Tata Power Consolidated Net Profit up 5%
Tata Power, India?s largest integrated private power utility on Thursday announced the consolidated and standalone financial results for the quarter and year ended 31st March 2011, where its consolidated net profit increased 5%.
Key Highlights- FY 2010-2011: Standalone
For the Financial Year ended 31st March 2011, Tata Power reported Profit After Tax (PAT) of Rs. 941.49 Crores as against Rs 938.76 Crores for the previous year.
Net Profit after Statutory Appropriations increased by Rs. 22.36 Crores (2%) to Rs.970.01 Crores as against Rs. 947.65 Crores in the previous year.
The company?s revenues were at Rs. 6599.86 Crores as compared to Rs. 6893.47 Crores in the previous year.
This decrease is mainly due to a change in the fuel mix leading to reduction in fuel cost compared to the corresponding period last year, said the company.
Last year?s Revenues included Rs. 252 Crores from an ATE order as one time item. Dividend recommended up by Rs. 0.50 per share at Rs.12.50 per share as compared to Rs 12 per share last year.
During the year, the company?s Operations showed a steady performance.
The company generated 15325 MUs of power from all its power plants. Trombay Thermal Power Station and Hydro Power Stations generated 9530 MUs and 1310 MUs of power respectively.
Belgaum generated 300 MUs, Jojobera Thermal Power Station recorded a generation of 3078 MUs and Haldia reported generation of 760 MUs. Power House 6 reported a generation of 738 MUs highest so far, and Wind Farms generated 347 MUs.
Key Highlights FY2010-2011: Consolidated
On the consolidated basis, Tata Power?s Revenues stood at Rs.19348.21 Crores as compared to Rs. 18854.76 Crores in the last year. The Company?s Net Profit after Tax (PAT) before Statutory Appropriations was up by Rs.92.76 Crores (5%) at Rs.2059.60 Crores as compared to Rs.1966.84 Crores for the last year.
Net Profit after Statutory Appropriations increased by Rs. 112.39 Crores (6%) to Rs.2088.12 Crores as against Rs.1975.73 Crores reported in FY10. Profit before Tax (PBT) stood at Rs.3157.47 Crores as against Rs. 2767.30 Crores in the last year.
This year recorded lower Forex gains of Rs. 123 Crores from CGPL as compared to Rs. 358 Crores last year and a reversal of deferred tax provision of Rs.83 Crores in NDPL last year, as it is a recoverable from future tariff.
On a consolidated Segment-wise performance, Net Revenue from Power business was Rs.12305.62 Crores as compared Rs.12550.05 Crores and from Coal Business Rs. 6400.47 Crores as compared to Rs. 5620.95 Crores in the last year. Profit before Interest and Tax (PBIT) from Power Business was Rs.1942.94 Crores as against Rs.2076.36 Crores.
The decrease was mainly due to low merchant rate realization. Further, last year?s Revenues included Rs. 252 Crores from an ATE order as one time item.
PBIT from Coal Business was up by 67% at Rs.1673.13 Crores as compared to Rs.999.20 Crores reported in the corresponding period last year due to higher realization.
Last year?s coal segment results also included a onetime write-off of Rs. 318 crores deferred stripping cost relating to prior years.
Key Highlights Q4 FY 2010-2011: Standalone
During the quarter, Company?s standalone results reflected a stable financial and operational performance. Revenues Stood at Rs.1630.22 Crores as compared to Rs.1717.80 Crores.
Profit after Tax (PAT) increased by 16% to Rs.267.71Crores as against Rs. 230.60 registered in the corresponding quarter last year. Sales volume for the quarter increased by 1% to 3777 MUs as against 3745 MUs in the corresponding quarter last year.
Key Highlights Q4 FY 2010-2011: Consolidated
On the consolidated basis, Tata Power?s Revenues stood at Rs. 4985.84 Crore as compared to Rs. 4789.60 Crores in the corresponding period last year.
The company?s net profit after Statutory Appropriations stood at Rs. 661.54 Crores as against Rs.942.78 Crores reported in the corresponding period last year. Net Profit after Tax (PAT) before Statutory Appropriations stood at Rs.625.02 Crores as compared to Rs. 946.78 Crores for the corresponding period last year.
