Tata Power profit rises 5% in June quarter

Tata Power on Wednesday posted a five per cent rise in profit after tax at Rs 281.56 crore in the first three months of current fiscal.

The leading power utility had a profit after tax of Rs 268.98 crore in the year-ago period.

On a standalone basis, the company's revenues climbed to Rs 1,921.24 crore in the June quarter from Rs 1,867.90 crore in the same period a year ago.

"Other income this quarter also included a dividend of Rs 201.24 crore received from the overseas Coal SPVs," Tata Power said in a statement.

Tata Power Managing Director Anil Sardana said the robust financial and operational performance for the June quarter was driven by all its business divisions.

"Our operations continue to be stable and our new projects are progressing well. Our two large projects at Maithon and Mundra are progressing towards commercialisation," he noted.

On a consolidated basis, Tata Power's net profit after appropriations rose 34 per cent to Rs 418.57 crore in the 2011 June quarter. In the year-ago period, the same stood at Rs 311.67 crore.