Mumbai: Tata Power on Friday posted a 38 per cent rise in consolidated net profit at Rs 599.2 crore for the third quarter ended December 2016, mainly due to improved performance and a tax credit. On the day, the company's board also approved the appointment of N. Chandrasekaran as its new chairman.

“The group has posted a net profit after tax, minority interest and share of profit of associates and joint ventures of Rs 599.2 crore for the quarter ended December 31, 2016 as compared to Rs 433.25 crore for the quarter ended December 31, 2015,” Tata Power said in a stock exchange filing.

The company’s total income fell to Rs 6,604.59 crore in the quarter in consideration, from Rs 7,324.25 crore in the same period last year.

During the quarter in quetion, Tata Power achieved the generation of 13,022 million units of power from all its power plants, including from those run by its subsidiaries, the company said.

In a separate statement, the company announced the appointment of Natarajan Chandrasekaran, who is the Chairman-designate of Tata Sons, as the Chairman and Additional Director of Tata Power, effective from Saturday.

The Tata Power stock closed trade on Friday at Rs 81.55 a share at the price unchanged from its previous close on the Bombay Stock Exchange.

-IANS