Tata Power fell 0.36% at Rs 97.70 at 9:19 IST on BSE after consolidated net profit fell 66.09% to Rs 145.93 crore on 22.98% growth in total income from operations to Rs 7316.47 crore in Q1 June 2012 over Q1 June 2011.
The result was announced after trading hours on Wednesday, 8 August 2012.
Meanwhile, the BSE Sensex was up 82.54 points, or 0.47%, to 17,683.10.
On BSE, 77,000 shares were traded in the counter as against an average daily volume of 3.26 lakh shares in the past one quarter.
The stock hit a high of Rs 98.15 and a low of Rs 96.75 so far during the day. The stock had hit a 52-week high of Rs 121.50 on 21 February 2012. The stock had hit a 52-week low of Rs 80.65 on 20 December 2011.
The stock had underperformed the market over the past one month until 8 August 2012, falling 5.22% compared with the Sensex's 0.45% rise. The scrip had also underperformed the market in past one quarter, sliding 1.06% as against 6.37% rise in the Sensex.
The large-cap company has an equity capital of Rs 237.31 crore. Face value per share is Re 1.
Tata Power said profit declined mainly due to lower profit in coal companies owing to lower price realisation and higher cost of production, higher interest and depreciation cost due to commissioning of Mundra and Maithon units and reversal of revenues due to change in effective date of multi-year tariff (MYT) regulations in Mumbai.
On consolidated segment-wise performance for the quarter, revenues from power business has increased by 30% at Rs. 4824.01 crore as compared to Rs. 3720.30 crore in the corresponding quarter last year. Revenue from Coal Business was up by 14% at Rs. 2265.04 crore as compared to Rs. 1990.69 crore in the corresponding period last year. PBIT from Power Business was at Rs. 578.24 crore as against Rs. 627.0 crore in the previous quarter last year, a reduction Rs. 155 crore mainly due to shifting of MYT regime to 2012-13 onwards in Mumbai. PBIT from Coal Business stood at Rs. 257.61 crore as compared to Rs. 750.07 crore reported in the corresponding quarter last year. Profits were lower in Coal Companies due to lower price realization and higher cost of production. Last year's PBIT was after capitalization of Rs. 210.65 crore of deferred stripping costs. From 1st Jan 2012 no capitalization of deferred stripping cost is being done.
Commenting on the Company's performance, Anil Sardana, Managing Director, Tata Power said, "During first quarter of FY13, the Company reported revenue growth of about 20% and profit growth of about 10% which is highly satisfying. All our projects and subsidiaries by and large have performed well. Tata Power's generation capacity crossed 6000 MW with commissioning of 800 MW unit 2 of the Mundra UMPP, reinforcing our position as the largest integrated power company in India. The Company crossed 11000 MWh of generation units at Mithapur Solar plant which is a significant milestone that demonstrates efficiency and state of art technology used at the plant. Our Coal Companies posted lower realization due to global economic slowdown and falling coal prices. By signing the coal supply agreement with PT Antang Gunung Meratus, we have taken proactive steps to ensure imported coal supply for our upcoming power projects to be developed for next 5 years."
During the quarter under review, the company continued its robust operations. Sales volume for the quarter stood at 4227 million units (MUs) in Q1 June 2012 as compared to 3932 MUs in Q1 June 2011. The overall generation was 4259 MUs up 10% as compared to 3889 MUs reported in corresponding quarter last year. Trombay Thermal Power Station generated 2542 MUs as compared to 2445 MUs in the corresponding quarter last year. Hydro Power Stations generated 389 MUs as compared to 362 MUs. Jojobera Thermal Power Station generated 814 MUs as compared to 663 MUs and Haldia reported generation of 227 MUs as compared to 219 MUs in the corresponding quarter last year. Industrial Energy (IEL) reported generation of 457 MUs as compared to 399 MUs. Wind Farms performed well and generated 256 MUs as compared to 154 MUs in the corresponding quarter last year. Solar plant recorded generation of 1 MU as compared to 1 MU in Q1 June 2011.
Tata Power is India's largest integrated power company with a significant international presence. The company has an installed generation capacity of 6099 megawatts (MW) in India and a presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading.
Powered by Capital Market - Live News
