PAT stood at Rs. 115.08 Crores (not comparable with previous year due to change in the accounting method)
- YTD Q3 FY09 Revenues up by 34.58 % at Rs 5761.88 Crores and PAT at Rs 567.56 Crores (though not comparable)
- Completed Synchronization of 250 MW Unit 8 expansion project at Trombay
- Signed an MoU with Gujarat Government to explore the possibility of setting up of Geothermal and Solar power plant in the State of Gujarat
- Signed Joint Venture agreement with Indian Oil Corporation (IOC) to set up a coal based power plant in Orissa
- Commissioned 21.6 MW of additional wind capacity in Gujarat and Karnataka
- Commissioned the second Unit of 45 MW at Haldia
The Tata Power Company Ltd, India’s largest integrated private power company, today announced its financial results for the quarter ended December 31, 2008.
HIGHLIGHTS-Q3 FY 09:
- During the quarter ended December 31, 2008, Tata Power’s Revenues stood at Rs. 1776.87 Crores, an increase of 25.18% as compared to Rs. 1419.40 Crores in the same period last year.
- Current operations continue to be robust. Sales up by 2.68% at 3711 MUs. The Company’s Hydro Power Station recorded higher generation of 39 MUs up by 14.98%. Belgaum Power Station also reported increase in generation to 129 MUs due to higher demand by KPTCL.
- PAT for the quarter stood at Rs. 115.08 Crores as against Rs 197.28 Crores in the corresponding period last year and was not comparable owing to the change in the accounting method that the Company undertook this financial year for Mumbai Licence Area operations. Regulatory adjustments which used to be made on an annual basis in the fourth quarter are now being made on a provisional basis every quarter. Had the changed accounting method been followed last year, the Profits would have been lower by Rs. 65 Crores for Q3 FY08.
Further, Interest at Rs. 95.15 Crores (PY Rs.38.55 Crores) was higher by 146.82% over previous year. While the Interest expenses increased in this quarter by Rs. 56.60 Crores, Rs 11.32 Crores was earned as interest income resulting in net increase in interest of Rs 45.28 Crores of which Rs. 6.41 Crores is due to interest resets (of which Rs. 4.66 Crores is a pass through), Rs. 6.34 Crores is due to new units commissioned and the balance Rs. 32.53 Crores due to borrowings to fund our SPVs and equity for capex requirements.
HIGHLIGHTS Nine Months FY 09:
- Tata Power Revenues were up by 34.58 % to Rs. 5761.88 Crores as against Rs. 4281.44 Crores in the same period last year.
- PAT for the period stood at Rs. 567.56 Crores as against Rs. 644.91 Crores in the corresponding period last year and was not comparable owing to the change in the accounting method that the Company undertook this year.
Commenting on the Company’s performance, Mr. Prasad R. Menon, Managing Director, Tata Power, said:
“Our current operations continue to be robust and our revenues have been higher in all the power businesses. All our generating assets at Trombay, Hydros, Jojobera and Belgaum have performed well and our major projects under implementation are on track. Financial closure has been achieved for both of our major projects at Mundra and Maithon and construction work at both sites is proceeding well. We have synchronized the 250 MW Unit at Trombay generating facility which will address the growing need and enhance the current installed capacity of 1350 MW. The Haldia and Power House 6 projects are close to completion, with two units commissioned already at Haldia.”
GROWTH PLANS:
- 250 MW Trombay Unit 8: The Company announced the synchronization the 250 MW Unit 8 with the grid and rest of the generation units at the Trombay Thermal Power Plant in Chembur, Mumbai in the presence of Shri Jairam Ramesh, Hon’ble Union Minister of State for Power, Government of India and Shri Sunil Tatkare, Hon’ble Minister for Energy, Government of Maharashtra. The 250 MW Unit 8 is to operate on imported coal and will enhance the current installed capacity of 1350 MW at Trombay Thermal Power Station. The commissioning of the Unit is scheduled to happen in next 4-6 weeks and will help bridge the gap between the ever increasing demand and supply of power.
- MoU with Gujarat Government to set up Geothermal and Solar Power Plants: During the quarter, the Company signed a Memorandum of Understanding (MoU) with Government of Gujarat to explore the possibility of setting up a 5 MW Geothermal Power plant in phase-I, at a suitable location in Gujarat. The Company also signed a MoU for developing a 5 MW solar power plant in Gujarat.
- Joint-Venture agreement with IOC: Tata Power signed a joint venture agreement with Indian Oil Corporation for establishing a coal-based power plant in Orissa. The joint venture will meet the captive requirement of IOCL Paradip Refinery and Petrochemicals complex. Tata Power will hold 74 % equity and IOCL will hold 26% equity.
- 4000 MW, Mundra Ultra Mega Power Project: The Ultra Mega Power Project (UMPP) at Mundra, Gujarat is progressing as per schedule. Structural erection is in progress for two boiler units and civil work is progressing well at site, with over 2500 people already working on site. Coastal Gujarat Power Limited completed all pre-disbursement conditions and received its first disbursement of loans in this quarter on contracted terms. Financing of the Mundra UMPP was also voted as “Power Deal of the Year” by Power Finance International (PFI) in their year book 2009. PFI owned by Reuters Thomson is a prestigious publication followed by the industry as a benchmark for project finance deals.
- 1050 MW Maithon Power Project: For the 1050 MW Maithon project, Work on both the Units is progressing as per schedule and over 21% work is completed. Ordering for most of the Packages is complete.
- Wind Farm Projects: 21.6 MW of additional capacity was commissioned in this quarter in Gujarat and Karnataka. With this, the total installed capacity of Wind is now 124 MW.
- 120 MW Power Project at Haldia: First Unit of 45 MW of the Haldia Project was commissioned in August 2008. The second Unit has been commissioned during this quarter in December 2008. The third unit of 30 MW is expected to be synchronized by the end of February 2009.
- Captive Power Projects for Tata Steel: The 120 MW Power House # 6 at Tata Steel Works, Jamshedpur is in advanced stages of completion and is expected to synchronize in February 2009 with commissioning expected in March 2009. The 120 MW Unit # 5 at Jojobera is also progressing well and will be commissioned in the next financial year.
- Tata Power Energy Club sensitized 10,000 students in 25 schools & 300 students have started measuring power at home. These 300 energy champions have in turn sensitized 20,000 Mumbai citizens as part of their secondary sensitization of ‘friends and neighbourhood’.
About Tata Power:
Tata Power is India's largest private sector power utility with an installed generation capacity of over 2300 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.
