During the period, sales grew by 32 per cent to Rs 747.88 crore from Rs 567.57 crore. Operating profit has, however, gone down to Rs 90.48 crore, compared with Rs 99.32 crore. As a result, the operating profit margin has fallen to 10.79 per cent, from 24.2 per cent.

Gross profit has risen to Rs 213.57 crore, from Rs 202.31 crore. Profit before tax has gone up marginally to Rs 163.04 crore, from Rs 155.9 crore. Profit after tax has gone up by 26 per cent to Rs 100.52 crore, from Rs 79.56 crore.

This is largely because non-recurring income has gone up to Rs 8.82 crore, compared with Rs 1.36 crore in the year-ago period. Depreciation has been reported at Rs 50.53 crore (Rs 47.41 crore).

According to a release, the financial results are based on the rationalisation of standby charges, which is before the department of energy, government of Maharashtra.

TEC comprises The Tata Power Company, Andhra Valley Power Supply Company, and the Tata Hydro-Electric Power Supply Company. TEC, one of the oldest licensees in the country, is engaged in power generation, transmission and distribution in Mumbai, Maharashtra. The company, which generates 2,000mw power, is a bulk supplier of electricity.

The company is also bidding for independent power projects in other parts of the country. It is also setting up captive power projects for various industries. Apart from this, the company also plans to undertake power transmission and distribution contracts.