Tata Power Q2 net slides 17%

BS 200 SCORECARD

Tata Power's net profit for the quarter ended September 30, 2004, is lower by 17 per cent at Rs 141.54 crore, compared with Rs 170.81 crore in the corresponding quarter of the previous year. Company spokesperson said, "Lower profits for the quarter are due to a reduction in the tariff, which were cut by 12.4 per cent."

The company has reported a decline of 11.8 per cent in its revenue from power supply at Rs 885.58 crore, against Rs 1,004.80 crore, reported for the quarter ended September 30, 2003. The company has recorded a profit of Rs 51 crore from the sale of its stake in Tata Telecom and Haldia Petrodyne.

While other income surged 101 per cent at Rs 98.73 crore, compared with Rs 49 crore in the corresponding period of the previous year, interest charges declined 21 per cent at Rs 48.74 crore, compared with Rs 61.74 crore, reported in the quarter ended September 30, 2004.

The company has recently raised Rs 600 crore through a private placement of debentures.