Reliance Power Limited
Q2 FY 2013 RESULTS REVIEW
(Q/E SEP,2012)
HIGH LIGHTS
Performance highlights
Particulars
:: (Rs.) Q2 FY12-13 :: Q2 FY11-12
Operating Revenues
:: 1,079 cr :: 488 cr – An
increase of 121%
Other Income :: 102 cr
:: 263 cr
Total Income
:: 1,181 cr :: 751
cr – An Increase of 57%
Net Profit :: 240 cr ::
235 cr
EBITDA :: 393 CRORE - An Increase of 227%
Q2 HIGHLIGHTS
Operating
Capacity
Ø 1,200 MW Rosa Power Plant in UP generated 1,655 million units
(MUs) in this quarter (as against 1,004 MUs the previous year). – An Increase
of 65%
Ø The first 300 MW unit of the Butibori project has been
synchronised and is ready for full load operations.
Ø The 40 MW Dhursar solar PV plant in Rajasthan generated a record
13.8 million units in this quarter which resulted in a net profit of 6.6 crore.
Capacities
under Construction:
Ø
Major construction milestone – Boiler light-up of the first 660 MW,
supercritical unit – for the 3960 MW Sasan UMPP. Project to be commissioned
five months ahead of schedule.
Ø
Coal production commenced from Sasan coal mines. The Moher and
Moher Amlori Extn. mines with a capacity of 20 Million tonnes per year, will be
India’s largest coal mine.
Ø
Boiler light-up achieved for the second 300 MW unit of the 600 MW
Butibori project in M.H. Project to be fully commissioned by end of this year.
Ø
Civil works is in full swing for the 100 MW Concentrated Solar
Power (CSP) project in Dhursar, Rajasthan and the project is expected to be
commissioned by May 2013.
Ø
45 MW wind project in MH. is in its final stages of implementation.
Project to be commissioned by end of
this year.
PROJECT PORTFOLIO
Power-operation
|
Power –
Operation
|
||
|
Project
|
No.
|
Capacity (MW)
|
|
Coal based
|
1
|
1,500
|
|
Solar
|
1
|
40
|
Power - implementation
|
Power –
Implementation
|
||
|
Project
|
No.
|
Capacity (MW)
|
|
Coal based
|
5
|
16,140
|
|
Gas based
|
1
|
2,400
|
|
Solar
|
1
|
100
|
|
Wind
|
1
|
200
|
Power - Development
|
Power
–Development
|
||
|
Project
|
No
|
Capacity (MW)
|
|
Hydroelectric
|
12
|
5,292
|
|
Coal based
|
1
|
~5,000
|
Resources
|
Asset
|
No
|
Resources
|
|
Coal blocks-India
|
3
|
~ 2 bn tonnes
|
|
Coal mine-Indonesia
|
3
|
~2 bn tonnes
|
|
CBM blocks
|
4
|
193.92 BCM
|
Projects ::
SASAN ::
TILAIYA
|
Projects
|
Sasan
|
Tilaiya
|
|
1.
Coal block
|
Moher,
Moher-Amlori extn, Chhatrasal
|
Kerandari
BC
|
|
2.
Location
|
Singrauli,
Madhya
Pradesh
|
Hazaribagh,
Jharkhand
|
|
3.
Resources
(Million tonnes)
|
707
|
1,229
|
|
4.
Peak Production (Million tonnes per annum)
|
25
|
40
|
Note : 65
million tonnes of annual production can support 16,500 MW.
Ø This
apart, there is the secured Fuel supply (Imported Coal from Indonesia – which
can support a capacity of 8000 MW; production to start in 2013
Ø Fuel is
said to be secure for all Projects other than Samalkot. (secure for 91% of
capacity);
Ø Captive
fuel for all projects other than Rosa, Butibori, Samalkot (captive fuel for 84%
capacity)
Ø PPAS
SIGNED FOR 13,720 mw CAPCITY. 84% Of Generation capacity under Operation and
construction is tied up through PPAs.
R Power says – it tries to
ensure Low Cost of Generation through –
(i)
No dependence on external Resources other than Rosa, Butibori
& Samlakot
(ii)
All Projects other than Rosa & Butibori located at Pit head /
well head ensuring control over Costs
Implementing projects ahead of schedule :
Rosa I: 600 MW : Commissioned 3 months ahead of schedule
Rosa II: 600 MW : Commissioned 4 months ahead of schedule
Solar PV: 40 MW : Constructed
in record time of 129 days
Samalkot: 2,400 MW : Gas
turbines ready for commissioning in just 15 months
Butibori: 600 MW : First
unit synchronized in just 21 months
Sasan: 3,960 MW : Boiler
light-up in just 23 months
Ø 40 MW
Solar PV in Rajastan - India’s largest Solar PV Plant – to provide Power to
75000 households in Mumbai (had a NPT of 10.3 cr in H1 FY 13)
Ø 600MW Butibori
MH project – To be commissioned by the end of this year.
