Tata Power Announces Q3 FY16 Consolidated Results

Tata Power has announced its results for the quarter ended 31^st December, 2015.

PERFORMANCE HIGHLIGHTS Q3 FY16: CONSOLIDATED

• On the Consolidated basis, Tata Power’s Q3 FY16 Revenues (after adjustment for Regulatory income)stood at Rs. 8,728 crore as compared to Rs. 8,861 crore in corresponding quarter last year mainly due to falling international coal prices.
• Profit from Operations (after adjustment for Regulatory income) was up by 29% at Rs. 1,253 crore mainly due to all round strong operational performance and strong asset management.
• PAT before exceptional items stood at Rs. 212 crore (Rs. 24 crore after exceptional items) compared to Rs. 198 crore in Q3 FY15. Exceptional items include adjustments of Rs. 187 crore for Impairment of assets and goodwill due to falling international coal prices.
• Consolidated Segment Revenues from Power stood atRs. 6,450 crore as compared to Rs. 6,600 crore in the corresponding quarter last year, mainly due to falling international coal prices.
• PBITfrom Power stood at Rs. 999 crore as compared to Rs. 1,098 crore in the corresponding quarter mainly due to TPDDL tariff order impact.
• Revenue from Coal Business stood at Rs. 1,922 crore as compared to Rs. 2,104 crore in the corresponding period last year due to lower price realization from Coal Companies.  Segment profit from coal business stood at Rs 237 crore.

PERFORMANCE HIGHLIGHTS Q3 FY16: STANDALONE

• Standalone Revenues (after adjustment for Regulatory income)stood at Rs. 2,065 crore as against Rs. 2,122 crore in Q3 FY15 mainly due fall in international coal price offset by strong operational performance.
• Profit from operations (after adjustment for Regulatory income) was up by 54% at Rs. 554 crore as compared to Rs. 360 crore in the corresponding quarter last year mainly because of lower contribution from Trombay Unit 8 which was under restoration in previous year and strong operational performance.
• PAT stood at Rs. 199 crore as compared to Rs. 235 crore mainly due to lower dividend from coal investments as compared to last year.

PERFORMANCE HIGHLIGHTS NINE MONTHS FY16: CONSOLIDATED

• On a consolidated basis, Tata Power’s Revenues (after adjustment for Regulatory income)stood at Rs. 26,835 crore as compared to Rs. 26,127 crore in corresponding period last year mainly due to higher volume traded by TATA Power Trading Company Limited.
• Profit from operations (after adjustment for Regulatory income) up by 20% at Rs. 4,043 crore as compared to Rs. 3,358 crore in corresponding period last year mainly due to better contribution from TATA Power standalone business and CGPL.
• PAT improved to Rs. 700 crore (before exceptional items) as compared to Rs. 9 crore in the same period last year mainly due tomainly due to higher profit in TATA Power standalone business and CGPL.
• On consolidated Segment-wise performance, Revenues from Power business stood at Rs. 20,157 crore as compared to Rs. 19,424 crore in corresponding period last year mainly due to lower revenue in previous year from Trombay Unit 8 which is under restoration. Coal Business stood at Rs. 5,728 crore as compared to Rs. 6,274 crore in the corresponding period last year.
• Segment profit from Power Business was up by 16% at Rs. 3,542 crore as against Rs. 3,047 crore and PBIT from Coal Business was stood at Rs. 510 crore as compared to Rs.714 crore.

PERFORMANCE HIGHLIGHTS NINE MONTHS FY16: STANDALONE

• Standalone Revenue (after adjustment for Regulatory income)stood at Rs. 6,394 crore, as against Rs. 6,513 crore in the same period last year mainly due lower international fuel prices.
• Profit from operations (after adjustment for Regulatory income)stood at Rs. 1,596 crore as compared to Rs. 1158 crore mainly due to lower contribution from Trombay Unit 8 in previous year which is under restoration and strong operational performance.
• PAT stood at Rs. 720 crore as compared to Rs. 797 crore in the corresponding period last yearmainly due lower dividend from coal companies and forex gain in previous year.

Commenting on the Company’s performance,Mr. Anil Sardana, CEO & Managing Director, Tata Power said, “During the third quarter of FY15-16, Tata Power has improved profitability and consistently maintained strong operational performance across our business verticals. We continue to expand and strengthen our global presence. Our Joint-Venture commissioned 120 MW hydro project at ITPC, Zambia and synchronized a 67.5 MW Unit 1 at Kalinganagar, Orissa. This quarter we have signed a memorandum of understanding (MoU) with the Ministry of Development of Russian Far East to explore and develop investment opportunities in the energy sector. We are focused on stakeholder value creation. Despite a tough market environment, the Company has maintained the momentum and is bracing itself for the future. The renewable asset carve out is a step in this direction.” 

BUSINESS HIGHLIGHTS: KEY SUBSIDIARIES

• Coastal Gujarat Power Limited (CGPL): CGPL posted Revenues of Rs. 1,496 crore as compared to Rs. 1,630 crore in Q3 FY15. Profit of CGPL before impairment reversal was improved & stood at Rs. (157) crore as compared to Rs. (243) crore in the corresponding quarter last year, mainly due to higher availability & generation of the plant. PAT post impairment reversal Rs. 2,163 crore Q3 FY16.
• Maithon Power Limited (MPL): The 74:26 Joint Venture Company between Tata Power and Damodar Valley Corporation reported Revenue of Rs. 591 crore as compared to Rs 641 crore in Q3 FY15. PAT stood at Rs. 41 crore as compared to Rs. 107 crore in Q3 FY15. Previous year includes favourable CERC Tariff order of Rs. 68 crore.
• Industrial Energy Limited (IEL): The Company reported Revenues of Rs. 152 crore compared to Rs. 127 crore in Q3 FY15, up by 20% and PAT stood at Rs. 16 crore as compared to Rs. 25crore in Q3 FY15 mainly due to prior period impact.
• Tata Power Renewable Energy Limited (TPREL): Q3 FY16 Revenues stood at Rs. 50 crore compared to Rs. 35 crore in Q3 FY15, up by 43% and PAT stood at Rs. 3 crore. Wind farm capacity of 50 MW is under construction and 100 MW is contracted.
• Tata Power Delhi Distribution Limited (TPDDL): TPDDL, the Company’s distribution subsidiary and Joint Venture with Delhi Government, posted revenues (after adjustment for Regulatory income)of Rs. 1,096 crore as compared to Rs. 1,037 crore in corresponding quarter last year, up by 6%. PAT stood at Rs. (53) crore as compared to Rs. 109 crore in Q3 FY15 lower mainly due to impact of tariff order.
• Powerlinks Transmission Limited (Powerlinks):Powerlinks, the first public-private Joint-Venture in power transmission in India reported Revenues of Rs. 59 crore as compared to Rs. 62crore in Q3 FY15. PAT up at Rs. 28 crore as compared to Rs. 29 crore in Q3 FY15.
• Tata Power Trading Company Limited (TPTCL): TPTCL traded 4,376 MUs as compared to 2,373 MUs in the corresponding period last year, resulting in revenues of Rs. 1,540 crore as compared to Rs. 1,171crore in Q3 FY15. PAT stood at Rs. 6 crore as compared to Rs. 6 crore in Q3FY15.