February 14, 2018 / 9:33 AM / 3 months ago

Tata Power Q3 profit drops, beats estimate

(Reuters) - India’s Tata Power Co Ltd reported a marginal drop in quarterly profit, but beats analysts’ forecasts.

FILE PHOTO - High-tension power lines are pictured outside a Tata Power sub station in the suburbs of Mumbai, August 8, 2017. REUTERS/Shailesh Andrade/File Photo

Profit attributable to owners came in at 6.12 billion rupees ($95.41 million) in the quarter ended Dec. 31, compared with a profit of 6.19 billion rupees a year ago, the company said on Wednesday. bit.ly/2Es4sVs

Analysts on average expected the Mumbai-based company to post a profit of 4.26 billion rupees, Thomson Reuters data showed.

Revenue from its power business was up 7 percent to 66.85 billion rupees for the quarter.

($1 = 64.1450 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru; Editing by Sherry Jacob-Phillips

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