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YTD Q3 FY10: Revenues stood at Rs 5303.22 Crores, PAT up by 25% at Rs 708.16 Crores, Sales up by 6% at 11829 MUs
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YTD Q3 FY10: Generation up by 8% at 12157 MUs
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Signed exclusive partnership agreement with SN Power to develop hydropower projects in India and Nepal
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Completed FCCB Offering of US$ 300 Million
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PV based grid connected Solar plant at Mulshi, in the Western Ghats being set up
The Tata Power Company Ltd, India’s largest integrated private power company, today announced its financial results for the quarter ended December 31, 2009.
HIGHLIGHTS-Q3 FY 10:
- During the quarter ended December 31, 2009, Tata Power’s Revenues stood at Rs. 1566.51 Crores as compared to Rs. 1776.87 Crores in the corresponding quarter last year. This decrease is mainly due to a change in the fuel mix and reduction in fuel prices in Mumbai Licence Area as compared to the corresponding quarter last year.
- During the quarter, Sales was marginally up at 3714 MUs as compared to 3711 MUs in the corresponding period last year. Hydro Power Stations generated 328 MUs as compared to 307 MUs in the corresponding quarter last year. Haldia reported generation of 167 MUs as compared to 66 MUs in the corresponding quarter last year. PH6 attained full load of 120 MW in December 2009. Wind Farms generated 59 MUs as compared to 27 MUs in the corresponding quarter last year.
- Council of Power Utilities presented an award in Recognition of Trombay Thermal Power Station at India Power Awards 2009 held at New Delhi.
- Profit Before Tax (PBT) for the quarter stood at Rs. 196.27 Crores as against Rs. 126.00 Crores, an increase of 56% in the corresponding period last year.
- Profit After Tax (PAT) for the quarter stood at Rs. 147.89 Crores as against Rs. 115.08 Crores, an increase of 28% in the corresponding quarter last year.
- Mumbai Distribution Business: During the quarter, the Company’s customer base grew to 35,576 and total customer additions stood at 7124. The Company received 14,700 applications for changeover customers out of which over 6,257 customers have been changed over. The total new customer addition for the year stood at 9511. Tata Power – Distribution has added 20 Circuit Kms. of cable network and 8 Consumer Sub Station in this quarter.
HIGHLIGHTS-Nine Months FY 10:
- Tata Power’s Revenues stood at Rs. 5303.22 Crores as compared to Rs.5761.88 Crores in the same period last year. This decrease is mainly due to a change in the fuel mix and reduction in fuel prices in Mumbai Licence Area as compared to the corresponding quarter last year.
- During the nine months, operations continue to be robust. Sales was up by 6% at 11829 MUs, against 11203 MUs in the corresponding period last year. Generation was up by 8% at 12157 MUs. Hydro Power Stations generated 1039 MUs as compared to 817 MUs in the corresponding period previous year. The Jojobera Thermal Power Station recorded a generation of 2262 MUs as compared to 2195 MUs in the corresponding period last year. Haldia reported generation of 410 MUs as compared to 89 MUs in the corresponding period last year. Wind Farms generated 266 MUs as compared to 142 MUs in the same period last year.
- Profit Before Tax (PBT) for the period stood at Rs. 978.80 Crores up by 40% as against Rs. 701.55 Crores in the corresponding period last year.
- Profit After Tax (PAT) for the period stood at Rs. 708.16 Crores up by 25% as against Rs. 567.56 Crores in the corresponding period last year.
Commenting on the Company’s performance, Mr. Prasad R. Menon, Managing Director, Tata Power, said: “Our generating assets at Trombay, Hydros, Jojobera and Belgaum are performing well. Our major projects in pipeline (Mundra and Maithon) have maintained the progress as planned and are on schedule. In Mumbai Distribution business, the Company is making considerable progress in acquiring new retail customers which is expected to be a significant number by end of this fiscal year. Our thrust on sustainability continues with key focus on increasing renewable energy portfolio in the coming years. Further, the Company is actively looking at opportunities to set up solar based power plants under Jawaharlal Nehru National Solar Mission.”
GROWTH PLANS:
The Company’s growth plans include steady capacity addition year-on-year which includes about 318 MW in 2010, 1138 MW by 2011, 1600 MW by 2012 and 2400 MW by 2013. Apart from this, there are several projects in pipeline and under consideration. The progress on Company’s new projects is as follows:
- 4000 MW, Mundra Ultra Mega Power Project on Fast Track:
4000 MW Mundra Project implementation is progressing as per schedule with Engineering, Procurement and Construction activities in full swing. Overall project progress achieved is 42%. Ordering of all critical items/major packages has been completed. The first unit is expected to be commissioned by September 2011.
