Tata Power Company Limited
NSE Symbol TATAPOWER
TATA POWER COMPANY LTD has declared its CONSOLIDATED RESULTS for the third quarter ended December,2010.
Net Sales – is Rs.4413 cr – down by 8.02% from Q2 FY 11; down by 6.87% from Q1 FY 11; and UP By 19.44% from Q3 FY 10.
Total Expenditure is Rs.3635 cr – down by 7.24% from Q2 FY 11; down by 8.45% from Q1 FY 11; and UP by 6.64% from Q3 FY 10.
Profit from Operations – is Rs.806 Cr – down by 9.51% from Q2 FY 11; down by 1.5% from Q1 FY 11 and UP by a huge 177.27% from Q3 FY 10.
Net Profit is Rs.464 cr – down by 36.73% from Q2 FY 11; up by 107.44% from Q1 FY 11; and up by a huge 131.53% from Q3 FY 10.
Consolidated Net Profit is Rs.442 cr – down by 34.22% from Q2 FY 11; up by 115.79% from Q1 FY 11; and UP by a huge 236.69% from Q3 FY 10.
Basic EPS (in Rs.) is Rs.18.63 for Q3 FY 11; against Rs.28.32 in Q2 FY 11; Rs.13.12 in Q1 FY 11; and Rs.3.9 in Q3 FY 10.
Its current Market Price is Rs.1,158 against Face Value of Rs.10. Current year EPS is likely to be around Rs.79. On this basis, the PE Ratio is likely to be around 14.65.
TATA POWER has good expansion plans and can scale up to better results in coming quarters.
CONSOLIDATED RESULTS TABLE :
| Q3 FY 11 | ||||
| Net Sales | 441291 | 479784 | 515162 | 431304 |
| Net Sales %s | 4413 | -8.02 | -6.87 | 19.44 |
| Other Oprtg Income | 2802 | 1167 | 3322 | 2739 |
| Incr./Decr. in SIT/WIP | -2836 | 7062 | -2120 | -3457 |
| Raw Materials | 250276 | 267051 | 330460 | 268274 |
| Traded goods | 1315 | 567 | 641 | 856 |
| Employees Cost | 23036 | 19821 | 20024 | 18481 |
| Depreciation | 24895 | 24701 | 23500 | 22079 |
| Other Expenditure | 66844 | 72716 | 55592 | 95211 |
| Total Expenditure | 363530 | 391918 | 428097 | 401444 |
| Total Expenditure | 3635 | -7.24 | -8.45 | 6.64 |
| Profit from Operations | 80563 | 89033 | 90387 | 32599 |
| Profit from Operations | 806 | -9.51 | -1.5 | 177.27 |
| Other Income | 7825 | 31608 | -8941 | 3852 |
| Profit bef. I & EI | 88388 | 120641 | 81446 | 36451 |
| Interest | 21092 | 20808 | 17184 | 18530 |
| Profit after I BB EI | 67296 | 99833 | 64262 | 17921 |
| Profit before tax | 67296 | 99833 | 64262 | 17921 |
| Tax Expense | 20885 | 26481 | 28901 | 2648 |
| Net Profit | 46411 | 73352 | 35361 | 15273 |
| Net Profit | 464 | -36.73 | 107.44 | 131.53 |
| Minority Interest | 3074 | 6726 | 4029 | 5511 |
| Shares of Associates | -800 | -928 | -435 | -95 |
| Other Related Items | -100 | 300 | 600 | 600 |
| Consolid. Net Profit | 44237 | 67254 | 31167 | 9257 |
| Consolid. Net Profit | 442 | -34.22 | 115.79 | 236.69 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 |
| Paid-up Equity | 23729 | 23729 | 23729 | 23717 |
| Basic EPS (in Rs.) | 18.63 | 28.32 | 13.12 | 3.9 |
| Diluted EPS (in Rs.) | 17.97 | 25.81 | 13.12 | 3.76 |
| Public holding (%) | - | 64.39 | 64.37 | - |
ANNOUNCEMENTS
TO THE EXCHANGE
14-02-2011 Tata Power Company Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 159587 lacs for quarter ending on 31-DEC-2010 against Rs. 152780 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 15407 lacs for the quarter ending on 31-DEC-2010 against Rs. 14189 lacs for the quarter ending on 31-DEC-2009.
