Tata Power net up in H1

By Our Special Correspondent

MUMBAI, OCT. 16. Tata Power registered a net profit of Rs. 331 crores for the half year ended September 2001 against Rs. 221 crores in the same period last year, a rise of about 50 per cent.

Total revenue increased by 12 per cent to Rs. 2,021 crores from Rs. 1,804 crores and operating profit by 29 per cent to Rs. 488 crores from Rs. 378 crores.

Total power sales increased by 14.4 per cent to 5775 million units from 5046 million units. Other income of Rs. 146 crores, due to return on investments, interest and dividend receipts, and profit on sale of long term investments of Rs. 88 crores was primarily from divestment of stake in Tata Liebert and Tata BP Lubricant, stated a company release.

On the energy front, Tata Petrodyne made a profit of Rs. 5 crores in the second half of the current fiscal. Re-development of the now functional oil wells in the Cauvery basin is progressing satisfactorily.

Development of the Lakshmi gas field in Cambay basin is progressing according to schedule and commercial production is expected in July 2002. The expenditure on these is funded through Tata Power and internal accruals of Tata Petrodyne.

The company finalised a 10-year customer agreement with Hathaway Cable and Datacom for carrying video traffic and negotiations with potential customers are at an advanced stage.

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Section  : Business
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