Tata Power net dips 40%

Last Updated: Sun, Feb 12, 2012 07:06 hrs

Tata Power recorded a 40.7 per cent drop in consolidated net profit at Rs 262.6 crore, compared with Rs 442.3 crore in the year-ago period.

C hai cafes woo coffee fans in urban India

The company said the net profit was not comparable to year-ago period's figure, as it had made provisioning of Rs 648 crore during the quarter for its coal subsidiary, Kaltim Prima Coal in Indonesia.

In Focus: If the Chinese were to buy Australia....

"In view of the uncertainty involved in estimating the average stripping ratio for the life of the coal mines at PT Kaltim Prima Coal, the entire deferred stripping costs accumulated in prior years was charged off to the profit and loss account," Tata Power said in a press release.

In Images: Mahindra receives over 25000 bookings for XUV 500

The company's revenue increased 51 per cent to Rs 6,645.8 crore from Rs 4,412 crore a year earlier. This was attributed to the robust performance in the power and coal businesses.

More from Sify: