Tata Power Company Limited
NSE Symbol TATAPOWER
TATA POWER CO LTD has declared results for FY 2011.
CONSOLIDATED RESULTS :
Net Sales from Operations for FY 11 is Rs.19348.21 Cr – up by 2.62% from FY 10 and up by 10.53% from FY 09.
Consumption of Raw Materials for FY 11 is Rs.11404 Cr – down by 0.85% from FY 10 and down by 3.46% from FY 09.
Total Expenditure for FY 11 is Rs.15893.58 cr – down by 0.93% from FY 10 and up by 6.11% from FY 09.
Profit from Operations for FY 11 is Rs.3557.18 cr – up by 20.90% from FY 10 and up by 36.36% from FY 09.
Profit before tax for FY 11 is Rs.3157.47 cr – up by 14.10% from FY10 and up by 28.15% from FY 09.
Net Profit for FY 11 is Rs.2181.91 Cr – up by 2.02% from FY 10 and up by 68% from FY 09.
Consolidated Net Profit is Rs.2088.12 Cr – up by 5.69% from FY 10; and up by 65.19% from FY 09.
Against a Face Value of Rs.10 – the Basic EPS for FY 11 is Rs.87.92; against Rs.85.01 for FY 10; and Rs.57.09 for FY 09.
CONSOLIDATED ANNUAL RESULTS TABLE :
| FY11CS | |||
| Net Sales from Operations | 1,934,821.00 | 1,885,476.00 | 1,750,509.00 |
| Other Operating Income | 10,255.00 | 13,108.00 | 8,244.00 |
| Increase in SIT/WIP | -1,138.00 | -2,747.00 | -7,938.00 |
| Consumption of Raw Materials | 1,140,400.00 | 1,150,173.00 | 1,181,239.00 |
| Purchase of traded goods | 3,053.00 | 6,005.00 | 8,766.00 |
| Employees Cost | 82,593.00 | 80,599.00 | 61,275.00 |
| Depreciation | 98,024.00 | 87,768.00 | 65,649.00 |
| Other Expenditure | 266,426.00 | 282,557.00 | 188,899.00 |
| Total Expenditure | 1,589,358.00 | 1,604,355.00 | 1,497,890.00 |
| Profit from Operations | 355,718.00 | 294,229.00 | 260,863.00 |
| Other Income | 41,050.00 | 58,888.00 | 56,394.00 |
| Interest | 81,021.00 | 76,387.00 | 70,874.00 |
| Profit before tax | 315,747.00 | 276,730.00 | 246,383.00 |
| Tax Expense | 97,556.00 | 62,866.00 | 116,510.00 |
| Net Profit | 218,191.00 | 213,864.00 | 129,873.00 |
| Minority Interest | 19,650.00 | 23,346.00 | 10,756.00 |
| Shares of Associates | -7,419.00 | -6,166.00 | -2,757.00 |
| Other Related Items | -2,852.00 | -889 | -4,530.00 |
| Consolidated Net Profit | 208,812.00 | 197,573.00 | 126,404.00 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 23,729.00 | 23,729.00 | 22,140.00 |
| Reserves | 1,286,630.00 | 1,116,314.00 | 839,752.00 |
| Basic EPS | 87.92 | 85.01 | 57.09 |
| Diluted EPS | 84.84 | 82.21 | 57.09 |
WHAT COMPANY SAYS :
Q4 FY 11 Highlights –Standalone
Gross generation at 3532 MUs as against 3790 MUs in PY down by 7%
-Generation in Mumbai operations was 2463 MUs as against 2695 Mus in PY
-Due to lower generation from Unit 6 as cheaper power was available for purchase outside
-Generation outside Mumbai was 1068 MUs as against 1095 Mus in PY down by 2%
-Due to scheduled outage of JojoberaUnit –4
Sales (net of eliminations) at 3777 MUs as against 3745 MUs in PY
-Sales in Mumbai operations were 2707 MUs as against 2660 in PY
-Sales outside Mumbai were 1070 MUs as against 1085 MUs in PY down by 1%
Ø Merchant sales from Unit 8 were 138 MUs (PY 162 MUs) and from Haldiawere 176 MUs (PY 158 MUs) in this quarter
Ø Average merchant realization in was Unit 8 ~Rs. 5.08 (PY ~Rs. 5.36) per unit and in Haldiawas ~Rs. 3.38 (PY ~Rs. 5.38)
