Tata Power Company, a leading power major, has clocked phenomenal decline in standalone net profit for the three month period ended December 2008.

During the quarter, the profit of the company slashed 48.76% to Rs 1,010.80 million against Rs 1,972.80 million in the same quarter of previous fiscal.

Net sales grew 25.18% to Rs 17,768.70 million, while total income rose 24.78% to Rs 18,228.70 million for the quarter ended December 2008 against with the prior year period.

The company reported earnings of Rs 4.56 a share during the quarter, registering 50.43% decline over prior year period.

During the quarter, the operating margin of the company plummeted 416 basis points to 14.41% against the previous year period. Interest cost zoomed 2.47 times to Rs 951.50 million while depreciation cost surge 14.80% to Rs 808.80 million over previous year period.

Shares of the company gained Rs 9.65, or 1.29%, to settle at Rs 760.60. The total volume of shares traded was 130,926.00 at the BSE.