Tata Power Q4 net profit at Rs.92.73 crores, recommends 95% dividend

Tata Power Company Ltd has announced the audited financial results for the quarter & year ended March 31, 2007. The results for the Quarter ended March 31, 2007 are as follows: The Company has posted a profit after tax of Rs 927.30 million for the quarter ended March 31, 2007 as compared to Rs 1388.20 million for the quarter ended March 31, 2006. Total Income has decreased from Rs 12392.30 million for the quarter ended March 31, 2006 to Rs 11261.10 million for the quarter ended March 31, 2007.

The results for the Year ended March 31, 2007 are as follows: The Company has posted a profit after tax of Rs 6968.00 million for the year ended March 31, 2007 as compared to Rs 6105.40 million for the year ended March 31, 2006. Total Income has increased from Rs 48597.70 million for the year ended March 31, 2006 to Rs 50593.10 million for the year ended March 31, 2007.

The consolidated results for the Year ended March 31, 2007 are as follows: The Group has posted a distributable profit of Rs 7367.80 million for the year ended March 31, 2007 as compared to Rs 7121.10 million for the year ended March 31, 2006. Total Income has increased from Rs 59384.80 million for the year ended March 31, 2006 to Rs 67443.40 million for the year ended March 31, 2007.

Commenting on the Company's performance, Mr. Prasad Menon, Managing Director, of the Company said, "The Company has achieved significant milestones this fiscal through higher generation, sales and profitability due to continued focus on optimizing operational efficiencies. This has been achieved inspite of the rising operating costs. We continue to consolidate our power business through capacity expansion and foray into new markets. The Company aims to focus its efforts towards aggressive growth by tripling its generation capacity over the next five years, while setting industry benchmarks through enhanced efficiency."

The Board of Directors of the Company at its meeting held on May 30, 2007, inter alia, has recommended a dividend @ 95% (Rs 9.50 per share) to the shareholders for the year ended March 31, 2007,

Further the Company has informed that, the Annual General Meeting of the members of the Company will be held on August 08, 2007.

The stock closed the day at Rs.590.85, down by Rs.9.15 or 1.53%. The total traded quantity was 145382 compared to 2 week average of 73248. The stock hit an intraday high of Rs.602 and low of Rs.589.10.

Source : Equity Bulls

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