Tata Power swings into a profit of Rs 198 cr in Q3

Total income of the company grew to Rs 8,806 crore from Rs 8,700 crore in the same period last year

Private power producer Tata Power today swung into a profit of Rs 198 crore for the third quarter ended December 31, 2014 on account of higher revenue from its electricity generation business and forex gains.

The company had suffered a loss of Rs 75 crore during the corresponding quarter of the last financial year (2013-14), Tata Power said in a regulatory filing to stock exchanges.

Total income of the company during the period under review grew to Rs 8,806 crore from Rs 8,700 crore in the same period last year.

Revenue from the company's power business increased to Rs 6,546 crore during the period from Rs 5,963 crore in the corresponding quarter last fiscal.

However, Tata Power witnessed a drop in revenue from its coal business at Rs 2,104.21 crore as against Rs 2,567.55 crore in the year-ago period.

The company earned a foreign exchange gain of Rs 421 crore during the quarter as compared to a loss of Rs 160 crore during the same period, last year.

On a standalone basis, Tata Power posted a net profit of Rs 234.63 crore for the quarter ended December 31, 2014 as compared to Rs 251.13 crore for the quarter ended December 31, 2013.

Total Income increased from Rs 1,998.59 crore to Rs 2401.80 crore, this fiscal.

During the quarter, Tata Power inked Memorandum of Understanding (MoU) with Russian Direct Investment Fund (RDIF) to explore investment opportunities in the Russian energy sector.

The private power utility also signed a share purchase agreement to acquire entire stake in Nagpur-based Ideal Energy Projects Limited.

Tata Power shares jumped 3.26 per cent to touch a high of Rs 91.3. The scrip closed at Rs 90.20 up 3.32 per cent on the BSE.