Tata Power Q2 net up 61% at Rs 202 cr

Tata Power today reported a net profit of Rs 202.32 crore and a revenue of Rs 1,200.83 crore for the quarter ended September 30, an increase of 60.99 per cent and 13.81 per cent, respectively.

During the corresponding period last year, profits and revenues stood at Rs 125.67 crore and Rs 1,055.11 crore, respectively.

The company, however, reported other income of Rs 783.4 crore, up 86 per cent from the Rs 421 crore it had reported for the same period last year.

The company reported an operating profit of Rs 327.8 crore for the quarter, up 16 per cent (Rs 282.4 crore).

Analysts said that a robust volume growth in electricity sales, a less than expected increase in the cost of power, around 16 per cent and a substantial increase in other income, have resulted in good bottomline growth.

The company reported total electricity sales of 3,545 million units (MU), an increase of 6.11 per cent from corresponding period last year. Units sold in the Mumbai licence area increased by 4.21 per cent.

Power generation Jojobera thermal power station recorded a generation of 616 MUs compared with the corresponding quarter's generation of 531 MUs, said a company press release.

The release added that due to a good monsoon this year, the company's lakes in Maharashtra had an effective inflow of approximately 1,781 MCM, resulting in higher power generation from its hydel plants and lower power cost for its consumers.

Commenting on the results, Prasad Menon, managing director, Tata Power, said, "The company is now in the implementation phase of several new projects and this augurs well for the future growth.

The 250 mw coal-based plant and 100 mw diesel generation sets for Mumbai are progressing well and we have commenced work on the 120 mw met coke project in Haldia, 100 mw wind power plants in Maharashtra and 1,000 mw Maithon project.

These projects on completion will lead to a change in the company's size of operations and will reflect in better operating results."