Tata Power Q1 net up 2% to Rs 101.64 cr

BS 200 SCORECARD

Tata Power registered a 2.2 per cent growth in net profit in the first quarter ended June 30. Its profit after tax during the period went up to Rs 101.64 crore from Rs 99.43 crore. Income from operations increased from Rs 1,081.13 crore to Rs 1,086.85 crore.

While operating profit grew by 19 per cent to Rs 352.31 crore, profit before tax increased by 25 per cent to Rs 189.15 crore due to reduction in interest and finance charges.

As the wind farm was taken out of business as per the regulator's order, there was a creation of additional deferred tax in respect to previous years aggregating to Rs 20 crore, restricting the net profit to grow by only 2.2 per cent, the company said.

Firose Vendrevala, managing director, said, "The performance reflects both the benefit of increased sales and better internal efficiencies. The company is confident of the future and is pursuing several opportunities in India and abroad."