MUMBAI: TATA Power, India’s largest private utility, on Thursday said its fiscal second quarter consolidated net profit fell 30% mainly due to increased tax provision after a change in the minimum alternate tax rules.

Tata Power’s quarterly net profit in the July-September period fell to Rs 367.7 crore compared with Rs 527.9 crore last year. Revenue for the same period dropped marginally to Rs 4,579 crore.

In a statement issued late on Thursday, Tata Power said although the company’s distribution subsidiary and joint venture with the Delhi government, North Delhi Power, posted a revenue growth of 42%, the increased tax provision eroded profits.

Tata Power recently completed the allotment of a $300-million foreign currency convertible bonds for capital expenditure of its existing power plants, proposed projects and other project plants of the company.

In June-end, the company had raised $335 million through GDRs. Tata Power’s growth plans include steady capacity addition year-on-year, which includes about 318 MW in 2010, 1,138 MW by 2011, 1,600 MW by 2012 and 2,400 MW by 2013.

The Mumbai-based utility also said Powerlinks, its power transmission unit, has earned revenue of Rs 75.1 crore, against Rs 55.8 crore in the previous year, due to relaxation in norms and a higher capitalisation during the quarter.