Revenue at Rs. 1630.22 Cr (PY Rs. 1717.80 Cr) down by 5%
· Lower fuel cost mainly due to change in fuel mix –use of more gas and less oil
· Lower revenue from outside Mumbai operations mainly due to lower realization in Haldia
Other Operating Income at Rs. 132.41 Cr (PY Rs. 77.25 Cr) higher by 71%
· Mainly due to unwinding of capital contribution from consumers to the extent of depreciation provided to date in Mumbai Operations arising out of change in accounting policy (Rs. 47 Cr) and higher revenue from new projects in SED (Rs. 4 Cr)
Staff Cost at Rs. 76.92 Cr (PY Rs. 58.74 Cr) up by 31%
o Mainly due to revision of salaries in line with market benchmark
Cost of Power Purchased at Rs. 203.97 Cr (PY Rs. 145.65 Cr) up by 40%
o Higher purchase mainly for changeover customers and availability of cheaper power
o This was partly offset by lower purchase cost (~Rs.4.1 / unit vs. ~Rs. 6.6 / unit in PY)
Cost of Fuel at Rs. 825.15 Cr (PY Rs. 936.36 Cr) lower by 12%
o Lower by ~Rs. 222 Cr due to change in fuel mix in Mumbai operations and ~Rs. 56 Cr attributable to lower generation offset by higher fuel prices (~Rs. 152 Cr)
Depreciation at Rs. 122.09 Cr (PY Rs. 126.95) down by 4%
o Mainly due to reversal of higher depreciation accounted for in previous quarters
Other Expenditure at Rs. 214.09 Cr (PY Rs. 180.52 Cr) higher by 18%
o ~Rs. 13 due to increased wheeling charges for switched over consumers and a higher consumer base
o ~Rs. 8 Cr due to higher hedging charges
o ~Rs. 4 Cr due to scheduled outage of Unit# 4 Jojobera
Profit from Operations before Other Income, Interest and Exceptional Items at Rs. 289.90 Cr (PY Rs. 322.12 Cr) lower by 10%
Other Income
o Gain on Exchange at Rs. 6.37 Cr (PY Rs. 12.32 Cr) due to marginal Rupee appreciation
o Others at Rs. 80.91 Cr (PY Rs. 41.00 Cr) higher mainly due to interim dividend from Powerlinks(Rs. 33 Cr)
Profit Before Interest and Exceptional Items at Rs. 377.18 Cr (PY Rs. 375.44 Cr)
Interest at Rs. 119.40 Cr (PY Rs.94.98 Cr) up by 26%
o Mainly due to additional debentures of Rs. 250 Cr. raised during FY11 and new borrowings
Profit before Tax at Rs. 257.78 Cr (PY Rs. 280.46 Cr) down by 8%
o Mainly due to lower contribution owing to lower merchant rates in Haldia
o PY includes favorable JSERC order impact in Jojobera
Tax at Rs. (9.93) Cr (PY Rs. 49.86 Cr) lower by 120%
o Lower due to higher tax free income and lower deferred tax due to lower wind capitalization and utilization of MAT credit as per revised guidance note
PAT at Rs. 267.71 Cr (PY Rs. 230.6 Cr) up by 16%
STAND ALONE ANNUAL FOR FY 2011
Gross generation at 15325 MUs as against 15946 MUs in PY down by 4%
o Generation in Mumbai operations was 10841 MUs as against 11623 MUs in PY down by 6%
o As explained earlier, mainly due to lower generation from Unit 6 as cheaper power was available from outside purchase
o Generation outside Mumbai was 4485 MUs as against 4323 MUs in PY up by 3%
o Due to higher generation in Haldia(152 MUs) and Jojobera( 76 MUs)
Sales (net of eliminations) at 16060 MUs as against 15574 MUs in PY up by 3%
o Sales in Mumbai operations were 11719 MUs as against 11343 MUs in PY
o Mainly due to switchover customers
