Tata Power posts 44 per cent slump in Q2 profit
Profit came in at Rs 2.69 billion in the quarter ended September 30, compared with a profit of Rs 4.76 billion a year earlier.
By : DC Correspondent
Update: 2017-11-03 10:08 GMT
India’s Tata Power Co Ltd reported a nearly 44 per cent slump in quarterly profit, hurt by one-off charges related to its stake in Tata Teleservices Ltd and its Rithala plant.
Profit came in at Rs 2.69 billion ($41.63 million) in the quarter ended September 30, compared with a profit of Rs 4.76 billion a year earlier, the company said on Friday. Exceptional items include an expense of Rs 1.13 billion related to Tata Teleservices put options and an impairment of Rs 356.3 million with regard to its Rithala gas power plant in New Delhi, the company said.
Analysts on average had expected the Mumbai-based company to post a profit of Rs 3.73 billion, Thomson Reuters data showed.
Tata Power shares were trading 0.4 per cent higher as of 0919 GMT.