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Tata Power Q2 profit misses estimate, one-off items hurt
India`s Tata Power Co Ltd reported a nearly 44 percent slump in quarterly profit, hurt by one-off charges related to its stake in Tata Teleservices Ltd and its Rithala plant.
Profit came in at 2.69 billion rupees ($41.63 million) in the quarter ended Sept. 30, compared with a profit of 4.76 billion rupees a year earlier, the company said on Friday. http://bit.ly/2z9LkFG
Exceptional items include an expense of 1.13 billion rupees related to Tata Teleservices put options and an impairment of 356.3 million rupees with regard to its Rithala gas power plant in New Delhi, the company said.
Analysts on average had expected the Mumbai-based company to post a profit of 3.73 billion rupees, Thomson Reuters data showed.
Tata Power shares were trading 0.4 percent higher as of 0919 GMT.
($1 = 64.6100 rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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