India’s Tata Power Co Ltd’s quarterly profit plunged nearly 79 per cent, well below market expectations, dented by higher expenses.
Net profit came in at Rs 1.27 billion ($17.87 million) for the quarter ended Dec. 31, 2018, down from Rs 5.91 billion a year earlier, the power generator and distributor said on Monday.
Seven analysts on an average expected the company to post a profit of Rs 3.95 billion, according to Refinitiv Eikon data.
However, revenue from operations jumped 21.2 per cent to Rs 77.07 billion, while expenses spiked 16.8 per cent.
