Jun 14, 2000|
Tata Electric - Other Income boosts bottomline
Tata Electric Companies (TEC) have posted a 42% rise in bottomline during the year ended 31st March 2000. The three companies comprising the TEC are Tata Power, Tata Hydro and Andhra Valley Power.
|Operating Profit (EBDIT)
|Operating Profit Margin (%)
|Profit before Tax
|Profit after Tax/(Loss)
|Net profit margin (%)
|Earnings per share
The TECs have benefited from a surge in other income, which grew by 51%. This more than offset the decline in operating margins. The depreciation and interest expenses increased only marginally. The provision for tax to increased sharply mainly owing to the tax on other income.
The board of the company have approved a scheme of merger of the three companies. The swap ratio has been set at 4 shares in Tata Power for every 5 shares in Andhra Valley and Tata Hydro. The companies have also proposed an issue of cumulative redeemable preference shares to the tune of Rs 3 bn on a private placement basis.
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