Money News

Tata Power quarterly profit dives nearly 79 percent

High-tension power lines are pictured outside a Tata Power sub station in the suburbs of Mumbai, India, August 8, 2017. REUTERS/Shailesh Andrade/File Photo

(Reuters) - India’s Tata Power Co Ltd’s quarterly profit plunged nearly 79 percent, well below market expectations, dented by higher expenses.

Net profit came in at 1.27 billion rupees ($17.87 million) for the quarter ended Dec. 31, 2018, down from 5.91 billion rupees a year earlier, the power generator and distributor said on Monday.

Seven analysts on an average expected the company to post a profit of 3.95 billion rupees, according to Refinitiv Eikon data.

However, revenue from operations jumped 21.2 percent to 77.07 billion rupees, while expenses spiked 16.8 percent.

($1 = 71.0750 rupees)

Reporting by Krishna V Kurup in Bengaluru, Editing by Sherry Jacob-Phillips