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PAT after Statutory
appropriations up 144% at Rs. 396.97 Crores
-
Revenues at Rs. 2015.62
Crores as compared to 2026.13 Crores last year
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Generation up by 8% at 4260
MUs as compared to 3935 MUs last year
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Raises GDR of US$ 335 million
in July 2009
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Announced Inauguration of
1x120 MW - Power House 6 at Jamshedpur
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Signed a MoU with Tata Steel
Limited and Corus Staal B.V for green power
plant in Netherlands
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Inks Two O& M Services
Contracts
The Tata Power Company Limited,
India's largest private power company, today
announced its financial results for the first
quarter ended June 30th for FY 2009-10.
HIGHLIGHTS-Q1 FY 10:
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The Company reported Revenues
at Rs. 2015.62 Crores as against Rs. 2026.13
Crores in the corresponding period last year
mainly due to the decrease in the fuel prices in
Mumbai Licence Area as compared to the
corresponding quarter 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.
-
Profit After Tax (PAT) for
the quarter stood at Rs. 377.08 Crores as
compared to Rs.190.55 Crores in the previous
year. PAT after Statutory appropriations up 144%
at Rs 396.97 Crores.
-
Profit Before Tax (PBT) stood
at of Rs. 510.42 Crores; up by 91% as against Rs.
266.84 Crores in the corresponding quarter last
year.
-
Sales volume rose by 2% at
4180 MUs against 4115 MUs in the corresponding
period last year.
-
While Trombay Thermal Power
Station generated 2778 MUs of power as compared
2669 MUs in the previous year. The Jojobera
Thermal Power Station recorded a generation of
803 MUs during the quarter as compared to 784
MUs. The Belgaum Independent Power Plant (IPP)
generated 107 MUs during the year as compared to
92 MUs. -
The Company added 1615 customers
taking its total customer base to 27620.
Commenting on the Company's performance, Mr.
Prasad R. Menon, Managing Director, The Tata Power
Company Ltd., said, "We are pleased to announce
good results for the quarter and the progress
chartered for the expansion plans that we have
embarked upon. As part of our efforts to set up
green power plants, Tata Power made its maiden foray
in low carbon generating power plant outside India
by signing a MoU to construct a 525 MW power plant
at Corus' IJmuiden Works in Netherlands. We intend
to continue our cost efficiency measures along with
our reduction in carbon footprints which are reaping
the desired benefits and reflect upon the
performance of the company."
During the quarter, Industrial
Energy Limited (IEL), a joint venture between Tata
Power (74%) and Tata Steel (26%), announced the
inauguration of 1x120 MW - Power House 6 at
Jamshedpur. Power House 6 was inaugurated by
the Honorable Governor of Jharkhand, Shri. Syed
Sibtey Razi. The production gas based 1X120 MW Power
Project Power House # 6, built at a total cost of
Rs. 490 Crores and commissioned in 34 months, will
supply to Tata Steel thereby meeting the increasing
demand for power for the company's Jamshedpur works.
The 1X120 MW Power Plant is a Green Power Plant and
uses Blast Furnace Gas, Coke Oven Gas & LD Converter
Gas from Tata Steel Limited.
The Company also made its maiden
foray into generation outside India by signing of
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. Under
this MoU, a Joint Venture Company will be set up to
build, own and operate the power plant, utilizing
production gases like blast furnace, coke oven and
other gases produced in the steel mills and generate
steam and power for the use of Corus steel plant.
During the quarter, the Company
signed two O & M Services contracts with the
OPG Group, Chennai to provide Operations and
Maintenance Services for their 1x80 MW Coal based
power plant located at Gummidipoondi near Chennai
city and for their upcoming 2x150 MW coal based
thermal power plant located at Bhadreswar, in the
Kutch district of Gujarat.
Subsequent to the quarter, the
Company raised US$ 335 Million through GDRs.
Each GDR will represent 1 equity share, of a nominal
value Rs.10 per equity share (the "Shares")
of the Company. The Company has issued 14,838,110
GDRs and each GDR has been priced at US$ 22.577 (Rs.
48.27 is the reference exchange rate) as per
relevant pricing guidelines for GDRs. The Company
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.
GROWTH PLANS:
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
26%.Ordering of all critical items/major packages
has been completed.
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'10 and
second unit by April'11.
Captive Power Projects for
Tata Steel:
Industrial Energy Limited (IEL), a joint venture
between Tata Power (74%) and Tata Steel (26%) is
implementing the following projects:
120 MW Power House # 6 for
Tata Steel Works, Jamshedpur:
The 120 MW power plant being constructed at Tata
Steel works, Jamshedpur for use by Tata Steel was
inaugurated in May 2009.
Unit 5 at Jojobera:
A 120 MW power plant is being constructed at the
Company's existing site at Jojobera. IEL has placed
orders for major equipment. The project is expected
to be commissioned in the third quarter of FY 10
Awards:
Tata Power has won TERI award for their
contribution in Healthcare especially for
volunteering work in the area of spreading awareness
towards HIV/AIDS
About Tata Power:
Tata Power is India's largest private sector
power utility with an installed generation capacity
of over 2700 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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