Tata Power Announces Q2 FY16 Consolidated Results

Tata Power has announced its results for the quarter ended September 30^th, 2015.

PERFORMANCE HIGHLIGHTS Q2 FY16: CONSOLIDATED

• On the Consolidated basis, Tata Power’s Q2 FY16 Revenues (net of regulatory adjustments) stood at Rs 9,042 crore as compared to Rs 8,448 crore in the corresponding quarter last year. This is mainly due to higher revenue reported by TPTCL and TATA Power Solar.
• Profit from Operations stood at Rs. 1,367 crore as compared to Rs 1,156 crore in the corresponding quarter last yearmainly due to strong operational performance in Mumbai operations & CGPL.
• PAT was up at Rs. 247 crore as compared to a loss ofRs. 78 crore in Q2 FY15.
• On consolidated segment-wise performance for the quarter, Revenue from Coal Business stood at Rs. 1,800 crore as compared to Rs.2,079 crore in the corresponding period last year. Revenues from power business was up at Rs. 6904 crore against Rs 6255 crore in previous year mainly due to high sales at TPTCL.
• PBITfrom Power stood at Rs. 1,182 crore as compared to Rs. 994 crore in the corresponding quarter last year and PBITfrom coal business stood at Rs. 191 crore as compared to Rs. 159 crore

PERFORMANCE HIGHLIGHTS Q2 FY16: STANDALONE

• Standalone Revenues stood at Rs. 2,118 crore as against Rs2,048 crore in Q2 FY15 mainly due to higher revenue in Mumbai Operations & Jojobera.
• Profit from operations stood at Rs. 514 crore as compared to Rs.391 crore in the corresponding quarter last year.
• PAT stood at Rs. 278 crore as compared to Rs. 306 crore in corresponding quarter last year.

PERFORMANCE HIGHLIGHTS H1 FY16: CONSOLIDATED

• On a consolidated basis, Tata Power’s H1 FY16 Revenues stood at Rs. 18,107 crore as compared to Rs. 17,266 crore in corresponding period last year on account of higher revenue in TPTCL& Tata Power Solar.
• Profit from operations stood at Rs. 2,799 crore as compared to Rs. 2,388 crore in corresponding period last year mainly due to higher contribution from CGPL, MPL& Mumbai operations.
• PAT stood at Rs498crore as compared to a loss of Rs. 189crore in the same period last year mainly due to higher contribution from CGPL & Mumbai operations.
• On consolidated Segment-wise performance, Revenues from Power business stood at Rs.13,707 crore as compared to Rs. 12,824crore in corresponding period last year. Coal Business stood at Rs. 3,806crore as compared to Rs. 4,170crore in the corresponding period last year.  Segment result from Power Business was at Rs.2,552crore as against Rs. 1,949crore and from Coal Business stood at Rs. 273crore as compared to Rs. 420 crore. 

PERFORMANCE HIGHLIGHTS H1 FY16: STANDALONE

• Standalone Revenue stood at Rs. 4,329 crore, as against Rs. 4,391 crore in the same period last year.
• Profit from operations stood at Rs. 1,042 crore up as compared to Rs798 crore by 31% mainly due to improved performance & Regulatory order in Mumbai operations.
• PAT stood at Rs. 521 crore as compared to Rs. 562 crore in the corresponding period last year mainly due to improved performance and truing up adjustments in Mumbai operations which is offset by Provision on certain investment.

Commenting on the Company’s performance, Mr. Anil Sardana, CEO & Managing Director, TataPower said,“During the quarter, the Company has reported strong financial performance due to consistentand strong operational performance across its business verticals. Most of the projects and subsidiaries of the company continue to perform well despite very challenging circumstances. As we celebrate Tata Power’s centenary year, we are committed to nation building and providing power to all.”

OPERATIONAL HIGHLIGHTS:

The Company continued its robust operations and performed well. Consolidated Generation for the quarter stood at 11,663 MUs and Standalone Generation stood at 3,243MUs.

GROWTH PLANS:

Projects under Implementation:

• Kalinganagar, Odisha CPP 1 - 202.5 MW (3 x 67.5 MW): The 202.5 MW Kalinganagar project is being executed through IEL, a JV of the Company (74%) with Tata Steel Limited (26%) for its steel plant in Kalinganagar, Odisha. The project is in advanced stages of commissioning.

Tata Power Renewable Energy Limited (TPREL):

Aggregating Renewable Assets by carving out renewable assets at Tata Power:

• The Board, at its meeting held today, approved a scheme of arrangement to restructure the Company’s renewables portfolio of wind, solar and waste heat recovery/production gases based generation into Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of the Company. The proposed restructuring will lead to the renewables assets in the books of the Company to be transferred to TPREL through slump sale. The assets include 376.5 MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi, 120 MW waste heat recovery based power plants at Haldia, West Bengal.

International Projects:

• Cennergi, South Africa: The Company’s JV in South Africa, Cennergi Limited, of 134.4 MW AmakhalaEmoyeni Wind Farm and 95.3 MW Tsitsikamma Community Wind Farm is progressing on schedule.
• For Amakhala wind farm, all civil activities involving roads and foundations have been completed.All turbine components have been received at harbour and are being shipped to site. 18 turbines erected and are in the process of pre-commissioning.For Tsitsikama Community Wind Farm Project,WTG foundations is 100% complete and  the erection work is in progress.
• Adjaristsqali Hydro Project, Georgia: The construction of 187 MW Shuakhevi Hydro Project in Georgia is progressing as per schedule.International Finance Corporation, Asian Development Bank and European Bank for Reconstruction and Development are the lenders to the project.
• Tunnelling works are under progress. Till date, the progress achieved for tunnel excavation is ahead of schedule. The COD for the 178 MW Shuakhevi PH is likely to be in end of FY17.
• ItezhiTezhi Hydro Power Project: The Company has acquired 50% shares held by Tata Africa Holdings (SA) (Pty) Limited (Tata Africa) in ItezhiTezhi Power Corporation Limited during the year, which is implementing the 120 MW ItezhiTezhi Hydro Project in Zambia. The balance 50% is held by Zambia Electricity Supply Company Limited, the national power utility of Zambia. The project is nearing completion and shall be commissioned before end of FY16.