- Revenues for H1 FY10 stood at Rs 3736.71 Crores
- Added Generation capacity of 190 MW in H1 FY10
- Added 2447 Customers in Mumbai Licence Area in H1 FY10
- Revenues for Q2 FY10 stood at Rs 1721.09 Crores
- Profit After Tax (PAT)for Q2 FY10 stood at Rs. 183.19 Crores
- Generation for Q2 FY10 up by 17% at 4046 MUs
- Raises GDR of US$ 335 million in July 2009
- S&P Revises Tata Power’s Rating, Outlook Revised to Positive with Significant Progress on Key
Projects; 'BB-' Rating Affirmed
Tata Power India’s largest private power utility today announced its financial results for the quarter ended September 30, 2009.
HIGHLIGHTS- H1 FY10:
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During the half year ended September 30, 2009, Tata Power’s Revenues stood at Rs. 3736.71 Crores, as
compared to Rs. 3985.01 Crores in the same period last year. This decrease is mainly due to the reduction in
the fuel prices in Mumbai Licence Area as compared to the corresponding period last year. Revenue includes
amount of Rs 232.40 Crores pertaining to previous years due to MERC tariff orders and judgment of ATE
received during this financial year. The Company reported Profit Before Tax (PBT) of Rs. 782.53 Crores 36%
up as against Rs. 575.55 Crores in the corresponding last year.
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Profit After Tax (PAT) for half year was up by 24% at Rs 560.27 Crores as compared to Rs 452.48 Crores for
the same period last year but was not comparable due to higher gain on Foreign Exchange of Rs.115.59 Crores
in previous year as compared to Rs. 27.43 Crores in FY10.
Further, Interest charges also increased to Rs 219.47 Crores as compared to 120.25 Crores last year and
depreciation went up by 54% at Rs 230.20 Crores due to higher capitalization. The tax provision has also gone by
81% mainly due to change in Minimum Alternate Tax (MAT) rules. PAT after Statutory appropriations stood at Rs
579.16 Crores.
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During the period, Company’s Operations reported strong performance, sales volume for the half year
increased by 8% at 8115 MUs against 7492 MUs in the corresponding period last year. Trombay Thermal
Power Station and Hydro Power Stations generated 5391 MUs and 711 MUs of power respectively as
compared to 5052 MUs and 510 MUs in the corresponding period previous year. The Jojobera Thermal Power
Station recorded a generation of 1575 MUs during the half year as compared to 1507 MUs. Haldia reported
generation of 243 MUs. Wind Farms generated 206 MUs as compared to 90 MUs in the same period last year.
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The Company added a generation capacity of 190 MW taking its current installed capacity to 2975 MW. Some
of the new projects commissioned include 30 MW in Haldia, 120 MW Power House# 6 owned by IEL and 40
MW from wind farms in Gadag, Samna, Sadwagpur and Visapur, following the 250 MW Trombay expansion
project that was commissioned in March end 2009.
HIGHLIGHTS - Q2 FY 10:
- During the quarter, Tata Power Revenues stood at Rs. 1721.09 Crores as against Rs. 1958.88 Crores in the
same period last year. The decrease is due to the reduction in fuel price as stated above.
- Profit After Tax (PAT) for the quarter stood at Rs. 183.19 Crores but not comparable with last year due to higher
Forex Gain of Rs 76.70 Crores in Q2FY09 (as against Rs. 3.09 Crores in Q2 FY10). The remaining “Other
Income”in the current year is lower at Rs 72.42 Crores against Rs 111.73 Crores in the corresponding quarter last
year primarily on account of dividend received from one of our subsidiaries in Q2 last year but in Q1 this year.
- Interest charges also increased to Rs 101.82 Crores as compared to 68.09 Crores last year and depreciation went up
by 55% at Rs 118.37 Crores due to higher capitalization. The tax provision has also gone by 90% mainly due to
change in MAT rules. PAT after Statutory appropriations stood at Rs 182.19 Crores.
- During the quarter, Company’s Operations reported strong performance. Sales volume for the quarter increased
by 17% at 3935 MUs against 3377 MUs in the corresponding quarter last year. Trombay Thermal Power Station
and Hydro Power Stations generated 2613 MUs and 342 MUs of power respectively as compared to 2383 MUs
and 176 MUs in the corresponding period previous year. The Jojobera Thermal Power Station recorded a
generation of 772 MUs during the quarter as compared to 723 MUs. Haldia reported generation of 127 MUs.