14-02-2011 Tata Power Company Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 441291 lacs for quarter ending on 31-DEC-2010 against Rs. 431304 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 44237 lacs for the quarter ending on 31-DEC-2010 against Rs. 9257 lacs for the quarter ending on 31-DEC-2009.
13-01-2011 Tata Power Company Limited has informed the Exchange regarding a press release dated January 13, 2011, titled "Mr. Anil Sardana appointed as the Managing Director of Tata Power".
22-12-2010 Tata Power Company Limited has informed the Exchange vide its letter dated December 22, 2010, regarding "Execution of a Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited for a 25 MW Solar Photovoltaic (PV) Power project at Mithapur, Gujarat".
02-09-2010 Tata Power Company Limited has informed the Exchange regarding a press release dated September 2, 2010, titled "Tata Power-Origin Energy-Supraco Consortium wins geothermal bid in Indonesia".
21-07-2010 Tata Power Company Limited has informed the Exchange that "The Company has issued 100 Transferable, Secured, Redeemable, Non-Convertible Debentures aggregating to Rs. 350 crores, carrying a coupon rate of 9.15% and with a tenor of 15 years, on private placement basis. The issue opened and closed on 20th July, 2010. The Lead Arranger for this issue Citibank N A and the Distribution & Placement Agent is Citigroup Capital Markets Limited. These Debentures are rates 'LAA' by ICRA and 'AA' by CRISIL with positive outlook. The proceeds of this issue would be utilized largely to refinance the existing loan from IREDA." -
14-07-2010 Tata Power Company Limited has informed the Exchange vide its letter dated July 13, 2010 regarding a press release dated July 14, 2010 titled "Tata Power's First Clean Development Mechanism registered project - 50.4 MW Khandke wind farm".
WHAT TATA POWER SAYS :
Key Highlights Q3 FY 11: Standalone
Revenues for the quarter were up by 4% and stood at Rs.1595.87Crores as compared to Rs.1527.80 Crores. o Sales grew by 3% at 3824 MUs
Profit after Tax (PAT) increased by 4% to Rs.153.07 Crores as against Rs. 147.89Crores registered in the corresponding quarter last year.
The other income was up by 89% at Rs. 85.24 Crores as compared to Rs.45.17 Crores in the corresponding quarter last year due to dividend received from a subsidiary, buy back of shares by another subsidiary and higher treasury income. Effective tax rate is also low since the dividend income (which is tax free in the hands of the company) is higher. Deferred tax is low on account of lower wind capitalization.
Key Highlights Q3 FY11: Consolidated
Revenues stood at Rs. 4412.91 Crore as compared to Rs.4488.37 Crores in the corresponding period last year.
Net profit rose by 348% to Rs. 441.37 Crores as against Rs. 98.57 Crores reported in Q3 of FY10.
Net Profit after Tax (PAT) before Share of Associates, Minority Interest and.73 Crores for the corresponding quarter last year.
Profit before Tax (PBT) increased by 276% to Rs. 672.96 Crores as against Rs. 179.21 Crores in the corresponding period last year.
On a consolidated Segment-wise performance, Net Revenue from Power business was Rs. 2611.26 Crores as compared Rs. 2909.35 Crores and from Coal Business Rs. 1672.31 Crores as compared to Rs. 1434.62 Crores in the corresponding periods last year.
Profit before Interest and Tax (PBIT) from Power Business was Rs 401.82 Crores as against Rs. 515.48 Crores. The decrease was mainly due to low merchant rate realization, lower AT&C incentives accrued by NDPL and unscheduled maintenance of DG sets.
PBIT from Coal Business was up at Rs 432.57 Crores as compared to Rs. (171.17) Crores reported in the corresponding quarter last year. The Coal companies reported higher realization although the quantity sold was lower than the corresponding period last year. Further, in the previous year, the carrying cost of deferred stripping was reviewed based on a technical report which resulted in a charge of Rs 371 Crores in FY10Q3. In this quarter, the deferred stripping cost has been capitalized to the extent of Rs 71 Crores.
