Tata Power standalone PAT rises 37%

Mumbai : The Tata Power Company Limited, India?s largest integrated private power utility, on Friday announced the standalone and consolidated financial results for the half year ended September 30, 2010 for FY 2010-11, where its standalone Profit After Tax (PAT) rose 37%.

During the quarter, the company?s standalone revenues stood at Rs.1570.82 Crores as compared to Rs.1672.28 Crores. This decrease is mainly due to lower fuel cost. PAT for the quarter stood at Rs.251.73 Crores as compared to Rs.183.19 Crores the corresponding period last year, an increase of 37%.

PBT was at Rs.303.40 Crores as compared to Rs. 272.11 Crores for the corresponding period last year, an increase of 11%. This increase is on account of higher dividend income from subsidiaries and higher forex gains as compared to the previous period.

On the consolidated basis, revenues for the quarter stood at Rs. 4797.84 Crores as compared to Rs. 4735.46 Crores in the corresponding period last year, an increase of 1%. PAT was at Rs. 675.54 Crores as compared to Rs.368.73 Crores in the corresponding quarter last year.

The company reported Net Profit After Statutory Appropriations at Rs. 672.54 Crores as compared to Rs.367.73 Crores in the corresponding quarter last year.

Profit from Operations before Other Income, Interest and Exceptional Items stood at Rs. 890.33 Crores as compared to Rs 725.39 Crores, 23% increase over the corresponding quarter last year.

Profit before Tax (PBT), Share of Associates, Minority Interest and Statutory Appropriations stood at Rs.998.33 Crores as compared to Rs. 616.01 Crores in the corresponding quarter last year.

This quarter reported forex gains in CGPL amounting to Rs.190 Crores provision for reduction in value of an investment (Rs 88 Crores) by an overseas subsidiary, sale of certain divisions of Nelco that contributed to other income of Rs.55 Crores and Rs.159 Crores in PAT of Aftaab from non-core investment sale.

In Segment-wise performance, Net Revenue for Power business was Rs. 2992.69 Crores and Coal Business was Rs.1474.92 Crores, as compared to Rs.3198.62 Crores and Rs.1379.50 Crores respectively, during the corresponding period last year.

PBIT for Power Business was Rs 471.13Crores against Rs 422.93 Crore, and PBIT for Coal Business stood at Rs.362.30 Crores as compared to Rs. 340.39 Crores, 11% and 6% higher over the corresponding quarter last year. PBIT of Other Businesses was higher by 616% and stood at Rs.202.75 Crores.

During the half year ended September 30, 2010, Tata Power?s Revenues stood at Rs. 3373.27 Crores.

Profit After Tax (PAT) for the half year was at Rs. 520.71 Crores as compared to Rs. 560.27 Crores for the same period last year. Previous year included an amount of Rs. 232.40 Crores due to MERC tariff orders and judgment of ATE.

During the half year ended September 30, 2010, Tata Power?s Revenues stood at Rs. 9949.46 Crores up by 4% as compared to Rs. 9576.79 Crores in the same period last year. Profit After Tax (PAT) for half year was up by 8% at Rs. 993.21 Crores as compared to Rs. 921.49 Crores for the same period last year.

The company reported Profit before Tax, Share of Associates, Minority Interest and Statutory Appropriations of Rs. 1640.95 Crores, up by 11% as against Rs. 1484.17 Crores in the corresponding last year. The Company reported 5% increase in Net Profit After Statutory Appropriations at Rs. 984.21 Crores as compared to Rs. 940.38 Crores in the corresponding period in the previous year.

In Segment-wise performance, Revenues for Power business was Rs. 6497.50 Crores and Coal Business was Rs. 3013.98 Crores as compared to Rs. 6541.59 Crores and Rs. 2677.56 Crores respectively during the corresponding periods last year.

PBIT for Power Business was Rs. 988.45 Crores as against Rs.1085.34 Crores and PBIT for Coal Business increased to Rs. 786.27 Crores as compared to Rs. 713.55 Crores, in the corresponding periods last year.

Speaking on the performance for the quarter, Prasad R. Menon, Managing Director, Tata Power, said, ?Tata Power has a strong mission to achieve at least 25% of its generation portfolio through renewable sources of energy by 2017, geothermal energy being one of the prime renewable growth engines.?

During the quarter, the company?s Operations continued to report stable performance. Sales volume for the quarter stood at 3926 MUs and overall generation was 3695MUs.

During the quarter, the company added 8031 customers out of which 5130 were changeover customers (Industrial – 297, Commercial ? 1,650, Residential ? 3,183), taking its total customer base to 84,831 in Mumbai retail business.

The company had 26,005 direct consumers before it started expansion of its retail business in the Mumbai market.

Bill Payment Centres were inaugurated at Goregaon, Santacruz, Dahisar and Chembur. Cash payment facility was started at 42 post offices across Mumbai. New office at Mankhurd for application processing and billing team became operational.

North Delhi Power Limited (NDPL), the company?s distribution subsidiary and Joint-Venture with Delhi Govt., posted revenues of Rs. 1185.55 Crores during the quarter, a growth of 17% as compared to the previous year of Rs. 1014.03 Crores.

The Profit after Tax increased to Rs. 74.13 Crores as against Rs. 25.66 Crores in the previous year.

Powerlinks Transmission Limited (Powerlinks), the first public-private Joint-Venture in power transmission in India has earned revenues of Rs. 73.73 Crores as against Rs. 75.11 Crores in the previous year.

The Profit after Tax also increased by 34% to Rs. 27.53 Crores from Rs. 20.60 Crores in the previous year.

Tata Power Trading Company Limited (TPTCL) traded a total of 1067 MUs during the quarter as compared to 807 MUs in the previous year, thereby resulting in an increase in its revenues to Rs 418.36 Crores from Rs. 452.93 Crores in the previous year. The Profit / (Loss) after Tax is Rs (1.98) Crores as against Rs. 1.62 Crores in the previous year.