Tata Power Company Ltd., India's largest private-sector power utility company, reported a higher net profit for the third-quarter, despite decline in revenues due to change in the fuel mix and reduction in fuel prices in Mumbai Licence Area.
The Mumbai-based company posted third-quarter net profit of Rs.147.89 crore, up 29% from Rs.115.08 crore in the year-ago quarter. On a per share basis, earnings for the quarter rose 27% to Rs.5.80 from Rs.4.56 in the corresponding quarter last year.
Net profit for the quarter after statutory appropriation was Rs.141.89 crore, compared with Rs.101.08 crore in the preceding year quarter.
The company's quarterly net revenue fell 12% to Rs.1,527.80 crore from Rs.1,741.47 crore for the quarter ended December 31, 2008, while other operating income for the quarter and previous year quarter amounted to Rs.38.71 crore and Rs.35.40 crore respectively.
For the quarter, net revenue from Power Business segment totaled Rs.1,541.24 crore, down 12% from Rs.1,750.66 crore, while revenue from others totaled Rs.25.27 crore compared with Rs.26.21 in the year-ago quarter
During the quarter, the company generated 3,851 MUs of power, up marginally from 3,847 MUs in the preceding year quarter, while sales were marginally up at 3,714 MUs, compared to 3,711 MUs in the corresponding quarter last year.
During the quarter, the company's customer base grew to 35,576 and total customer additions stood at 7,124.
Tata Power-Distribution added 20 circuits Kms. of cable network and 8 consumer substation in this quarter, the company said.
For the first nine months, Tata Power's net profit grew 25% to Rs.708.16 crore from Rs.567.56 crore for the comparable period a year-ago.
For the Apr-Dec period, net profit after statutory appropriation was Rs.721.05 crore compared with Rs.516.56 crore in the preceding year quarter.
Net revenue for the period totaled Rs.5,175.67 crore, down 8% from Rs.5,654.89 crore in the corresponding period last year, while other operating income amounted to Rs.127.55 crore, compared with Rs.106.99 crore in Apr-Dec 2008.
During the nine-month period, the company generated 12,157 MUs of power, up 8% from 11,241 MUs in the preceding year quarter, while sales grew 6% to 11,829 Mus from 11,203 MUs in the corresponding quarter last year.
The company inked exclusive partnership agreement with SN Power to set up joint ventures to develop hydro-power projects in India and Nepal.
Tata power is exploring opportunities to set up solar-based generation plants at various locations in the country by 2013. It is starting by implementing a 3 MW PV based grid connected solar plant at Mulshi in the Western Ghats.
The company's growth plans included steady capacity addition year-on-year, which includes around 318 MW in 2010, 1,138 MW by 2011, 1,600 MW by 2012, and 2,400 MW by 2013. Besides, there are several projects in the pipeline and under consideration, it said.
Managing Director Prasad R. Menon said, "Our generating assets at Trombay, Hydros, Jojobera and Belgaum are performing well. Our major projects in pipeline (Mundara and Maithon) have maintained the progress as planned and are on schedule. In Mumbai Distribution business, the company is making considerable progress in acquiring new retail customers, which is expected to a significant number by end of this fiscal year. Our thrust on sustainability continues with key focus on increasing renewable energy portfolio in the coming years. Further, the company is actively looking at opportunities to set up solar based power plants under Jawaharlal Nehru National Solar Mission."
At the BSE, Tata Power closed Tuesday's trading at Rs.1,419.75, down by Rs.20.60 or 1.43% on a volume of 65,000 shares. The scrip touched an intraday high of Rs.1,457.00 and a low of Rs.1,401.00.
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