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Tata Power quarterly profit dives nearly 79 percent

Net profit came in at Rs 127 crore rupees ($17.87 million) for the quarter ended Dec. 31, 2018, down from 591 crore rupees a year earlier, the power generator and distributor said on Monday.

twitter-logo Reuters        Last Updated: March 22, 2019  | 16:48 IST
Tata Power quarterly profit dives nearly 79 percent

India's Tata Power Co Ltd's quarterly profit plunged nearly 79 percent, well below market expectations, dented by higher expenses.

Net profit came in at Rs 127 crore rupees ($17.87 million) for the quarter ended Dec. 31, 2018, down from 591 crore rupees a year earlier, the power generator and distributor said on Monday.

Seven analysts on an average expected the company to post a profit of 395 crore rupees, according to Refinitiv Eikon data.

However, revenue from operations jumped 21.2 percent to 7707 crore rupees, while expenses spiked 16.8 percent.

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