Wind Farms generated 119 MUs as compared to 57 MUs in the same period last year.
- Trombay Thermal Power Station has been bestowed an award of “The Best Operations and Maintenance
Project in Asia 2009” by Asian Power Awards.
- The Company received 13,181 applications for changeover customers for power supply and enquiries from
30,000 customers so far. A new Online Payment gateway and Net Banking option has been introduced for
customers from 25th September 2009 to enhance bill payment options.
Commenting on the Company’s performance, Mr. Prasad R. Menon, Managing Director, Tata Power, said: “Our half yearly results reiterate continued stability of Company’s operations thereby enabling strong performance. Our
focus on sustainable and renewable energy will play a key role in expansion in the coming years as some of our
future initiatives centre around this.”
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 for the quarter 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 35%. 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 54% completion. The first unit is scheduled to
be in operation by October 2010 and second unit by April 2011.
- Haldia Project:
During the quarter, the Company commissioned the 3rd unit of 30 MW at Haldia in September ’09.
- Wind Farms:
During the quarter, 4 MW capacity has been added at Visapur (Maharashtra).
- Industrial Energy Limited (IEL): A joint venture between Tata Power (74%) and Tata Steel (26%) has the
following projects:
- 120 MW Power House 6 at Jamshedpur which was commissioned on 27th August 2009.
- Unit 5 at Jojobera: A 120 MW power plant being constructed at the Company’s existing site at
Jojobera. IEL has placed orders for major equipment. The project is expected to be synchronized in the
third quarter of FY 10.
- The Company signed a Memorandum of Understanding (MoU) with Tata Steel Limited and Corus Staal B.V.
for the construction of a 525 MW combined heat and power plant at Corus’ IJmuiden Works in Netherlands.
- 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.
- S&P revises Tata Power’s Rating, Outlook Revised to Positive; 'BB' Rating Affirmed
Standard & Poor's Ratings Services revised its outlook on the corporate credit ratings on Tata Power to positive
from stable. At the same time, Standard & Poor's affirmed its 'BB-' corporate credit rating and long-term senior
unsecured debt rating on the company. S&P rationale for the revision of outlook for Tata Power primarily reflects the
significant progress made by Tata Power on its two key projects, 4,000 MW Mundra project and 1,050 MW Maithon
project. Both are currently running ahead of schedule and within estimated costs. This reflects Tata Power's good
project management skills, which benefit from the company's long track record of operating in India.
- Raises US$ 335 Million through GDRs.
The Company completed the raising of US$ 335 Million through GDRs and intends to use the net proceeds of the
Offering to fund capital expenditures of its existing power plants, projects under implementation and other project
plans of the Company (including projects undertaken through its subsidiaries) and any other purpose permitted by
applicable laws and regulations from time to time.
SUSTAINABILITY INITIATIVES:
- Tata Power signs MoU with MCX to empower farmers
Through this alliance, the benefit of futures price information will be spread to more than 2000 farmers across 25
villages of Maharashtra.The objective of this alliance is to increase accessibility of spot and future prices of
agricultural commodities traded on MCX and advisory services of water shed management by Tata Power, thereby
empowering farmers to take well informed decisions of crop selection as well deciding the time to sell their
produce.The partnership will roll out in Maval and Mulshi area around Pune during the month of October 2009.
- Tata Power unveils its latest initiative for rural empowerment
The Company unveiled its latest community initiative targeted at the youth of rural India; with the inauguration of its
first rural BPO at Khopoli under the aegis of Mannat Foundation - the community initiative arm of the company.
Situated in the Western Ghats of Maharashtra, Khopoli, and close to the Tata Power Hydro Generation facility; the
120-seater call centre will provide alternative employment to the youth of rural India with an aim of creating self
sustained community development.
- The ‘Tata Power Energy Club’ achieves critical mass
The ‘Tata Power Energy Club’, comprising schools and schoolchildren to curb energy-wastage through active
measures, reached a critical mass of sensitizing “Three lakh citizens” across 4 major cities in India i.e. Mumbai,
Pune, Delhi and Ahmedabad 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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