Tata Power net drops 30% in Q2

Electricity generator and distributor Tata Power today announced a consolidated net profit after statutory appropriations of Rs 367.73 crore for the second quarter of current fiscal, down by 30.34 per cent over the corresponding period a year ago.

The group had a consolidated net profit after statutory appropriations of Rs 527.92 crore in the September quarter last fiscal, Tata Power said in a filing with the Bombay Stock Exchange.

Total income of the group dropped to Rs 4,579.19 crore in the quarter under review from Rs 4,637.36 crore during the same period previous year, it said.

For the half-year period ended September 30, 2009, the consolidated net profit after statutory appropriations rose to Rs 940.38 crore from Rs 747.77 crore during the six-month period previous year, it said.

Net income increased to Rs 9,292.35 crore in the six-month period under review from Rs 8,706.70 crore during the half-year ended September 30, 2008.

Shares of the company closed at Rs 1,327.05, down 0.36 per cent from the previous close on BSE.