Tata Power net dips 19% to Rs 139 cr

Tata Power Company has posted a fall of 18.6 per cent in net profit to Rs 138.82 crore for the quarter ended March 31, 2006, compared with Rs 170.55 crore in the corresponding quarter in the previous financial year. Revenues rose by 7.98 per cent to Rs 1,246.53 crore from the earlier Rs 1,154.38 crore.

The company's expenditure has gone up to Rs 1,013.82 crore in the last quarter of 2005-06, as against Rs 805.44 crore in the same period last year.

The company registered 10.73 per cent growth in net profit at Rs 610.54 crore for the financial year 2005-06, compared with Rs 551.36 crore in the previous year. Revenues for the financial year increased by 13.22 per cent to Rs 4,888.40 crore from Rs 4317.57 crore.

The company reported 7.5 per cent growth in annual sales at 13,616 million units in the fiscal 2005-06 against 12,663 million units in previous year. Hydro stations of Tata Power registered highest-ever generation, at 2,024 million units.

Commenting on the company's performance, Adi Engineer, director, Tata Power, said: "The company has achieved significant milestones with the completion of two landmark projects ahead of schedule: the 120 mw Jojobera project and the first phase of the Tala project, which is India's first private-public partnership in transmission. We are pursuing opportunities in select international markets also."

The board has recommended a dividend of 85 per cent (Rs 8.50 per share).