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Money News

Tata Power second-quarter profit soars 88.5 percent

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

(Reuters) - Tata Power Co Ltd posted an 88.46 percent surge in second-quarter profit on Monday, underpinned by higher revenue from its power business.

Net profit came in at 3.36 billion rupees ($42.65 million) for the quarter ended Sept. 30, up from 1.78 billion rupees a year earlier, the power generator and distributor said here.

Revenue from operations rose 6.7 percent to 73.33 billion rupees, while revenue from its power business gained nearly 8 percent.

The company had incurred a one-off charge of about 1.49 billion rupees in the same quarter last year.

($1 = 73.3800 Indian rupees)

Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips

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