Tata Power Q2 net zooms 60%

Tata Power today reported a net profit of Rs 202.32 crore and a revenue of
Rs 1200.83 crore for the quarter ended September 30, an increase of 61%
and 13.81%, respectively. During the corresponding period last year, profits and revenues stood at Rs 125.67 crore and Rs 1055.11 crore, respectively.

The company, however, reported other income of Rs 783.4 crore, up 86% 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% from the Rs 282.4 crore reported for the corresponding quarter last year.

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

The company reported total electricity sales of 3545 million units, an
increase of 6.11% from the corresponding period last year. Units sold in
the Mumbai licence area increased 4.21%.

Jojobera thermal power station recorded a generation of 616 MUs as compared
to 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 1781 MCM, resulting
in a higher power generation from its hydel plants and a better power cost
for its consumers.

Commenting on the results, Prasad Menon, managing director of 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 120 MW met coke project in Haldia, 100 MW wind
power plants in Maharashtra and 1000 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."