Late Thursday, Tata Power Company Ltd., India's largest private power utility company, announced financial results for the fiscal year, reporting a higher consolidated net profit on an increase in revenue.
Consolidated Results
The Mumbai-based company posted fiscal year consolidated net profit after statutory appropriation of Rs.1,264.04 crore, 27% higher than Rs.996.48 crore in 2008. On a per share basis, earnings for the year amounted to Rs.57.09, up 20% from Rs.47.47 in the previous year.
For the full year, the company's consolidated net revenue grew 61% to Rs.17,505.09 crore from Rs.10,845.58 crore in 2008, while other operating income totaled Rs.82.44 crore, compared with Rs.45.28 crore in the preceding year.
Standalone Results
Tata Power's fiscal year standalone net profit of Rs.922.20 crore or Rs.43.59 per share, compared with Rs.869.90 crore or Rs.38.03 per share in 2008. Net profit and earnings per share for the year grew 6% and 15% respectively.
Net profit for the quarter after statutory appropriation totaled Rs.967.50 crore, up 19% from Rs.811.31 crore last year, the company said.
The company's net revenue for the full year grew 21% to Rs.7,071.52 crore from Rs.5,797.33 crore, while other operating income was Rs.164.71 crore, compared with Rs.118.58 crore in the previous year.
Revenue for the fiscal year from Power Business amounted to Rs.7,104.87 crore, up 22% from Rs.5,838,51 crore last year, whereas revenue from others was Rs.131.36 crore, compared with Rs.77.40 crore in 2008.
During the year, the company reported annual sales at 14,703 million units (MUs), down 2% from 14,959 MUs, while the annual generation was 14,807 MUs, up marginally from 14,717 MUs in FY08.
Tata Power said during the year it has commissioned 250MW Unit 8 at the Trombay Thermal Power Station and commenced commercial operations from end March 2009. It has also commissioned Units 1 and 2 of 45MW each in Haldia and commissioned additional 80.6MW wind power capacity in Gujarat, Karnataka and Maharashtra.
The company said its board has recommended a dividend of 115% or Rs.11.50 per equity share of Rs.10 each for the fiscal year 2009.
The Managing Director, Prasad Menon, said, "We continue to consolidate our growth plans through capacity expansion and have achieved significant milestones this fiscal with the commissioning of units in Trombay and Haldia and additional wind power capacity in Gujarat, Karnataka and Maharashtra. Our strategic stake in the Hydro Electric Power Project with the Royal Government of Bhutan and Geothermal with Geodynamics Ltd, Australia, further reiterates our commitments in exploring eco-friendly technologies. Our generating facilities continue to demonstrate high operational efficiency. It is our endeavour to continue to perform on a sustained basis through robust performance, cost-focus and enhanced efficiencies."
At the BSE, Tata Power shares are currently trading at Rs.1,113.10, up by Rs.15.65 or 1.43% from the previous close. The stock hit an intraday high of Rs.1,126.70 and a low of Rs.1,105.00.
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