The Hindu Business Line : Tata Power Q1 net up 56%

Mumbai, July 26 Tata Power Company said its first-quarter net profit rose 56 per cent on the back of a modest rise in sales volume and an increase in operational efficiencies. Net profit for the quarter amounted to Rs 190 crore (Rs 122 crore).

It also benefited from the strong rupee, making a foreign exchange gain of Rs 37.87 crore during the quarter, arising out of exchange differences on borrowed funds and liabilities in foreign currencies.

EBITDA rose 7.3 per cent and stood at Rs 321 crore (Rs 299 crore).

Net sales were up by 10 per cent, at Rs 1,511.5 crore (Rs 1,368 crore). Sales volume rose by 7 per cent, the company selling 4,056 MUs (3,807 MUs).

Expenditure was higher by 13 per cent, at Rs 1,259 crore. However, other income was higher at Rs 68 crore (Rs 41 crore). The quarter “reflects the company’s focus on robust financial performance through maximising operational efficiencies both in the license area in Maharashtra and also our captive power plants in eastern India,” said Mr Prasad Menon, Managing Director, in a statement.

On the BSE, its share price rose by 3.17 per cent on Thursday, to close at Rs. 706.10.

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