BackTata Power Q3 net at Rs115 cr
Tata Power Q3 net at Rs115 cr
PremiumNew Delhi: Tata Power Company on Thursday reported a profit after tax (PAT) of Rs115.08 crore in the third quarter (Q3) ended 31 December 2008.
The company had a PAT of Rs197.28 crore in the December quarter of FY 08, Tata Power said in a statement.
However, the profit figures for the reviewed quarter are not comparable with those of the year-ago period owing to the change in the accounting method that the company undertook this financial year for Mumbai License Area operations, it said.
Total income stood at Rs1,776.67 crore in the quarter under review, while it was Rs1,419.40 crore in the corresponding year-ago period.
For nine months ended 31 December, Tata Power registered a PAT of Rs567.56 crore as compared to Rs644.91 crore in the year-ago period.
Total income stood at Rs5,761.88 crore for nine months ended 31 December from Rs4,281.44 crore in the same period last year.
“Our current operations continue to be robust and our revenues have been higher in all the power businesses. All our generating assets at Trombay, Hydros, Jojobera and Belgaum have performed well and our major projects under implementation are on track," Tata Power MD Prasad R. Menon said.
The 4,000 MW Ultra Mega Power Project (UMPP) at Mundra in Gujarat is progressing on schedule, the statement added.
The financial closure for the project was completed last year and its first unit is expected to come up during the XIth Five Year Plan (2007-12).
In the wake of global financial slowdown and the prevailing liquidity crunch in the market, the company did not bid for the fourth UMPP at Tilaiya in Jharkhand, bids for which were opened on Wednesday.
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