Tata Power Company Limited
NSE Symbol TATAPOWER
TATA POWER
COMPANY has declared its THIRD QUARTER RESULTS
(Q/E Dec,2011).
Net Sales stand
at Rs.6645.87 Cr in Q3 FY 12 (Current
Qtr) – up by 6.36% from Q2 FY 12; up
by 50.60% from Q3 FY 11 (Corresponding
Qtr) ; and up proportionately ( Q3 FY 11 x
4 Vs FY 11 total)
by 37.4% from FY 11 total.
Other Operating
Income stands at Rs.14 Cr – down by -58.74% from Previous qtr; down by -50.04%
from corresponding qtr; and down proportionately by -45.39% from FY 11 total.
Raw
Materials consumption stands at Rs.3676.04 Cr –
up by 14.17% from Q2FY 12; up by 46.88% from Q3 FY 11; and up proportionately
by 28.94% from FY 11 total. The huge increase in Raw Material charges has
brought down the Profits considerably in
the current year.
Employees
Cost
stands at Rs.310.44 Cr – up by 2.61% from Q2 FY 12; up by 34.76% from Q3
FY 11; and up proportionately by 50.35% from FY 11 total.
Depreciation
stands at Rs.346.85 Cr – up by 13.12% from Q2 FY 12; up
by 39.33% from Q3 FY 11; and up proportionately by 41.54% from FY 11 total.
Other
Expenditure stands at Rs.1810.03 Cr – up by 25.85% from Q2 FY 12; up by 170.78% from Q3
FY 11; and up proportionately by 171.75% from FY 11 total.
Total
Expenditure stands at Rs.6003.79 Cr – up by 15.37%
from Q2 FY 12; up by 65.15% from Q3 FY11; and up proportionately by 51.1% from
FY 11 total. The huge increase in Raw Material consumption and other
expenditure has considerably increased total expenditure and brought down the
profitability in current year.
Profit from
Operations stands at Rs.656.08 Cr – down by -39.15% from Q2 FY 12; down by -18.56% from Q3 FY 11; and down proportionately by -26.22%
from FY 11 total.
Other Income
stands at Rs.455.82 Cr – down by -172.42%
from Q2 FY 12; up
by 482.52%
from Q3 FY 11; and up proportionately by 344.16% from FY 11 total.
Interest expense stands at Rs.421.25
Cr – up by 27.16% from Q2 FY 12; and up by 99.72% from
Q3 FY 11; and up proportionately by 107.97% from FY 11 total.
Exceptional
items expense stands at Rs.162 Cr – down by -80.32% from Q2 FY 12.
Profit
before tax stands at Rs.528.65 cr – compared to
Rs(-)705.52 Cr in Q2 FY 12; Rs. 672.96 Cr in Q3 FY 11 (down by -21.44% ); and Rs.
3157.47 Cr in FY total (down proportionately by -33.03% ).
Tax Expense
is Rs.234.47 Cr – down by -48.29% from
Q2 FY 11; up by 12.27% from Q3 FY 11; and down by -3.86% from FY 11 total (proportionately)
Net Profit
stands at Rs.294.18 Cr – Compared to Rs(-)1158.98 in Q2
FY 12; Rs. 464.11
Cr in Q3 FY 11 ( down by -36.61% ); and Rs. 2181.91
Cr(down proportionately by
-46.07%) in FY 11 total.
Consolidated
NPT stands at Rs.262.67 Cr –compared to Rs(-)1218.86
Cr in Q2 FY 12; Rs. 442.37 Cr (down by
-40.62% ) in Q3 FY 11; and Rs. 2088.12 Cr in FY 11 total (down
proportionately by -49.68% ) in FY 11 total. The Net Profits are down
considerably in FY 12.Though Q3 is far better compared to Q2, the profitability
is not anywhere near FY 11.
Paid-up
Equity stands at Rs.237.29 Cr. The Face Value of
the share is Rs.1 now – against Rs.10 in FY 11.
Basic EPS
is Rs.1.11 in Q3 FY 12 (On FV of Rs.1);
Rs(-)5.13 in Q2 FY 12 on FV of Rs.1; Rs.18.63 in Q3 FY 11 (On FV of Rs.10); Rs.87.92 in
FY total on FV of Rs.10.It stands at
Rs(-)2.26 for 9 m/e Dec,2011.
