Tata power net up 213% to Rs 170 cr

BS 200 SCORECARD

Tata Power posted a net profit of Rs 170.55 crore for the quarter ended March 31, 2005, registering a 213 per cent jump over its net profit of Rs 54.35 crore, recorded in the corresponding quarter of the previous year.

Total income grew to Rs 1154.4 crore for the quarter under review "" a growth of 6.1per cent over Rs 1088 crore in the corresponding quarter in 2004.

Tata Power posted net profit of Rs 551.36 crore for the year ended March 31, 2005 "" a 8.30 per cent growth over Rs 509.08 crore in 2004. Total income for the year under review was at Rs 4,317.57 crore, a decline of 1.85 per cent growth over previous year's Rs 4,399.07 crore.

The unaudited consolidated result of the group has shown a distributable profit of Rs 590.73 crore for the year ended March 31, 2005, up from Rs 460.25 crore, the year ago.

Total income of the group is Rs 5,270.25 crore for the year ended March 31, 2005 against Rs 5,184.77 crore in the previous year. The board has recommended a dividend of 75 per cent (Rs 7.50 per share) to the shareholders for the year ended March 31, 2005.

The board approved a proposal to increase the limit of foreign institutional investors' (FII) investment up to 35 per cent of the paid up capital of the company from the present 24 per cent.

Commenting on the company's performance, Firdose Vandrevala, managing director, Tata Power said, "The company has achieved significant milestones this fiscal through higher generation and sales. " The Tata Power board today authorised the management to negotiate and finalise the sale of Tata Power broadband.

Tata Power broadband maintains its thrust in the wholesale broadband business and functions as a carrier's carrier, offering services to carriers, telecom service providers and bulk users of bandwidth.