Business Daily from THE HINDU group of publications
Tuesday, Nov 28, 2006
ePaper
Business Daily from THE HINDU group of publications Tuesday, Nov 28, 2006 ePaper |
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Corporate Results
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Power
Our Bureau
Progress report Operating profit amounts to Rs 249.54 crore (Rs 240.32 crore), 3.7 per cent higher. Other income, at Rs 78.34 crore, is 85 per cent higher. Interest costs are lower, at Rs 38.79 crore (Rs 43 crore).
Mumbai , Nov. 27 Tata Power has said that net profit for the second quarter of the current fiscal rose 61 per cent as sales volumes rose and higher hydro power generation eased the pressure of rising fuel costs. The company reported higher `other income' for the quarter as well as a lower tax burden compared to the corresponding year-ago quarter. Net profit for the quarter ended September 30, amounted to Rs 202.32 crore (Rs 125.67 crore). Sales volumes rose 6.11 per cent, while sales revenues, at Rs 1,200 crore, rose 13.8 per cent. The good monsoons this year led to good inflow into Tata Power's lakes in Maharashtra leading to higher generation from its hydro power plants. This optimised the balance between hydro and thermal generation and minimised the pressure of rising fuel costs on its consumers, said an official statement. Operating profit for the quarter amounted to Rs 249.54 crore (Rs 240.32 crore), 3.7 per cent higher. Other income, at Rs 78.34 crore, was 85 per cent higher. Interest costs were lower, at Rs 38.79 crore (Rs 43 crore). Gross profit after interest but before depreciation and taxation, was 21 per cent higher, at Rs 289 crore. Current tax stood at Rs 16.7 crore, less than one-third of the corresponding figure (Rs 51 crore) last year.
New projects
"The company is now in the implementation phase of several new projects and this augurs well for the future growth," said Mr. Prasad Menon, Managing Director, Tata Power. Net profit for the half year ended September 30, amounted to Rs 324 crore, growing 32.8 per cent; revenues were up 19.69 per cent, to be recorded at Rs 2,570 crore. Sales volumes grew 5.66 per cent. The company's shares rose by 2.44 per cent on BSE, closing at Rs 590.55.
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