Tata Power consolidated Q1 net falls 87 pct year-on-year
Tata Power’s net profit for the April-June quarter fell around 87% year-on- year to Rs 230.80 crore after the company recognised an exceptional amount of Rs 354 crore for a standby litigation with Adani Electricity Mumbai, and sale of non-core asset a year ago.
The company noted in its financial statement that the Supreme Court during the June quarter upheld the Appellate Tribunal for Electricity (APTEL) December 20, 2006, order directing the Group to pay around Rs 354 crore along with interest at 10% per annum from April 1, 2004, up to the date of payment.
