 "Tata Power beats street estimates, reports Q2 at Rs 247 crore")
Tata Power has turned profitable during July-September quarter. Its net stood at Rs 247 crore as compared to a loss of Rs 78 crore in year-ago period on strong operational performance.
The company beat the street which had estimated profit of Rs 131 crore.
Revenue increased by 11 percent to Rs 9,541.2 crore in second quarter of FY16 compared to Rs 8,584 crore in same quarter last fiscal. The surge in revenue was led by power business which grew 10.4 percent to Rs 6,904 crore against Rs 6,255 crore but coal segment revenue dropped 13.4 percent to Rs 1,800 crore as compared to Rs 2,079 crore.
The company stock on BSE closed at Rs 68.05, up 0.67%.
Profit from operation was up 18.25% at Rs 1,367 crore as compared to Rs 1,156 crore in the corresponding quarter last year mainly due to strong operational performance in Mumbai operations and Mundra project.
One time regulatory expenses for the quarter stood at Rs 499.5 crore on consolidated basis against Rs 135.7 crore in corresponding quarter of last fiscal.
The company has achieved generation sales of 11,376 million units of power from all its power plants. Tata Power Delhi Distribution achieved a benchmark reduction in aggregate technical and commercial losses at 9.36% as against 10.43% for the same period last year.
The company's strategic engineering division commenced investment in Vemagal, karnataka for defence and security systems.
The company said the board of directors approved re-appointment of Anil Sardana as CEO & Managing Director for a period of 5 years with effect from February 01, 2016.
Sardana said ''During the quarter, the company has reported strong financial performance due to consistent and strong operational performance across its business verticals. Most of the projects and subsidiaries of the company continue to perform well despite very challenging circumstances.''
