 "Tata Power beats estimates, reports Q1 profit of Rs 241 cr")
Tata Power reported a consolidated net profit of Rs 241 crore during the June quarter, against a loss of Rs 111 crore during the corresponding quarter previous year, on strong operational performance, positive impact of truing up of past years’ regulatory income and also due to higher contribution by Coastal Gujarat Power due to coal prices.
Net profit was way ahead of Bloomberg consensus estimate of Rs 168 crore. Revenue, which was up six per cent to Rs 9,235 crore against Rs 8,707 crore in the year-ago period, was also ahead of the Rs 8,610 crore estimated by analysts. Shares at the BSE closed at Rs 69.20, up 2.4 per cent on Thursday. Operating profit jumped 31 per cent year-on-year to Rs 2,181 crore.Cost of power purchase increased to Rs 2,145.07 crore against Rs 1,936.65 crore. However, cost of fuel fell to Rs 2,141.35 crore compared with Rs 2,585.78 crore. The company's other operating income (net of excise duty) during the quarter increased over four-fold to Rs 123.08 crore as against Rs 28.75 crore in the year-ago period.