Tata Power net down 30 per cent in Q2

Tata Power slid on the bourses today after an announcement of consolidated net profit after statutory appropriations of Rs367.73 crore for the second quarter of this fiscal, down by 30.34 per cent over the corresponding period a year ago.

The electric power generation and distribution major had posted a net profit after statutory appropriations of Rs527.92 crore for the September quarter last fiscal.

Total income was down to Rs4,479.19 crore in the quarter under review from Rs4,637.36 crore during the same period in the previous year, the company said in a filing with the Bombay Stock Exchange.

Tata Power recently completed the allotment of $300-million foreign currency convertible bonds to finance the capital expenditure towards its existing power plants, proposed projects and other projects of the company.

In June the company raised $335 million through global depository receipts. (GDRs)

Tata Power's growth plans aim to increase capacity steadily year-on-year with additions of about 318 mega watt (MW) in 2010, 1,138 MW by 2011, 1,600 MW by 2012 and 2,400 MW by 2013.

Tata Power Company generates and supplies electricity in Mumbai and its suburbs and also constructs and operates independent power plants as also captive power plants for industries. It also offers a range of services related to electricity distribution, erection and commissioning of transmission lines.