Commenting on the Company’s performance, M r. Anil Sardana, M anaging Director, Tata Power, said: “All our business divisions have performed well. Our operations continue to be stable and the new projects under implementation are progressing well. The quarter performance is in line with the growth target charted out by the company.
Tata Power now moves into an exciting stage of commissioning its new projects at Maithon and Mundra.
We are committed to our Sustainability agenda. The recent signing of the PPA with the Gujarat Government for 25 MW of solar power is a significant step in strengthening our renewable portfolio. Further, the acknowledgement and award received for Tata Power Energy Club have been very encouraging and we intend to take this movement to newer dimensions.”
OPERATIONAL AND BUSINESS HIGHLIGHTS:
During the quarter under review , the Company’s operations continued to be stable. Sales volume for the quarter stood at 3824 MUs and overall generation w as 3713 MUs. Trombay Thermal Power Station generated 2374 MUs as compared to 2497 MUs in the corresponding quarter last year; Hydro Power Stations generated 266 MUs as compared to 328 MUs in the corresponding quarter last year and Belgaum generated 34 MUs as compared to 111 MUs in the corresponding quarter last year.
Jojobera Thermal Power Station generated 769 MUs as compared to 687 MUs in the corresponding quarter last year.
Haldia reported generation of 212 MUs as compared to 167 MUs in the corresponding quarter last year.
Power House #6 was at 182 MUs as compared to 166 MUs in the corresponding period last year.
Wind Farms generated 58 MUs as compared to 59 MUs in the corresponding quarter last year.
Mumbai Retail Business:
Retail Customer base in Mumbai crossed the 1 lakh mark in December 2010. The rapid pace at which the consumer base has moved from 26000 to 50000, follow ed by 50000 to 75000 and now to 1,00,000, not only reflects the faith shown by the Mumbai consumers in the Company but also endorses the quality and reliability that has been hallmark of the Company for several decades.
The Company’s consumer mix at present comprises of 78% Residential, 5% Industrial and 17% Commercial, which further reiterates its commitment in meeting changeover request across user groups. In Q3, 19,638 changeover customers w ere added taking the total number of changeover customers to 70,798.
3 new bill collection centres were opened at Jogeshwari, Vile Parle and Powai.
North Delhi Power Limited (NDPL):
The Company’s distribution subsidiary and Joint-Venture w ith Delhi Govt., NDPL posted revenues of Rs. 813.72 Crores during Q3 ended 31st December 2010, as compared to Rs. 813.45 Crores registered in the corresponding period of the previous year.
The Profit after Tax decreased to Rs. 34.78 Crores as against Rs. 68.39 Crores in the previous quarter last year. This is mainly due to low er AT&C incentives accrued during the quarter. How ever, on the YTD basis the AT&C incentives are higher than previous year.
Powerlinks Transmission Limited (Powerlinks):
Powerlinks, the first public-private Joint-Venture in power transmission in India has earned revenues of Rs. 73.48 Crores in Q3 FY11 as against Rs. 72.39 Crores in the previous year. The Profit after Tax also decreased to Rs. 27.98 Crores from Rs. 34.35 Crores due to reversal in previous year of deferred tax provision made for the nine month period.
Tata Power Trading Company Limited (TPTCL):
TPTCL traded a total of 730 MUs during the quarter as compared to 1083 MUs in the similar period of previous year, thereby resulting in an decrease in its revenues to Rs 253.66 Crores from Rs. 561.14 Crores in the previous year.
The Profit / (Loss) after Tax was at Rs. 0.71 Crores as against Rs. 1.48 Crores in the previous year primarily due to poor merchant market and power rates.
GROWTH PLANS:
4000 MW, Mundra Ultra Mega Power Project(UMPP): Mundra UMPP is progressing as per schedule w ith engineering, procurement and construction activities in full sw ing. Overall project progress achieved is 71%.
Unit 1 - Turbine generator (TG) and auxiliary equipments pre-commissioning activities are progressing as per schedule.
