The country's largest private power producer, Tata Power, today posted three-fold increase in net profit to Rs 464.11 crore for the third quarter ended December 31, 2010.
Tata Power had reported a net profit of Rs 152.73 crore during the corresponding quarter of the last financial year, the company informed the Bombay Stock Exchange.
The company recorded revenues of Rs 4,201.37 crore during the quarter, compared to Rs 4,185.34 crore in the same period last year, it said.
However, the company did not specify the reason for this sharp rise in profit.
Tata Power had earlier said that the company aims to have at least a 25% of its power generation or around 8,000 Mw from clean sources of energy by 2017 and will invest around Rs 5,000 crore in wind energy alone.
The company is presently in the process of rolling out 150 Mw and an additional 750-800 Mw will be added at the rate of around 100-150 Mw annually by 2017. It costs around Rs 6 crore for generating 1 Mw of wind power presently.
Tata Power, which now has a capacity of 447 Mw in hydro, is engaged in constructing a 114 Mw plant in Bhutan in a joint venture with the Bhutanese government. It is also developing a 800 Mw plant in Nepal in a joint venture with Norway’s SN Power.