The Hindu Business Line : Tata Power net soars 66 pc in Q3

TATA Power's net profit for the third quarter of the current fiscal grew by 65.8 per cent. Its profitability was due largely to one-time gain from sale of some its businesses during the quarter. Improved sales and fuel savings resulting from greater hydroelectric generation also contributed.

Net profit for the quarter was reported at Rs 227.65 crore (Rs 137.27 crore). Net sales rose by 15.9 per cent, to Rs 1,231 crore (Rs 1,062 crore). Total income increased by 38 per cent to Rs 1,407 crore (Rs 1,019 crore). Of this, other income amounted to Rs 176.56 crore (Rs 42.1 crore).

Profits from sale of Tata Broadband to VSNL for Rs 201.97 crore amounted to Rs 131.97 crore. In addition, the company sold Alaknanda Hydropower to GVK Hydel for Rs 3.12 crore.

Operating profit amounted to Rs 373.3 crore (Rs 282.4 crore). Interest to Rs 42.4 crore (Rs 43 crore) and depreciation stood at Rs 71.1 crore (Rs 68.1 crore). Tax amounted to Rs 32 crore (Rs 45.5 crore).

Commenting on the performance this quarter, Mr A.J. Engineer, Head of the company, said, "The results during the quarter reflect the synergies of growth driven by its various initiatives, both in the license area in Maharashtra and also its captive power plants in Jamshedpur and various other diversified businesses."

Due to exceptionally good water level in the company's lakes it has been able to generate higher electricity from its hydro power plants, thus optimising the balance between hydro and thermal generation and reducing the pressure of rising fuel costs on its customers, said a statement from the company.

Tata Power gained Rs 1.30 on BSE on Friday to close at Rs 452.8.