Tata Power FQ3 Net Profit Drops 40%

India's Tata Power Co posted a 40% drop in its fiscal third quarter net profit.

Tata Power's quarterly net profit declined to INR2.63 billion, from INR4.42 billion, in the year-ago period. However, analysts were expecting a consolidated net profit of INR3.49 billion.

Tata Power's sales surged 51% to INR66.46 billion, versus INR44.13 billion, in the year-ago period.