Tata Power Q2 net profit up to Rs.247 crore

Integrated power company Tata Power on Monday posted a net consolidated profit of Rs.247 crore for the second quarter ended September 30 as against a loss of Rs.78 crore for the similar quarter of 2014-15.

On a consolidated basis, its net revenue increased to Rs.9,042 crore during the July-September quarter as compared to Rs.8,448 crore in the corresponding quarter last year.

"This is mainly due to higher revenue reported by TPTCL (Tata Power Trading Company Ltd) and Tata Power Solar," the company said in a statement.

Its operating profit also surged by 18.25 percent at Rs.1,367 crore as compared to Rs.1,156 crore in the corresponding quarter last year mainly due to strong operational performance in Mumbai operations & CGPL.

On consolidated segment-wise performance for the quarter, revenue from coal business stood at Rs.1,800 crore as compared to Rs.2,079 crore in the corresponding period last year. Revenues from power business was up at Rs.6,904 crore against Rs.6,255 crore in previous year mainly due to high sales at TPTCL.

Its standalone revenue stood at Rs.4,329 crore, as against Rs.4,391 crore in the same period last year while its profit from operations was registered at Rs.1,042 crore as compared to Rs.798 crore by 31 percent.

The net consolidated profit, during the review-period, however, declined to Rs.521 crore as against Rs.562 crore in the corresponding period last year.

"During the quarter, the company has reported strong financial performance due to consistent and strong operational performance across its business verticals. Most of the projects and subsidiaries of the company continue to perform well despite very challenging circumstances," said Anil Sardana, CEO and managing director of Tata Power.