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Moneycontrol.com >> Message Board >> View Messages >> Tata Power
   You are here :     Moneycontrol     MMB    Stocks      Tata Power                         Most active discussions of 2006 , 2007 & 2008
Tata Power plans more in Mumbai (2)   26-Jul-08 07:29Tracked by (0)  
Posted by:   latikav on ( 26-Jul-08 07:29 )
Price : BSE: Rs 1015.45 ( -3.23 % ), NSE: Rs. 1009.90 ( -3.61 % )
MUMBAI: Tata Power, the country’s third-biggest electricity generator by market value, is looking at expanding its Mumbai network, managing director Prasad Menon said.

“In the light of the judgement given by the Supreme Court, Tata Power is now formulating plans for its distribution business in Mumbai,” he said. The plans, however, are at an elementary stage, he added.

The Supreme Court had on July 8 allowed Tata Power to supply electricity to retail consumers in Mumbai with a requirement of 1,000 kv or less. It had turned down Reliance Energy’s contention that Tata Power had the licence to supply power only to bulk customers.

Menon said the company’s sales volume for the quarter ended June 2008 increased 1.45% at 4,115 million units (MUs) against 4,056 MUs in the corresponding quarter last year. Apart from Mumbai, Tata Power has a presence in some parts of the National Capital Region.

In a release, Tata Power said it would take a 26% stake in the 114 mw run-of-the-river Dagachhu Hydro Electric Power Project being developed by Bhutan government over river Dagachhu. The project will be executed by a special purpose vehicle Dagachhu Hydro Power Corporation Ltd.

Tata Power also agreed to off-take power from the project for 25 years, which will be supplied in the region near the India-Bhutan border.

Meanwhile, Tata Power posted a net profit of Rs 190.55 crore for the quarter ended June 2008, up marginally from the Rs 190.20 crore posted in the corresponding quarter last year.

But Menon said the results are not comparable due to the change in the accounting method adopted by the company in the quarter.

“By practice, the regulatory workings for return on equity and the adjustments to revenue were determined at the end of each year. This resulted in a variation in profits in the fourth quarter. We have therefore decided to change the practice and provisionally make these adjustments in each quarter,” he said in the release. This has resulted in a reduction in the profit of Rs 20 crore in the June quarter.

The total income of the company rose 31.3% to Rs 2,074.44 crore against Rs 1,579.9 crore a year earlier
DNA

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