Tata Power Company (TPC) has posted a 33% fall in profit to Rs 92.73 crore in the quarter ended March while revenue decreased by 9% to Rs 1126.11 crore. “The company has debited a tax of Rs 181.74 crore from the revenue in this quarter that will be passed to consumers in 2007-08 only. This tax burden has reduced the revenue as well as the profit,” said Prasad Menon, managing director, Tata Power.
TPC is planning to raise Rs 640 crore through preferential allotment and another Rs 640 crore through issue of warrants to Tata Sons. The money will be used to finance the acquisition of 30% in Bumi Resources’ two coal mines and building other power plants. Tata Sons’ stake in the company will rise by 5% to 37% after the conversion of warrants.
The company has posted a 14% rise in profit to Rs 696.8 crore for the year ended March while revenue has increased by 4% to Rs 5059.31 crore. The company has reported a 5.9% growth in annual sales to 14,422 million units against 13,616 million units last year. TPC has recommended a dividend Rs 9.50 per share.
TPC is planning to generate an additional 100 MW from wind. The project will be completed in 2008. It is already generating almost 85 MW from wind. The company’s capex for the current fiscal will be Rs 2,670 crore, said Mr Menon.Tata Power shares fell by Rs 9.15 to Rs 590.85 on Wednesday ahead of the results. Britannia FY net dips 27%Britannia has reported a drop of 27% in net profit to Rs 108 crore for the year ended March 2007 on sales of Rs 2,199 crore which grew 28%. Britannia attributed the drop to the inflation in all key commodities — wheat, oil and dairy products. In the last quarter, Britannia has reported net sales of Rs599 crore and net profit of Rs 40 crore, up 32% & 43% respectively over the corresponding quarter.
The board has recommended a dividend of Rs 15 per share of Rs10 each, same as the previous year. The Britannia stock fell by 3% to close at Rs 1557.65 on the BSE. For the first time this year, Britannia has consolidated its various businesses, the most significant being the dairy business.
India
Tata
Power
Prasad Menon
