Tata Power posts Rs 247 crore profit in September quarter

Tata Power today reported a consolidated net profit of Rs 247.31 crore for the second quarter ended September 30, on increase in revenue.

"The group has posted a net profit after taxes, minority interest and share of profit of associates of Rs 247.31 crore for the quarter ended September 30, 2015 as compared to net loss of Rs 77.75 crore for the quarter ended September 30, 2014," Tata Power Company said in a regulatory filing.

According to the statement, consolidated revenue from power business increased to Rs 6,903.89 crore in the second quarter compared to Rs 6,255.42 crore a year ago.

However, revenue from coal business came down to Rs 1,800.17 crore in the quarter under review from 2,078.76 crore in the same period last year.

Total income increased from Rs 8,549.15 crore in the second quarter last year to Rs 9,557.76 crore this year.

In a separate filing, the company said the board of directors in a meeting held on November 09, approved the reappointment of Anil Sardana as CEO and Managing Director for a period of five years with effect from February 1, subject to approval of the shareholders.