- 1050 MW Maithon Joint Venture Project:
1050 MW Maithon Power Limited (MPL), a joint venture between the Company (74%) and Damodar Valley Corporation (DVC) (26%), is also progressing well and has achieved 63% completion. All efforts are being taken to commission the first unit by October FY11.
- Industrial Energy Limited (IEL): A joint venture between Tata Power (74%) and Tata Steel (26%) has the following projects:
- Unit 5 at Jojobera: A 120 MW power plant being constructed at the Company’s existing site at Jojobera. The project is in advance stage of erection. Activities required for synchronizing the unit are in progress. The project is expected to be synchronized in February 2010.
- 114 MW Dagachhu Power Plant in partnership with 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 power has been signed for the project. The first unit is targeted to be commissioned by 2013.
- The Company signed an exclusive partnership agreement with SN Power, Norway to set up Joint Ventures to develop hydropower projects in India and Nepal. The partners aim to have 2,000 MW under construction or in operation by 2015, and a total of 4,000 MW by 2020. Tata Power and SN Power have already begun pursuing potential project opportunities based on the vast reserves of renewable energy in the Himalayan Region.
- Tata Power completed the allotment of a 5 year, 1.75% Coupon US$ 300 Million Foreign Currency Convertible Bonds (FCCB) on November 20, 2009.The FCCBs are convertible at 10% premium over the closing share price of the Company's shares on National Stock Exchange of India Ltd. on November 5th, 2009 and bear a yield to maturity of 3.5% p.a. calculated on a semi-annual basis. Tata Power intends to use the aggregate net proceeds from this issue for capital expenditure of its existing power plants, projects under implementation and other project plans of the Company (including projects undertaken through its subsidiaries).
- Ministry of New and Renewable Energy, Government of India recently announced Jawaharlal Nehru National Solar Mission which encourages setting up of solar based plants in India. In this regard, Tata Power is exploring opportunities upto 300 MW to set up solar based generation plants at various locations in the country by 2013. The Company is starting by implementing a 3 MW, PV based, grid connected Solar plant at Mulshi, in the Western Ghats.
- ICRA reaffirms LAA rating for the NCD program & A1+ for CP/short term debt program of Tata Power: The ratings reflects the considerable progress made by the company in execution of the green field projects at Mundra, Gujarat and Maithon, Jharkhand.
Sustainability:
Energy:
- Solar lights were installed in 34 villages in and around Warnanagar, Maharashtra, Naraj Marthapur, Odisha and Jojobera, Jharkhand.
- Six bio-gas units have been constructed along with sanitation facilities in Mulshi, Maharashtra.
Renewable Technologies:
- Solar Concentrated Thermal: The Company is exploring different technologies and has signed an MoU with IIT Mumbai for the development of Concentrated Solar Thermal in India
- Biomass Gasification: 250 kW pilot is being built at Bhivpuri Hydro station.
Energy Conservation Awareness:
- The ‘Tata Power Energy Club’ achieves sensitization of six lakh citizens:
The ‘Tata Power Energy Club’, comprising schools and schoolchildren to curb energy-wastage through active measures, reached a critical mass of sensitizing six lakh citizens across major cities in India i.e. Mumbai, Pune, Delhi, Ahmedabad, Lonavla, Jamshedpur, Kolkata, Bangalore and is racing towards its eventual goal of One Million citizens as planned by 2010.
About Tata Power:
Tata Power is India's largest private sector power utility with an installed generation capacity of over 2900 MW and a presence in all the segments of the power sector viz Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. The Company has successful public-private partnerships in Generation, Transmission and Distribution - “North Delhi Power Limited” with Delhi Vidyut Board for distribution in North Delhi, ‘Powerlinks Transmission Ltd.’ with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and ‘Maithon Power Ltd.’ with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. It has acquired 30% stake in Coal Companies at Indonesia and is developing the first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With its track record of technology leadership, customer care and redefining contours of the Indian power sector, Tata Power is poised for a five-fold growth and committed to ‘lighting up lives’ for generations to come.
Disclaimer Statement: Some of the statements in this document, except for the historical information, are forward-looking statements. These forward-looking statements include references to growth projections, plans, strategies, intentions and beliefs concerning our business and operating environment. There are risks, uncertainties and other factors that may cause actual results to differ materially from those projected by these forward-looking statements.
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