Reliance Power Limited
NSE Symbol RPOWER
RELIANCE POWER LTD has released its
third quarter Results for q/e Dec,2011. The High lights are as below :
Total
Income of Rs.674 Cr – An Increase of 90%
over Q3 FY 11.
Operating
Revenue of Rs.457 Cr – an increase of 63%.(From
Rs.251 Cr).
Net
Profit of Rs.204 Cr – an increase of 42%.
(from Rs.144 Cr)
Ø
3rd
300 MW unit of 1200MW ROSA commissioned
3 months ahead of schedule.
Ø
Gas
Turbines of 2400 MW Samalkot Project – India’s Largest Gas based Power Project –
ready for synchronization and commencing Generation – Project implemented world
Record Time of just 15 Months.
Ø
3960
MW SASAN UMPP implementation on Track and Project expected to be commissioned
Ahead of Schedule – Dec2012
Ø
SASAN
COAL MINE DEVELOPMENT in full swing with
commissioning of Large Sized Equipment –
Production to commence in Q2 FY13
Ø
Total
Power Generation Capacity to reach 5000 MW by Dec,2012.
Q3
HIGH LIGHTS
OPERATING
CAPACITY:-
Ø
800
MW Rosa Phase 1 operated at a PLF of 75% generating 967 Mn Units of Power
compared to 707 MN Units in Q3 FY 11.
Ø
Operating
Revenues from the Plant has almost doubled to Rs.441 Cr from Rs.251 cr in Q3 FY
11.
Ø
EBITDA
of the Plant grew by almost 63% - Rs.163 Cr from Rs.100 Cr in previous Year.
Ø
Net
Profit for the Plant at Rs.76 Cr – from rs.40 Cr in previous year.
Ø
Third
Unit of 1200 MW Rosa commissioned in Dec,2011, 3 months ahead of PPA schedule.
CAPACITIES
UNDER CONSTRUCTION
Ø
Entire
1200 MW ROSA project set to be operational by March,2012
Ø
Pre-commissioning
Activities have commenced for the first 300 MW unit of the 600 MW Butibori
Project in MH and the unit is expected to be commissioned by March,2012. The project is expected to be
fully commissioned by the middle of the
year.
Ø
Gas
Turbines of India’s largest gas based project –the 2400 MW Samalkot Power
Project in AP ready for synchronization and commencing generation. The
Project was constructed in a world
record time of Just 15 months from the placing of contract with General Electric.
Ø
Construction
activities at the 3960 MW Sasan UMPP in MP progressing as per schedule and the
first unit is expected to be commissioned ahead of schedule by Dec,2012.
Ø
Sasan
Coal Mines development in full swing and all major equipment assembled at site. Over 1.5 Mn m3 of overburden already
removed and coal production expected to commence in the 2nd qtr of
FY 12-13.
Ø
R’Power
claims to have the largest captive coal reserves in PVT sector, (over 2 bn tones).It
has also purchased 3 coal mines in Indonesia and also has plans to develop coal
bed Methane based generating capacity.
Ø
The
table below shows financial performance in Q3, Q2, Q1 and FY 2011 total with
the last column giving comparison of the Latest Qtr (Q3 FY 12) with the FY 2011
financials on Proportionate Basis ( Q3 FY 12 x 4 vs FY 11 Total).
Ø
In
respect of Power companies like Reliance Power, with every commissioning of a
large Power capacity, the Revenues and Profits will take an upward Jump. Hence,
we do not see any significant quarterly jumps from Q1 FY 12 to Q2 FY 12 to Q3
FY 12.
Ø
In
respect of Gas based Power Projects, Gas availability has become a critical
issue – with the KG-D6 gas dwindling in output. Hence, commissioning of
Samalkot project depends on Gas availability Now.
Ø
R’Power
has displayed Good Project Execution skills so far - which is a major asset to
note in respect of R’Power now. Based on that, Non-gas based projects can be
expected to be commissioned more smoothly as coal is available.
Current
market Price of Rs.10 share of R’Power is around Rs.108.25, while the 52 week high price is Rs.137.45 and the
52 week low price is Rs.68.50. This is a Good share for Medium to
Long term Investors – who can keep their eyes on the commissioning of the UMPPs
– for reaping good returns.
Current
EPS levels are however LOW – in keeping with the current levels of Power
Generation and the high Equity of Rs.2805.13 cr.
CONSOLIDATED RESULTS TABLE
|
Q3FY12
|
%DIF
|
||||
|
Net Sales
|
45726.19
|
48,754.94
|
54,180.39
|
105,476.30
|
73.41
|
|
Raw Materials
|
28292.18
|
1,913.39
|
32,223.39
|
60,324.67
|
87.6
|
|
Traded goods
|
193.6
|
161.67
|
123.69
|
433.43
|
78.67
|
|
Employees Cost
|
1477.07
|
2,244.51
|
1,720.06
|
7,690.25
|
-23.17
|
|
Depreciation
|
3232.15
|
2,926.82
|
2,857.52
|
10,088.05
|
28.16
|
|
Other Expenditure
|
1753.11
|
32,432.07
|
1,622.66
|
11,559.82
|
-39.34
|
|
Total Expenditure
|
34948.11
|
39,678.46
|
38,547.32
|
90,096.22
|
55.16
|
|
Profit from Operations
|
10778.08
|
9,076.48
|
15,633.07
|
15,380.08
|
180.31
|
|
Other Income
|
21682.07
|
26,314.23
|
14,743.06
|
83,771.80
|
3.53
|
|
Interest
|
7198.12
|
7,531.79
|
7,608.60
|
21,952.03
|
31.16
|
|
Profit before tax
|
25262.03
|
27,858.92
|
22,767.53
|
77,199.85
|
30.89
|
|
Tax Expense
|
4875.03
|
4,311.30
|
3,155.45
|
1,155.82
|
1587.12
|
|
Consolidated NPT
|
20387
|
23,547.62
|
19,612.08
|
76,044.03
|
7.24
|
|
Face Value (in Rs.)
|
10
|
10
|
10
|
10
|
|
|
Paid-up Equity
|
280512.7
|
280,512.65
|
280,512.65
|
280,512.65
|
|
|
Reserves
|
-
|
-
|
-
|
1,402,818.57
|
|
|
Basic EPS
|
0.73
|
0.84
|
0.7
|
2.94
|
-0.68
|
|
Public holding (%)
|
19.58
|
19.58
|
19.58
|
19.58
|
*
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