 "Tata Power Q1 profit crosses Rs 16 bn with a five-fold jump, tops estimates")
Tata Power Co Ltd reported a nearly five-fold jump in quarterly profit on Thursday due to a one-off gain on sale of investments.
Profit attributable to owners of the power generator and distributor was Rs 16.71 billion ($243.22 million) for the quarter ended June 30, compared with Rs 3.49 billion a year earlier.
This was the fifth straight profitable quarter for the company.
The company sold investments in Tata Communications Ltd and Panatone Finvest Ltd, netting an exceptional gain of Rs 18.97 billion during the quarter.
Analysts on average had expected Tata Power to post a profit of Rs 3.64 billion, according to Thomson Reuters I/B/E/S data.
Revenue from operations rose 14 per cent to Rs 73.13 billion.
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