Tata Power net profit at Rs115 crore in Q3

Tata Power net profit at Rs115 crore in Q3
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First Published: Fri, Jan 30 2009. 12 22 AM IST
Updated: Fri, Jan 30 2009. 12 22 AM IST
Mumbai: The country’s largest non-government electricity generator, Tata Power Co. Ltd, on Thursday said it had posted a third quarter net profit of Rs115.08 crore.
The profit for the three months ended 31 December was not comparable with earnings in the year-ago period because it had to change its accounting method for the Mumbai licence area operations, the company said.
Tata Power’s net profit in the year-ago third quarter stood at Rs197.28 crore.
“Regulatory adjustments which used to be made on an annual basis in the fourth quarter are now being made on a provisional basis every quarter,” the company said in a statement. “Had the changed accounting method been followed last year, the profits would have been lower by Rs65 crore for Q3 FY08.”
Interest expenses during the third quarter climbed by Rs56.60 crore to Rs95.15 crore, while interest income increased by Rs11.32 crore to Rs45.28 crore.
Revenues increased 25.18% to Rs1,776.87 crore.
satish.j@livemint.com
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First Published: Fri, Jan 30 2009. 12 22 AM IST