o Sales outside Mumbai were 4341 MUs as against 4281 MUs in PY up by 1%
FY 11 Financial Highlights –Standalone
Revenue at Rs. 6599.36 Cr (PY Rs. 6893.47 Cr) lower by 4%
Mainly due to lower cost of fuel, lower merchant rates offset by higher switchover customers
PY includes favorable ATE order impact
Other Operating Income at Rs. 319.12 Cr (PY Rs. 204.80 Cr) higher by 56%
Mainly due to unwinding of capital contribution from consumers to the extent of depreciation provided to date (Rs. 47 Cr) and higher revenue from new projects in SED (Rs. 18 Cr)
Staff cost at Rs. 341.12 Cr (PY Rs. 300.35 Cr) higher by 14%
Mainly due to revision of salaries in line with market benchmark
Cost of Power Purchased at Rs. 784.21 Cr (PY Rs. 251.69 Cr) up by 212%
Higher purchase mainly for changeover customers and availability of cheaper power resulting in lower generation from Unit #6
This was partly offset by lower purchase cost (~Rs.4.7 / unit vs. Rs. 6.5 / unit in PY)
Cost of Fuel at Rs. 3485.64 Cr (PY Rs. 4060.92 Cr) lower by 14%
~ Rs. 212 Cr due to lower generation in Mumbai operations offset by higher fuel cost (~Rs. 302 Cr)
~Rs. 706 Cr mainly due to change in fuel mix –use of more gas used and less oil
Profit from Operations before Other Income, Interest and Exceptional Items at Rs. 1035.66 Cr (PY Rs. 1384.32 Cr) lower by 25%
•Other Income
•Gain on Exchange at Rs. 50.61 Cr (PY Rs. 51.98 Cr)
•Others at Rs.442.97 Cr (PY Rs. 229.60 Cr) higher mainly due to higher dividend income (Rs. 132 Cr), higher interest income on shareholder loan to Coal SPVs due to higher interest rate applicable (Rs. 29 Cr),higher interest on IT refund (Rs. 23 Cr.) and Income from interest on FCCB and mutual funds (Rs. 17 Cr.)
•Profit Before Interest and Exceptional Items at Rs. 1529.24 Cr (PY Rs. 1665.90 Cr) down by 8%
•Interest at Rs. 416.89 Cr (PY Rs. 406.64 Cr) up by 2%
•Mainly due to capitalization, higher interest on working capital and customer security deposits
Profit before Tax at Rs. 1112.35 Cr (PY Rs. 1259.26 Cr) down by 12%
•Tax at Rs. 170.86 Cr (PY Rs. 320.50 Cr) lower by 47%
•Lower due to higher tax free income and lower deferred tax due to lower wind capitalization and utilization of MAT credit as per revised guidance note
•PAT at Rs. 941.49 Cr (PY Rs. 938.76 Cr)
Q4 FY 11 Financial Highlights –Consolidated
•Total Income at Rs. 5015.48 Cr (PY Rs. 4863.81 Cr) up by 3%
•Increase of Rs. 142 Cr in coal companies (Rs. 395 Cr due to higher realization offset by lower quantity of coal sold (Rs. 187 Cr) and appreciation of INR (Rs. 66 Cr)
•Higher cost of power purchased in NDPL (Rs. 177 Cr.)
•Increase in Tata Power as already mentioned
•Decrease of ~Rs. 89 Cr in Tata Power Trading due to lower rate of power sold and lower volume traded (~Rs. 42 Cr) and eliminations in consolidation (~Rs. 47 Cr)
Key reasons for variation in the Total Expenditure are as follows:
•Cost of Power Purchased higher by Rs. 167 Cr. mainly due to higher power purchase in NDPL
•Cost of Fuel lower by Rs 36 Cr. mainly due to lower generation and change in fuel mix in Tata Power (Rs. 111 Cr.) , higher cost of fuel in Coal companies due to higher prices ( Rs. 53 Cr.) and the commissioning of new generation plant in NDPL (Rs. 18 Cr.)
