Tata Power Q3 net up 40%, sales drop 17%

Tata Power today reported a 40.37% increase in its net profit at Rs 141.89 crore for the third quarter ended December 31, 2009. The company had a net profit of Rs 101.08 crore in the December quarter of FY09, Tata Power said in a filing to the National Stock Exchange (NSE).

Net sales, however, declined by 16.7% to Rs 1,449.80 crore in the third quarter from Rs 1,741.47 crore in the corresponding period a year-ago. The fall in revenue is mainly due to a change in the fuel mix and reduction in fuel prices in Mumbai Licence Area as compared to the corresponding quarter last year.

During the quarter, the company's customer base grew to 35,576 and total customer additions stood at 7,124. The company received 14,700 applications for changeover customers out of which over 6,257 customers have been changed over. The total new customer addition for the year stood at 9,511.

The stock, however, ended with a loss of 1.4% at Rs 1,423 on the NSE. Around 331,779 shares changed hands at the counter on the NSE today.