 crore recorded during the corresponding quarter of the previous year from profit on sale of long-term investments.

Net profit for the quarter was Rs 125.67 crore, down from Rs 141.89 crore during the corresponding quarter of the previous fiscal.

However, the operating profit, at Rs 240.32 crore, showed an increase of 9 per cent as compared to Rs 219.88 crore recorded in the second year-ago quarter.

Revenues increased by 13 per cent, amounting to Rs 1,061.57 crore (Rs 940.39 crore); while sales volumes, at 3,341 million units, rose by 10 per cent. Sales in the Mumbai license area were up 12 per cent.

The company was able to generate higher electricity from its hydro power plants in Maharashtra due to exceptionally heavy monsoons; this optimised the balance between hydro and thermal generation for the company, reducing the impact of fuel costs on the customer, according to a press release quoting Mr A.J. Engineer, Head, TPC."The results during the quarter signify sustained volume growth on the back of increased demand in the license area," he said.

Interest costs stood at Rs 43.03 crore, down from Rs 48.74 crore while other income was markedly lower at Rs 42.1 crore (Rs 98.73 crore), due to higher extraordinary income.

As a result gross profit after interest and finance charges but before depreciation and taxation showed an 11 per decline, at Rs 239.39 crore (Rs 269.87 crore).

For the half year ended September 30, the company reported a marginally higher net profit, at Rs 244.07 crore (Rs 243.53 crore). Operating profit too showed a decline of 15.8 per cent, it being recorded at Rs 481.36 crore (Rs 572.19 crore).

Revenues for the half-year rose 6.6 per cent to stand at Rs 2,160 crore (Rs 2,027.24 crore).

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