One-time loss of Rs 152 cr drags Tata Power’s Q2 net profit down 44%

Mumbai, Nov 3 (IANS) Integrated power company Tata Power on Friday reported a decline of 43.63 per cent in its consolidated net profit to Rs 268.50 crore for the second quarter (Q2) ending on September 30, mainly due to an one time loss of Rs 152 crore.

The company's net profit stood at Rs 268.50 crore for Q2 FY18 from Rs 476.30 crore during the corresponding period of the previous fiscal.

Total income of the company, however, rose by 5.48 per cent to Rs 7,790.40 crore during the quarter under review from Rs 7,385.06 crore reported during Q2 FY17, while it reported an increase of 18 per cent in its consolidated profit (before one-off impact of Rs 152 crore) for the half year ended on September 30.

"Our renewable business continues to perform well and have reported robust results. The consolidated profit of Rs 386 crore (before one-off impacts) for the quarter shows steady performance," Anil Sardana, CEO and Managing Director, Tata Power, said in a statement.

"With a gross installed generation capacity of 10,501 MW and more than 2.6 million customers, we continue to be India's largest integrated power player," he added.

The company's scrip on the BSE closed at Rs 84.55 per share, down 0.24 per cent.

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