Since,
profitability has been highly varying in previous 2 quarters – we need to watch
Q4 FY12 further. While TATA POWER is
good for medium / long term, in short term, there have been upheavals on the expenditure
side – as can be seen from the results.
Q3 FY 12 Highlights Consolidated
• Total
Income at Rs. 6659.87 Cr (PY Rs. 4440.93 Cr) up by 50%
• Increase
of Rs. 952 Cr in coal companies (Rs. 498 Cr due to higher realization, higher
quantity of coal sold (Rs. 174 Cr) and depreciation of INR Rs. 280)
• Higher
in Tata Power by Rs. 641 Cr (Stand Alone)
• Higher
in TPDDL by Rs. 266 Cr mainly due to higher power purchase and fuel cost (Rs.
326 Cr) offset by intercompany transactions eliminated on consolidation (Rs. 60
Cr)
• Higher
in TPTCL by Rs. 313 Cr mainly due to higher average rate of power sold coupled
with higher volume traded (Rs. 239 Cr)
• Higher
in IEL by Rs. 74 Cr since Unit#5 was not operational in Q3FY11
• Higher
in Maithon by Rs. 34 Cr since Unit#1 was commissioned on 1 September 2011
• Offset
by Rs. 62 Cr in Tata BP Solar mainly due to higher sales to Tata Power
Renewable Energy Ltd.
Key reasons for variation
in the Total Expenditure
• Staff Costs up by Rs. 80 Cr
mainly due to higher staff cost in KPC due to weaker rupee and salary revisions
(Rs. 48 Cr), Tata Power (Rs. 15 Cr) as explained earlier and TPDDL (Rs. 14 Cr)
• Cost of Power Purchased
higher by Rs. 435 Cr due to higher power purchase in TPTCL mainly due to higher
volume traded (Rs. 210), higher purchase in TPDDL due to higher volume and rate
of purchase (Rs. 229 Cr) offset by higher power purchase from Maithon
eliminated on consolidation (Rs. 53 Cr)
• Royalty towards coal mining
higher by Rs. 115 Cr mainly due to higher realizations (Rs. 58 Cr), higher
volumes sold (Rs. 22 Cr) and depreciation of rupee (Rs. 35 Cr)
• Cost of fuel higher by Rs.
701 Cr mainly due to higher fuel cost in Tata Power as explained earlier
(Rs.474 Cr) and in coal companies by Rs. 100 Cr mainly due to higher cost of
fuel per ton and higher quantity sold
• Deferred Stripping Costs
(Net) higher by Rs. 649 Cr mainly due to change in accounting estimates in KPC
. In view of the uncertainty involved in estimating the average stripping ratio
for the life of its mines, KPC has charged the entire deferred stripping costs
accumulated in prior years to the Profit and Loss Account
•
Profit from
Operations before Other Income, Interest and Exceptional Items at
Rs. 656.08 Cr (PY Rs. 805.63 Cr) down by 18%
Gain on exchange of Rs. 387.90 Cr (PY Rs. 32.06) mainly due to impact of
adoption of AS11 on CGPL (Rs.135 Cr) and Tata Power Standalone (Rs. 268 Cr)
offset by forex loss in KPC and Arutmin due to VAT realignments (Rs. 40 Cr)
• Other Income up by Rs. 22 Cr mainly due to higher treasury
income in Tata Power Standalone (Rs. 10 Cr) and higher interest on deposits in
coal SPVs (Rs. 11 Cr)
• Interest
expense
higher by Rs. 210 Cr
• Mainly due to commissioning of Maithon Unit#1 in September 2011
(Rs. 53 Cr), Interest on short term loans in TPDDL (Rs. 50 Cr), interest on
hybrid bond in coal SPVs (Rs. 46 Cr) and capitalization of ships in Trust
Energy (Rs. 37 Cr)
• In Q2FY12, provision for impairment was Rs. 162 Cr. lower than the
impairment provision considered in standalone CGPL accounts. This difference
represented the cumulative FX loss since the inception of the
project. In the current quarter, since Tata Power
has adopted the AS11 policy change, the impairment provision in consolidated
accounts has been increased by Rs. 162 crs. Due to implementation of AS11, provision
for impairment is same in CGPL Standalone and Tata Power Consolidated accounts
• Provision for Tax higher by Rs. 26 Cr
• Mainly
due to higher tax in Tata Power Standalone (Rs. 122 Cr), withholding tax on dividends
from coal SPVs (Rs. 43 Cr) offset in coal companies due to deferred stripping
cost write off in KPC (Rs. 142)
•
Profit after tax at Rs. 294.18 Cr(PY Rs.
