Net sales rose from Rs 373.94 crore during the quarter to Rs 884.57 crore. Other income for the quarter stood at Rs 38.08 crore against Rs 39.11 crore in the previous year. The company has said that the other income includes dividend income that has been considered on prorata basis. The company has stated that the financial results for the quarter ended December 31, 2000, represents results of the merged entity consequent upon the amalgamation of The Andhra Valley Power Supply Company and Tata Hydro-Electric Supply Company with the company, whereas the financial results for the corresponding quarter of the previous year represents results of Tata Power Company prior to the amalgamation. Thus, the results of the two corresponding quarters are not comparable.

Commenting on the company's performance, Tata Electric Companies managing director Adi Engineer said: "The company continues to strengthen its position in existing businesses, while significant progress made in establishing new initiatives will add further revenue streams, providing additional value for all stakeholders. The acquisition of Tata Petrodyne has added a further dimension to Tata Power's business, taking the company further towards its objective of becoming an established player in the energy sector and the broadband communication business is also moving forward to schedule."

Total income during the three month period stood at Rs 922.65 crore against Rs 413.05 crore in the same period last year.

The company has acquired Tata Petrodyne for a consideration of Rs 145 crore from Tata Industries Ltd. Consequent upon the amalgamation, Chemical Terminal Trombay has become a subsidiary of the company.

The paid-up equity capital of the merged company after cancellation of the cross holdings is Rs 197.01 crore.

During the nine month period ended December 31, 2000, the company reported a net profit of Rs 322.52 crore on a turnover of Rs 2,683.53 crore as compared to a net profit of Rs 153.01 crore on sales of Rs 1,030.38 crore in the corresponding period last year.

Capital expenditure during the nine month period stood at Rs 522 crore. The company said that substantial benefits are expected to accrue as a result of a stronger balance sheet, enabling Tata Power to independently target large projects.

"Improvement in operational performance across all parameters in the licensed areas of Mumbai and Greater Mumbai led to an increase in power generation to 7,271 million units from 6,970 million units. Revenue contribution from licensed area was up 31 per cent to Rs 2,580 crore from Rs 1,962 crore," the company said.