Tata Power, India’s largest integrated private power utility has announced its consolidated and standalone financial results for the quarter ended 31st December 2011.
Key Highlights Q3 FY12: Tata Power (Standalone)
During the quarter, Tata Power’s results reflected a strong financial and operational performance. Revenues for the quarter were up by 35% and stood at Rs. 2161.05 Crores as compared to Rs. 1595.87 Crores in Q3 FY11. PAT increased by 178% to Rs. 425.88 Crores as against Rs. 153.07 Crores registered in the corresponding quarter last year and is not comparable due to AS11.
PBT for the quarter was up by 239% at Rs. 606.46 Crores as compared to Rs. 179.02 Crores in the same quarter last year. The Other Income stood at 410.48 Crores, up by 382%.
Key Highlights Q3 FY12: Tata Power (Consolidated)
On the consolidated basis, Tata Power’s revenues were up by 51% and stood at Rs. 6645.87 Crores as compared to Rs. 44.12bn in the corresponding period last year owing to the robust performance of both, power and coal business.
The Company’s Net Profit was Rs. 2.65bn against Rs 4.41bn in the corresponding quarter last year. In view of the uncertainty involved in estimating the average stripping ratio for the life of the coal mines at PT Kaltim Prima Coal, (an Indonesian JV company), the entire deferred stripping costs accumulated in prior years was charged off to the Profit and Loss Account, amounting to Rs. 648.42 Crores during this quarter. Profit from Operations before Other Income, Interest, Exceptional Items and Tax stood at Rs. 656.08 Crores as compared to Rs. 805.63 Crores. The Company’s Net Profit after appropriations stood at Rs. 262.67 Crores as against Rs. 442.37 Crores reported in Q3 of FY11.
Commenting on the Company’s performance, Anil Sardana, Managing Director, Tata Power, said:“Our strong financial and operational performance for the quarter is driven by all our business divisions. All Tata Power operations and subsidiaries have done well this quarter as compared to the corresponding period last year. Our key projects under implementation are progressing well. We have successfully synchronized India’s first 800 MW sized super critical Unit 1 of our 4000 MW Mundra Ultra Mega Power Project; commissioned Unit 1 of 1050 MW Maithon Power Project and also synchronized our 25 MW solar plant at Mithapur, one of the largest in the country. Our growth opportunities continue to be on course. We are also looking forward to a sustainable solution for Mundra UMPP.”