464.11) down by 37%
• Distribution on Unsecured Perpetual Non Convertible Debentures at
Rs. 32.28 Cr
• Consolidated Net Profit after Statutory Appropriations at Rs. 262.67 Cr (PY Rs. 442.37 Cr) down
by 40%
CONSOLIDATED
RESULTS TABLE
|
Q3FY12
|
%DIF1
|
%DIF2
|
%DIF3
|
||||
|
Net Sales
|
664587
|
624,833.00
|
6.36
|
441,291.00
|
50.60
|
1,934,821.00
|
37.4
|
|
Other Oprtng Income
|
1400
|
3,393.00
|
-58.74
|
2,802.00
|
-50.04
|
10,255.00
|
-45.39
|
|
Increase in SIT/WIP
|
-15540
|
-7,715.00
|
101.43
|
-2,836.00
|
447.95
|
-1,138.00
|
5362.21
|
|
Raw Materials
|
367604
|
321,975.00
|
14.17
|
250,276.00
|
46.88
|
1,140,400.00
|
28.94
|
|
Traded goods
|
1583
|
1,412.00
|
12.11
|
1,315.00
|
20.38
|
3,053.00
|
107.4
|
|
Employees Cost
|
31044
|
30,255.00
|
2.61
|
23,036.00
|
34.76
|
82,593.00
|
50.35
|
|
Depreciation
|
34685
|
30,662.00
|
13.12
|
24,895.00
|
39.33
|
98,024.00
|
41.54
|
|
Other Expenditure
|
181003
|
143,824.00
|
25.85
|
66,844.00
|
170.78
|
266,426.00
|
171.75
|
|
Total Expenditure
|
600379
|
520,413.00
|
15.37
|
363,530.00
|
65.15
|
1,589,358.00
|
51.1
|
|
Profit from Operations
|
65608
|
107,813.00
|
-39.15
|
80,563.00
|
-18.56
|
355,718.00
|
-26.22
|
|
Other Income
|
45582
|
-62,937.00
|
7,825.00
|
482.52
|
41,050.00
|
344.16
|
|
|
Interest
|
42125
|
33,128.00
|
27.16
|
21,092.00
|
99.72
|
81,021.00
|
107.97
|
|
Exceptional items
|
16200
|
82,300.00
|
-80.32
|
-
|
-
|
||
|
Profit before tax
|
52865
|
-70,552.00
|
67,296.00
|
-21.44
|
315,747.00
|
-33.03
|
|
|
Tax Expense
|
23447
|
45,346.00
|
-48.29
|
20,885.00
|
12.27
|
97,556.00
|
-3.86
|
|
Net Profit
|
29418
|
-115,898.00
|
-125.38
|
46,411.00
|
-36.61
|
218,191.00
|
-46.07
|
|
Minority Interest
|
1116
|
3,988.00
|
-72.02
|
3,074.00
|
-63.70
|
19,650.00
|
-77.28
|
|
Shares of Associates
|
-1493
|
-1,154.00
|
29.38
|
-800
|
86.63
|
-7,419.00
|
-19.5
|
|
Other Related Items
|
3528
|
3,154.00
|
11.86
|
-100
|
-3,628.00
|
-2,852.00
|
-594.81
|
|
Consolidated NPT
|
26267
|
-121,886.00
|
44,237.00
|
-40.62
|
208,812.00
|
-49.68
|
|
|
Face Value (in Rs.)
|
1
|
1
|
0.00
|
10
|
-90.00
|
10
|
-60
|
|
Paid-up Equity
|
23729
|
23,729.00
|
0.00
|
23,729.00
|
0.00
|
23,729.00
|
300
|
|
Reserves
|
-
|
-
|
-
|
1,286,630.00
|
|||
|
Basic EPS(Rs)
|
1.11
|
-5.13
|
-121.64
|
18.63
|
-94.04
|
87.92
|
-94.95
|
|
Diluted EPS(Rs)
|
1.11
|
-5.13
|
-121.64
|
17.97
|
-93.82
|
84.84
|
-94.77
|
|
Public Shareholding (%)
|
64.96
|
-
|
-
|
-
|
* *
* E N D *
* *
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