Tata Power profit jumps in Q2

Mumbai: Tata Power on Tuesday reported a jump in its consolidated net profit to Rs 197.96 crore in the quarter ended September 30, 2016 as compared to a loss of Rs 109.82 crore in the year-ago period.

During the quarter, its consolidated net profit after tax, minority interest and share of profit of associates and joint ventures was at Rs 336.24 crore, as compared to a loss of Rs 95.87 crore in the corresponding period last year.

“This is 451 percent higher than corresponding quarter last year mainly due to lower MTM losses at CGPL (Coastal Gujarat Power Limited) and better performance by key Indian subsidiaries and Indonesian coal mines,” a company statement said.

The power producer’s total income from operations in the quarter under review stood at Rs 7,208.89 crore, down by 5.9 percent to Rs 7,666.33 crore in the same period last year.

“During the quarter, the company has improved profitability and has maintained strong operational performance across all business verticals. Our subsidiaries continue to perform well despite challenging circumstances,” said companys CEO and Managing Director Anil Sardana.

During the April-September period of the current fiscal, total income from operations was at Rs 14,047.19 crore, down by 5.4 percent from Rs 14,850 crore in the corresponding period last year.

Net profit during the first six months of the current fiscal was at Rs 138.01 crore, as compared to Rs 237.36 crore in the year-ago period.

The Board of Directors on Tuesday decided to convene an extraordinary general meeting on December 26, 2016 for considering and passing a resolution for removal of Cyrus P. Mistry as director of the company, it said in a regulatory filing to BSE.