Tata Power net up 66% to Rs 227.65

Tata Power Company (TPC) has posted a growth of 65.69 per cent in net profit at Rs 227.65 crore for the quarter ended December 2005 compared with Rs 137.27 crore in the year-ago period.

Total Income has increased to Rs 1407.93 crore during the quarter under review from Rs 1,019.75 crore in the corresponding quarter last year.

Commenting on the performance this quarter, AJ Engineer, managing director, said, "The results reflect the synergies of growth driven by its various initiatives, both in the licence area in Maharashtra and also its captive power plants in Jamshedpur and various other diversified businesses. Tata Power continues to take further initiatives for additional generation in Maharashtra to meet the future needs in Mumbai and possible neighbouring regions."

During the quarter, TPC completed the sale of Tata Power Broadband Company to Videsh Sanchar Nigam for Rs 201.97 crore, which resulted in a profit of Rs 131.97 crore.

It also sold its entire holding in Alaknanda Hydro Power Company to GVK Hydel for Rs 3.12 crore. The company announced the commissioning of the 120 mw Jojbera plant during the quarter. It also announced that it was planing to add 350 mw additional capacity for Mumbai.

A 250 mw generation unit would be added at the Trombay plant, while it is still looking for a site for another 100 mw plant.

The company is seeking environmental clearances for its 3000 mw mega power plants in Jharkhand, 1500 mw plant in Maharashtra and the 1000 mw joint venture with Damodar Valley Corporation.

In this quarter, Maithon Power Ltd (MPL) has become a subsidiary of the company following its acquisition of 74 per cent stake in MPL. Nelco has also become a subsidiary of the company.