Ø The 3960
NW Sasan UMPP MP : Boiler light up has been achieved in October 2012. Project
in Progress.
Ø R Power
expects to commission All Units ahead of Schedule. As far as the Mine is
concerned, it is in fast progress mode – and over 85000 MT of coal - produced.
2400 MW SAMALKOT, AO : HIGH LIGHTS ;
Ø 4 Gas
Turbines - ready for Generation. Combined cycle commissioning based on Gas
Availability.
Ø Company
is evaluating multiple options for Gas sourcing
Ø It is
planning to set up FSRU in Kakinada in partnership with Shell
100 MW SOLAR CSP, RAJASTHAN
PPA signed with NVVN at a
levelized Tariff of Rs.11.97/Unit
All contracts have been
awarded.
It is on track to be
commissioned by May,2013.
45 MW Vashpet Wind, MH
Entire capacity to be
commissioned by the end of this year.
Other projects under development are :
1.
Chitrangi Power Project : 3960 MW : To commence construction
after forest clearance of Chhatrasaal Mines
2.
Tilaiya UPMM & Coal Mines : 3960 MW :
Progress on all aspects of Project Development; Likewise, in respect of
Tilaiya Coal Mines, progress is made on Land acquisition and Mine planning
3.
Hydro
Projects : 5292 MW ::
|
Project
|
Location
|
Capacity (MW)
|
|
Tato II
|
Arunachal
Pradesh
|
700
|
|
Siyom
|
Arunachal
Pradesh
|
1,000
|
|
Kalai II
|
Arunachal
Pradesh
|
1,200
|
|
Urthing Sobla
|
Uttarakhand
|
400
|
|
Emini
|
Arunachal
Pradesh
|
500
|
|
Amulin
|
Arunachal
Pradesh
|
420
|
|
Mihundon
|
Arunachal
Pradesh
|
400
|
|
Purthi
|
Himachal
Pradesh
|
300
|
|
Teling
|
Himachal
Pradesh
|
94
|
|
Shangling
|
Himachal
Pradesh
|
44
|
|
Sumte Kothang
|
Himachal
Pradesh
|
130
|
|
Lara Sumta
|
Himachal
Pradesh
|
104
|
|
Total :: 5,292
|
||
Indonesian Coal
Ø 51,000 m of drilling completed in all 3 concessions
Ø JORC Resources and Reserves certified by Marston, USA
Ø All major clearances obtained
Ø Detailed mine plan for commencement of mining prepared
Ø Coal production to start in 2013
Reliance Power, reported a net
profit of 2.4 billion rupees for 2nd Q/E September 30, compared with 2.35
billion rupees for the Q2 of last Year. Net sales more than doubled to 10.79
billion rupees. Its fuel costs more than doubled to 6.37 billion rupees and
finance expenses jumped 82.7 percent to 1.37 billion rupees.
Reliance Power generated 1,655
million kilowatt-hours, up 65 percent from the previous year in the quarter
from its Rosa plant in Uttar Pradesh.
The first unit at its 3,960
megawatt (MW) Sasan power project and the second unit at Butibori project
should be commissioned in the next few weeks.
Two of Reliance Power's projects
totalling 6,400 MW have been stalled due to scarcity of cheap fuel and it faces
the risk of losing one of those due to a legal wrangle with four state governments.
Q2 FY 2013 CONSOLIDATED REULTS
Income from operations
(a) Net sales/income from
operations Rs.1079.21Cr
Expenses
Cost of materials consumed : Rs. 646.95
Cr
Employee benefits expense : Rs. 20.29
Cr
Depreciation : Rs.71.90 Cr
Other expenses : Rs.19.02 Cr
Total expenses : Rs. 758.16
Cr
Profit from operations :
Rs.321.05 Cr
Other income Rs.102.24 Cr
Finance costs : Rs.137.35 Cr
Profit before tax :
Rs.285.94 Cr
Tax expense :
Rs.45.72 Cr
Net Profit : Rs.240.22 Cr ; onsolidated Net Profit : Rs. 240.22
Cr
Face Value : Rs.10; Paid-up equity : Rs.2805.13 Cr
Earnings per share (not
annualised):
(a) Basic .86
; (b) Diluted .86
Current Market Price : Rs.99.60.
While the company is making good Progress on operational front, It will take some
time, before the EPS can rise to a more respectable figure.
Assuming an EPS of around Rs.4
for current year, the PE Ratio on a price of Rs.96 comes to 24.
The future prospects are bright
for Reliance Power, as its Project commissioning is proceeding at a Brisk pace
with costs kept under reasonable control. The latest moves by the Union Cabinet for FAST TRACK APPROVALS for power and other Infrastructure projects could be a Major Plus for Reliance Power in the months ahead.
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