India's Tata Power beats Q1 profit view

BENGALURU, Aug 7 (Reuters): India's Tata Power beat first-quarter profit estimates on Tuesday, helped by strong energy demand on the back of strong industrial activity and extreme heat conditions.

The company reported a consolidated profit of 9.71 billion rupees ($116 million) in April-June period. Analysts were, on average, expecting a profit of 8.77 billion rupees, as per LSEG data.

The company had posted a profit of 9.72 billion rupees a year ago, which included a one-time gain of 2.35 billion rupees.

Revenue from operations climbed 13.7 per cent to 172.94 billion rupees.

India saw a sharp rise in power demand amid sturdy manufacturing sector activity and extreme heat conditions.