Mumbai: The nation’s largest private sector electricity generator, Tata Power Ltd, posted a 58% increase in profits for the quarter ended March. Net income rose to Rs354 crore in the three months ended 31 March from Rs224 crore from the corresponding period last fiscal, said Sowmyan Ramakrishnan, executive director of finance, at a press conference on Thursday in Mumbai. Sales fell 12% to Rs1,373 crore.
Tata Power, which has an installed capacity of 2,323 megawatts (MW), according to the company’s website, is building a 4,000 MW plant at Mundra. For the fiscal year ended 31 March, its net income rose to Rs967 crore compared with Rs811 crore last fiscal. Sales increased 22% to Rs7,236 crore in the same period.
The earnings were announced after the stock markets closed.