India’s largest integrated power company TATA Power announced its results for the quarter ended June 30th 2012.
PERFORMANCE HIGHLIGHTS Q1FY13: CONSOLIDATED
1. On the Consolidated basis, Tata Power’s Q1 FY13 Revenues increased 25% to INR 7253.89 crore as compared to INR 5824.51 crore in corresponding quarter last year.
2. PAT stood at INR 145.93 crore as compared to INR (628.75 crore) in Q4FY12 and INR 430.44 crore in Q1FY12. This is mainly due to lower profit in Coal Companies owing to lower price realization and higher cost of production, higher interest and depreciation cost due to commissioning of Mundra and Maithon units and reversal of revenues due to change in effective date of MYT regulations in Mumbai.
3. On consolidated Segment-wise performance for the quarter, Revenues from Power business has increased by 30% at INR 4824.01 crore as compared to INR 3720.30 crore in the corresponding quarter last year. Revenue from Coal Business was up by 14% at INR 2265.04 crore as compared to INR 1990.69 crore in the corresponding period last year. PBIT from Power Business was at INR 578.24 crore as against INR 627.0 crore in the previous quarter last year, a reduction INR 155 crore mainly due to shifting of MYT regime to 2012-13 onwards in Mumbai. PBIT from Coal Business stood at INR 257.61 crore as compared to INR 750.07 crore reported in the corresponding quarter last year. Profits were lower in Coal Companies due to lower price realization and higher cost of production. Last year’s PBIT was after capitalization of INR 210.65 crore of deferred stripping costs. From 1st Jan 2012 no capitalization of deferred stripping cost is being done.
PERFORMANCE HIGHLIGHTS Q1 FY13: STANDALONE
1. During the quarter, Company’s standalone results reflected a robust financial and operational performance.
2. Standalone Revenue grew to INR 2284.10 crore, up 19% as against INR 1921.24 crore in Q1 FY12.
3. PAT stood at INR 312.30 crore as compared to INR 281.56 crore in corresponding period last year due to strong operational performance inspite of the reversal of revenues due to change in effective date of MYT regulations in Mumbai s impacting profits of Rs 155 crore. During the quarter, other income stood at 345.59 crore as against Rs 247.58 crore in the corresponding quarter last year.
Commenting on the Company’s performance, Mr Anil Sardana MD of TATA Power said that “During first quarter of FY13, the Company reported revenue growth of about 20% and profit growth of about 10% which is highly satisfying. All our projects and subsidiaries by and large have performed well. Tata Power’s generation capacity crossed 6000 MW with commissioning of 800 MW unit 2 of the Mundra UMPP, reinforcing our position as the largest integrated power company in India. The Company crossed 11000 MWh of generation units at Mithapur Solar plant which is a significant milestone that demonstrates efficiency and state of art technology used at the plant. Our Coal Companies posted lower realization due to global economic slowdown and falling coal prices. By signing the coal supply agreement with PT Antang Gunung Meratus, we have taken proactive steps to ensure imported coal supply for our upcoming power projects to be developed for next 5 year.”
Source - TATA Power
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