ManagementTata Power net down 28%
Tata Power Company reported a 28 per cent fall in net profit at Rs 182.1 crore for the second quarter ended September, compared to Rs 252.9 crore for the corresponding quarter last year.
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Net sales were also lower at Rs 1,721.1 crore, 12 per cent lower as against the Rs 1,958.9 crore in the same period last year. Total income of the company has decreased by 16.3 per cent from Rs 2,147.3 crore in the corresponding previous year quarter to Rs 1,796.6 crore for the quarter ended September 30, by the audited results.
Tata Power said the results are not comparable with last year, due to higher forex gain of Rs 76.7 crore in the second quarter of last year, whereas this was only Rs 3.1 crore in the second quarter of this year. The remaining other income for the period was also lower at Rs 72.4 crore, against Rs 111.7 crore in the corresponding quarter last year. The company also said net sales were lower, mainly due to reduction in fuel price. The benefit has been passed on to consumers, by lowering power rates.