•Profit from Operations before Other Income, Interest and Exceptional Items at Rs. 957.35 Cr (PY Rs. 885.94 Cr) higher by 8%
Gain on exchange is lower by Rs 296 Cr. mainly due to PY higher gains capitalized in CGPL books but treated as P&L item in consolidation
•Interest expense higher by Rs. 34 Cr
•Mainly due to fresh borrowings for T&D projects in Tata Power (Rs. 24 Cr) and borrowings in NDPL (Rs. 23 Cr) partly offset by debt repayment as per schedule in coal SPVs (Rs. 5 Cr)
•Provision for Tax higher by Rs. 134 Cr
•Mainly due to higher profit from Coal companies (Rs. 47 Cr.)
•PY includes reversals of deferred tax provisions in NDPL (Rs. 151 Cr.)
•Lower in Tata Power due to MAT credit availed (Rs. 54 Cr.)
•Net Profit before Statutory Appropriations at Rs. 625.02 Cr (PY Rs. 946.78 Cr) down by 34%
•Mainly due to lower forexgain of Rs. 296 Cr. compared to PY in CGPL
•PY includes reversal of deferred tax provisions in NDPL (Rs. 151 Cr.)
FY 2011 FINANCIAL (CONSOLIDATED) HIGH LIGHTS
Total Income at Rs. 19450.76 Cr (PY Rs. 18985.84 Cr) up by 2%
•Increase of Rs. 630 Cr in coal companies mainly due to higher realizations (Rs. 1248 Cr) offset by lower volumes sold (Rs. 370 Cr) and exchange rate fluctuation due to appreciation of Rupee (Rs. 248 Cr)
•Increase in revenue of ~Rs. 663 Cr in NDPL mainly due to higher cost of power purchased
•Decrease of ~Rs. 204 Cr in Tata Power due to reasons already explained
•Decrease of ~Rs. 739 Cr in Tata Power Trading due to lower rate of power sold (~Rs. 350 Cr) and eliminations in consolidation (~Rs. 389 Cr)
•~Rs. 171 Cr sale of non-core investments by a subsidiary
Key reasons for variation in the Total Expenditure are as follows:
•Cost of Power Purchased up by ~Rs. 331 Cr mainly due to Rs. 469 Cr (net of eliminations) higher cost in NDPL due to higher power purchase cost and Rs. 213 Cr (net of eliminations) in Tata Power due to higher demand due to increase in changeover customers and Rs. 351 Cr lower in Tata Power Trading due to lower cost per unit offset by higher traded volume
•Royalty towards mining higher by Rs. 70 Cr due to higher coal prices
•Cost of Fuel lower by Rs. 355 Cr due to lower generation and change in fuel mix in Tata Power (Rs. 575 Cr) offset by Rs. 198 Cr due to higher fuel costs in the coal companies
•Coal Processing Charges lower by Rs. 52 Cr due to higher cost of coal processing per ton (Rs. 131 Cr) offset by lower quantity of coal sold (Rs. 116 Cr) and exchange rate variation (Rs. 67 Cr)
•Other expenditure includes higher operation costs in Coal companies coupled with higher selling and distribution costs (Rs. 112 Cr), higher wheeling charges due to increase in changeover customers (Rs. 28 Cr.), higher hedging costs (Rs. 30 Cr) and Rs. 88 Cr being provisioned for diminution in value of long term investment by a subsidiary company
•Profit from Operations before Other Income, Interest and Exceptional Items at Rs. 3557.18 Cr (PY Rs. 2942.29 Cr) up by 21%
Other Income up by Rs. 103 Cr mainly due to
•Rs. 54 Cr due to sale of certain Nelcobusinesses to Crompton Greaves Ltd.
•Rs 52 Cr on account of interest on IT refund received and higher Treasury Income
•Provision for Tax higher by Rs. 346.9 Cr mainly due to
•As explained earlier, lower tax in Tata Power (~Rs. 150 Cr)
•Higher profit from Coal companies (~Rs. 284 Cr.) and reversal of deferred tax provisions in the PY by NDPL (Rs. 151 Cr.)
•Net Profit before Statutory Appropriations at Rs. 2059.60 Cr (PY Rs. 1966.84 Cr) up by 5%
* * * E N D * * *
No comments:
Post a Comment