Thursday, August 6, 2009

Tata Power profit doubles to Rs 396 cr

The Hindu Business Line : Tata Power profit doubles to Rs 396 cr

Tata Power profit doubles to Rs 396 cr

Our Bureau

Mumbai, July 31 Tata Power has registered a 108 per cent growth in net profit at Rs 396 crore for the quarter ended June 30, 2009, up from Rs 190 crore in the same period last year.

This was on account of a revenue adjustment of Rs 232 crore and reduction in expenses.

The adjustment is linked to the Maharashtra State Electricity Regulatory Commission tariff orders last year and the Appellant Tribunal’s judgment for electricity received this fiscal.

Operating income fell marginally to Rs 2,015 crore (Rs 2,026 crore). Sales volume of electricity units was up a tad to 4,180 million units (MUs) from 4,115 MUs.

The Trombay thermal power station generated 2,778 MUs during the year, from 2,669 MUs in the previous year. The generation was 803 MUs (784 MUs) at the Jojobera facility and 107 MUs (92 MUs) at the Belgaum plant. Implementation of the 4,000-MW Mundra project is on track and overall project progress is 26 per cent, said a press release.

The 1,050-MW Maithon Power Ltd, a 74:26 venture between Tata Power and Damodar Valley Corporation, has achieved 54 per cent completion. The first unit is scheduled to be commissioned by October 2010 and the second by April 2011.

On Friday’s trade, the Tata Power stock on the BSE closed at Rs 1,302.5, up from the previous close of Rs 1,293.90.

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