Tata Power net profit down 42% in Q1 | business | Hindustan Times
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Tata Power net profit down 42% in Q1

Tata Power announced its net profit at Rs 317 crore in the quarter ended April-June 2010, which dipped by 42 per cent over the profit of Rs 552.8 crore witnessed in April-June 2009 even as the company saw its revenue at Rs 5,184.9 crore up 7 per cent from Rs 4,852 crore registered in the same period previous year. HT reports.

business Updated: Aug 12, 2010 23:57 IST
HT Correspondent

Tata Power announced its net profit at Rs 317 crore in the quarter ended April-June 2010, which dipped by 42 per cent over the profit of Rs 552.8 crore witnessed in April-June 2009 even as the company saw its revenue at Rs 5,184.9 crore up 7 per cent from Rs 4,852 crore registered in the same period previous year.

The company clarified that in the quarter ended April-June 2009, it witnessed profits of Rs 232.4 crore on account of Maharashtra Electricity Regulatory Commission (MERC) tariff and judgement of Appellate Tribunal for Electricity (ATE), however even if that component is removed, the company falls marginally short of the profit figure last year. The fall in profits is also on account of forex loss to the tune of Rs 154 crore during the quarter. Sales volume for the quarter increased by 8 per cent from 4,180 million units (MUs) in June 2009 to 4533 MUs. The overall generation was also up by 3 per cent at 4,386 MUs as compared to 4,260 MUs in the same period last year.

"We are encouraged by the strong performance and growth of our retail business in Mumbai. Our generating stations have also recorded robust increase in power generation," said Prasad R.Menon, MD, Tata Power.