TEC net inches up to Rs 177.94 crore

MUMBAI, NOV 28: Tata Electric Companies (TEC) has registered a marginal increase of 1.7 per cent in net profit to Rs 177.94 crore for the six months ended September 30, 1997, as compared to Rs 174.98 crore during the same period last year.

Turnover has gone up four per cent to Rs 1,228.22 crore from Rs 1,181.48 crore last year. However, the gross profit of the company was down by three per cent to Rs 345.95 crore. The company has made a provision for depreciation of Rs 91.07 crore.

The outgo on account of taxation was Rs 77 crore, down from Rs 104.92 crore while expenditure increased to Rs 922.78 crore from Rs 895.04 crore. According to a Tata statement, the increase in net profit was due to returns from the Jojobera power plant and lower taxation.