Tata Power Q3 PAT at Rs 115 cr

Tata Power Company today reported a profit after tax of Rs 115.08 crore in the third quarter ended December 31, 2008.

The company had a PAT of Rs 197.28 crore in the December quarter of FY08, Tata Power said in a statement.

However, the profit figures for the reviewed quarter are not comparable with those of the year-ago period owing to the change in the accounting method that company undertook this financial year for Mumbai License Area operations, it said.

Total income stood at Rs 1,776.67 crore in the quarter under review, while it was Rs 1,419.40 crore in the corresponding year-ago period.

For nine months ended December 31, Tata Power registered a PAT of Rs 567.56 crore as compared to Rs 644.91 crore in the year-ago period.

Total income stood at Rs 5,761.88 crore for nine months ended December 31 from Rs 4,281.44 crore in the same period last year.

"Our current operations continue to be robust and our revenues have been higher in all the power businesses. All our generating assets at Trombay, Hydros, Jojobera and Belgaum have performed well and our major projects under implementation are on track," Tata Power Managing Director Prasad R Menon said.

The 4,000 Mw Ultra Mega Power Project (UMPP) at Mundra in Gujarat is progressing on schedule, the statement added.

The financial closure for the project was completed last year and its first unit is expected to come up during the XIth Five Year Plan (2007-12).

In the wake of global financial slowdown and the prevailing liquidity crunch in the market, the company did not bid for the fourth UMPP at Tilaiya in Jharkhand, bids for which were opened yesterday.