Tata Power Q3 net drops 26%

Tata Power Company (TPC) has reported a 26% decline in net profit at Rs 137.27 crore for the third quarter ended December 31, 2004 as against Rs 184.49 crore in Q3FY04.

According to a release issued to the BSE today, total income has declined from Rs 1,094.82 crore in Q3FY04 to Rs 987.30 crore in the quarter ended December 31, 2004.

The board has approved the sale of the company's entire shareholding in Tata Petrodyne to Tata Sons at an enterprise value of Rs 360 crore.

"The equity value of Tata Petrodyne shares will be determined after deducting the net debt at the time of the transaction," the release added.