Tata Power posts 11% dip in September-quarter profits due to one-time tax

Tata Power has reported a dip in profits, largely due to a one-time tax impact.

In the September-ended quarter, the 100 year old utility posted profits of ₹350 crore, an almost 11 per cent dip when compared to the ₹393 crore it posted in the same period last year. Tata Power had a one-off tax impact of ₹158 crore, without which profit would have been ₹509 crore.

Also, finance costs was up by ₹1,129 crore when compared to ₹1,034 crore in the year-ago period, which partly affected profit.

Revenues for the September-ended quarter was ₹7,904 crore, an almost 6 per cent increase when compared to ₹7,458 crore posted in the year-ago period.