Mumbai: Tata Power Co Ltd on Friday posted a 38.3% rise in consolidated net profit for the quarter ended 31 December, helped in part by a lower tax rate and expenses, and higher other income.
Consolidated net profit rose to Rs599.20 crore in the third quarter from Rs433.25 crore a year earlier, the power producer said in a statement. Net sales fell about 8.7% to Rs6677.89 crore from Rs7312.88 crore a year earlier.
Twelve analysts polled by Bloomberg expected a consolidated net profit of Rs375 crore, while 13 analysts expected net sales of Rs7672 crore.
Tata Power said revenue in its largest power business rose 1.4% to Rs6,254.85 crore from Rs6,166.09 crore a year earlier. Other business revenue rose 32% to Rs807.51 crore from Rs611.78 crore a year earlier.
Total expenses fell marginally to Rs5,812.69 crore from Rs5,841.16 crore a year earlier.
Together with its subsidiaries, Tata Power generated 13022 million units of power from all its plants.
In a separate filing, Tata Power said it appointed N. Chandrasekaran chairman and additional director effective 11 February.
Chandrasekaran is chairman designate of Tata Sons Ltd and currently the chief executive and managing director of Tata Consultancy Services.