This decrease is mainly due to lower forex gains of Rs.61 crores from CGPL as compared to Rs.358 Crores last year and a reversal of deferred tax provision of Rs.83 Crores in NDPL last year, as it is a recoverable from future tariff. Profit before Tax (PBT) stood at Rs. 843.56 Crores as against Rs.1103.92 Crores in the corresponding period last year.
On a consolidated Segment-wise performance, Net Revenue from Power business was up by 3% at Rs. 3196.86 Crores as compared to Rs.3099.11 Crores and from Coal Business up by 14% at Rs.1714.18 Crores as compared to Rs.1508.77 Crores in the corresponding periods last year.
Profit before Interest and Tax (PBIT) from Power Business was up at Rs.552.67 Crores as against Rs.537.54 Crores in the previous year. Whereas, PBIT from Coal Business was at Rs. 454.29 Crores as compared to Rs.394.82 Crores reported in the corresponding period last year.
Commenting on the company?s performance, Anil Sardana, Managing Director, Tata Power, said: ?The operations continue to be stable and the new projects under implementation are progressing well.?
OPERATIONAL AND BUSINESS HIGHLIGHTS:
Mumbai Retail Business:
Retail Customer base in Mumbai crossed the 1.5 lakh mark in March 2011. As on 31st March, 2011, customer base was 1,61,183 (34,323 direct customers and 1,26,860 changeover customers).
North Delhi Power Limited (NDPL): The Company?s distribution subsidiary and Joint-Venture with Delhi Govt., NDPL posted revenues of Rs. 3988.11 Crores for the year ended March 2011, as compared to Rs. 3297.39 Crores registered in the corresponding period of the previous year.
The Profit after Tax decreased to Rs. 258.18 Crores as against Rs. 350.73 Crores in the previous period last year due to deferred tax reversal done last year.
Powerlinks Transmission Limited (Powerlinks): Powerlinks, the first public-private Joint-Venture in power transmission in India has earned revenues of Rs. 288.41 Crores in FY11 as against Rs. 300.98 Crores in the previous year. The Profit after Tax stood at Rs. 105.68 Crores from Rs. 108.09 Crores.
Tata Power Trading Company Limited (TPTCL): TPTCL traded a total of 4354 MUs as compared to 4075 MUs in the same period of previous year. The revenues stood at Rs. 1933.12 Crores in FY 11 as against Rs. 2275.78 Crores in the previous year. The Profit after Tax was at Rs. 9.15 Crores as against Rs. 8.24 Crores in the previous year, up by 11%.
Strategic Electronics Division(SED): was awarded the prestigious Order to modernise the Airfield Infrastructure of Indian Air Force (IAF) by the Ministry of Defence (MoD). The Program, known as Modernisation of Airfield Infrastructure ? Phase I (MAFI-I), is of strategic importance and aims to improve capability of the Airfields to handle the modern combat air fleet being inducted by IAF.
Trust Energy Resources: Tata Power through its wholly owned subsidiary Trust Energy Resources Pte Ltd (Trust Energy) in Singapore christened its first Cape Vessel, ?TRUST AGILITY? a modern 181,000 DWT in Jinhae, Korea at world famous STX Shipyard. The ship will be delivered on 20th May and has the latest environmentally friendly technologies.
Hybrid Capital offering issue of USD 450 Million: Tata Power raised USD 450 Million 60 year (Non-callable for 5 years) hybrid capital securities offering through its wholly owned subsidiary- Bhira Investments Limited priced in April 2011, at 8.5% p.a., payable semi-annually.
Deutsche Bank, Goldman Sachs and UBS are the appointed Joint Bookrunners for the issue. The proceeds of the issue of the securities will be applied to fund future acquisition activities and to repay an outstanding loan.
Sub-division of shares: In order to improve the liquidity of the Company?s shares in the stock market and to make it affordable to the small investors, the Board of Directors of the Company considered it desirable to recommend sub-division of one Equity share of Rs 10 each into ten equity shares of Re 1 each subject to approval of the Members and such other authorities as may be necessary.
