REUTERS - India's Tata Power Co Ltd reported a nearly 44 percent slump in quarterly profit, hurt by one-off charges related to its stake in Tata Teleservices Ltd and its Rithala plant.
Profit came in at 2.69 billion rupees ($41.63 million) in the quarter ended Sept. 30, compared with a profit of 4.76 billion rupees a year earlier, the company said on Friday. http://bit.ly/2z9LkFG
Exceptional items include an expense of 1.13 billion rupees related to Tata Teleservices put options and an impairment of 356.3 million rupees with regard to its Rithala gas power plant in New Delhi, the company said.
Analysts on average had expected the Mumbai-based company to post a profit of 3.73 billion rupees, Thomson Reuters data showed.
Tata Power shares were trading 0.4 percent higher as of 0919 GMT.
($1 = 64.6100 rupees)
(Reporting by Vishal Sridhar in Bengaluru; Editing by Biju Dwarakanath and Gopakumar Warrier)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app