The Hindu : Tata Power group net down

Online edition of India's National Newspaper
Thursday, May 29, 2003

Business

Business

Tata Power group net down

MUMBAI MAY 28. The Tata Power group has posted a 33.36 per cent drop in consolidated net profit at Rs. 324.78 crores in the year ended March 31, 2003, against Rs. 487.42 crores in the previous fiscal.

The board has recommended a 65 per cent dividend (Rs. 6.5 per share) for the year under review, with a total outgo of Rs. 145 crores against 55 per cent in the previous year, Tata Power Managing Director, Firdose Vandrevala, told newspersons here today.

Total income on a consolidated basis, however, increased to Rs. 4,953.31 crores from Rs. 4,120.85 crores. On a standalone basis, Tata Power Company recorded a higher net profit of Rs. 519.92 crores (Rs. 508.23 crores), while its total income rose to Rs. 4,452.53 crores (Rs. 4,067.71 crores), he said.

In the fourth quarter, the net profit and total income rose to Rs. 155.27 crores (Rs. 67.86 crores) and Rs. 943.28 crores (Rs. 905.69 crores).

The company's board has decided to delist its equity shares from the Ahmedabad, Pune and Delhi stock exchanges, subject to the approval of shareholders at the August 4 annual general meeting. Tata Power has posted a 13 per cent increase in net sales at Rs. 4,301 crores, while the profit after tax rose by 23 per cent to Rs. 520 crores, he added. — PTI

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