Unit 2 - Boiler hydro test w as completed. Equipment and piping erection is in progress. TG
box-up w as completed and HP piping is in progress. Unit 3 - TG has been delivered and erection started.Erection of boiler pressure parts for Units 4 and 5 is progressing w ell. The first unit is expected to be commissioned by September 2011.
1050 MW Maithon Project: is also progressing w ell and has achieved 92% completion. Unit 1 boiler light up has been completed and Unit 1 is expected to be synchronized w ith oil by February 2011 and coal synchronization is expected w ithin a month thereafter.
Industrial Energy Limited: 120 MW Unit 5 being constructed at the Company’s existing site at Jojobera has been synchronized. The project is expected to be commissioned by March 2011.
114 MW Dagachhu Project: in partnership w ith The Royal Government of Bhutan (RGoB) is progressing well. Major ordering for the project has been completed. All statutory clearances, land, water and environment clearances have been received and PPA for the entire quantum of pow er has been signed for the project. Civil works are in progress and around 1.3 Kms of tunnelling has been completed. Work has also commenced on other fronts viz. desilter, surge shaft, w eir, etc. Infrastructure activities like approach road, bridges, construction power, etc. have been completed. The first unit is targeted to be commissioned by March 2013.
Partnership with SN Power: The Company has signed an exclusive partnership agreement with SN Power, Norway to set up Joint Ventures for developing hydropower projects in India and Nepal. Tata Power and SN Power have already begun pursuing potential project opportunities based on the vast reserves of renewable energy in the Himalayan region.
1600 MW Coastal Maharashtra Project: All statutory clearances required to start the project implementation are in place. Disbursement of compensation to land owners is in progress by Raigad District Authorities and 45% of private land has been covered till date. Activities pertaining to site enabling works have been identified and are being addressed. Specifications for boundary w alls, site grading, roads and drains are under preparation.
660 MW Naraj Marthapur, Orissa: The Environment Clearance has been recommended by MoEF, subject to clearance from National Board of Wild Life (NBWL) for which the process is on. All the balance clearances for the project have been obtained. Land acquisition is currently in progress. Out of the total 990 acres of land, payment for over 600 acres of land has been completed. The entire land acquisition process, including the forest land is expected to be completed by April 2011. The Company has been allotted the Mandakini coal block located in the Angul district of Orissa, along w ith Monnet Ispat and Energy Limited, and Jindal Photo Limited, which will feed coal to the plant.
Tiruldih Power Project, Jharkhand (3 X 660 MW): The process of land acquisition for the project is in progress and is expected to be completed by March 2012. In principle clearance has been received from Railways for transportation of coal from Tubed Coal Block. Tubed Coal Block has been jointly allotted to Tata Power and Hindalco in Jharkhand.
Satpura CBM Block: Tata Power along with its consortium partner Arrow Energy has been awarded the Satpura CBM block in Madhya Pradesh during the CBM IV bidding round. The Tata Power-Arrow Energy consortium has been awarded the Satpura CBM block in Madhya Pradesh.
Renewable Projects:
Wind Power: Tata Power is the leading private wind generation company with an installed capacity of 228 MW. Tata Power’s wind power capacity is spread across three states- Maharashtra, Gujarat and Karnataka. The Company has placed an order for 150 MW additional w ind capacity to be set up in Maharashtra and Tamil Nadu.
Solar Power: The Company has signed a PPA w ith Gujarat Urja Vikas Nigam to develop a 25 MW solar photovoltaic project at Mithapur in Gujarat. The Company is also implementing a 3 MW solar photo-voltaic plant at Mulshi and w ill be one of the largest grid connected plants in Maharashtra. The plant is expected to be commissioned by Feb end.
Geothermal Power: Tata Power led consortium comprising of Tata Power (47.50%), Origin Energy Limited (47.50%) and PT Supraco Indonesia (5%) successful w on the bid for the Sorik Marapi geothermal project in Northern Sumatra, Indonesia. The Sorik Marapi project is estimated to support the development of approximately 240 MW of geothermal generation capacity.
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