Tata Power shares tumble over 4% intraday on posting 70% fall in consolidated Q1 net profit

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New Delhi | Updated: August 23, 2016 5:07:44 PM

Tata Power shares fell as much as 4.4 per cent on Tuesday after the company reported 69.96 per cent fall in consolidated net profit at Rs 72.49 crore for the quarter ended June 30, 2016 against Rs 241.33 crore in the corresponding quarter a year ago.

Tata Power sharesTata Power shares fell as much as 4.4 per cent on Tuesday after the company reported 69.96 per cent fall in consolidated net profit at Rs 72.49 crore for the quarter ended June 30, 2016 against Rs 241.33 crore in the corresponding quarter a year ago. (PTI)

Tata Power shares fell as much as 4.4 per cent on Tuesday after the company reported 69.96 per cent fall in consolidated net profit at Rs 72.49 crore for the quarter ended June 30, 2016 against Rs 241.33 crore in the corresponding quarter a year ago. Consolidated net sales of the company fell by 25.30 per cent year-on-year to Rs 6,806.53 for the quarter under review against Rs 9,111.50 crore in the corresponding quarter a year ago.

At 2.33 pm, shares of Tata Power were trading 3.37 per cent down at Rs 74.65. The scrip opened the day at Rs 77.15 and has touched a high and low of Rs 78.30 and Rs 73.80, respectively, in trade so far. Later, the scrip closed 3.24 per cent down at Rs 74.75.

During April- June period, consolidated operating profit of the company declined by 30.56 per cent year-on-year to Rs 1587.78 crore against Rs 2286.64 crore in the same period last year.

On a standalone basis, the company reported 39.40 per cent fall in bottomline figures at Rs 146.91 crore for the quarter ended June 30, 2016 against Rs 242.42 crore in the same quarter last year. Standalone net sales of Tata Power slid 26.33 per cent year-on-year to Rs 1501.37 crore for the quarter under review. Operating profit of the company slid by 15 per cent year-on-year to Rs 753.81 crore against Rs 887.21 crore during the same period.

Shares of the company hit their fresh 52-week high of Rs 79.20 on August 22, 2016 and 52-week low of Rs 55 on February 12, 2016.

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