Tata Power net profit zooms

Tata Power, India’s largest private sector power producer, on Monday posted a consolidated net profit of Rs 464.1 crore for the third quarter ended December, 204 per cent higher than last year. It had posted a net profit of Rs 152.73 crore in the year-ago quarter.

The jump in net profit was mainly due to savings on expenditure write-offs. In the previous year, the carrying cost of deferred stripping was reviewed on a technical report, which resulted in a charge of Rs 370.7 crore for the third quarter. Deferred stripping costs had been capitalised to the extent of Rs 71.4 crore. Net revenue fell 1.7 per cent to Rs 4,412.9 crore from Rs 4,488 crore. On a consolidated segment-wise performance, net revenue from power business declined 10.2 per cent to Rs 2,611.3 crore from Rs 2,909.4 crore. Sales volume stood at 3,824 million units (MUs) and the overall generation was 3,713 MUs.

“Our power generation business was affected due to low merchant rate realisation, lower aggregate technical and commercial incentives accrued by North Delhi Power and unscheduled maintenance of DG sets,” said S Ramakrishnan, executive director.