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The Tata Power Company Limited, India's largest private power company, today announced its financial results for the first quarter ended June 30^th for FY 2006-07.

 

HIGHLIGHTS Q1 - FY07

 

o         Tata Power reported profits of Rs. 121.85 crores and revenues of Rs. 1376.61 crores. During the corresponding period last year, profits and revenues were Rs. 118.40 crores and Rs. 1098.75 crores respectively.

 

o         Sales volume showed increase by 5.25% to 3807 MUs. The Jojobera Thermal Power Station recorded generation of 717 MUs as compared to the corresponding quarter's generation of 575 MUs. Further, Jojobera Power Plant won the "Golden Peacock Environment Management Award" for FY06.

 

o         Depreciation of Rupee led to higher Interest and Finance Charges by Rs. 14.13 crores.

 

o         Work has commenced on the 250 MW (unit 8) coal based Plant at Trombay, to meet Mumbai's  future power requirement. The project is scheduled to be commissioned in next 28 months. Further, work has also progressed on the short gestation 100 MW DG Sets.

 

o         During the quarter, order has been placed for 50 MW Wind Farm at Khandke, Ahmednagar.

 

o         2X1000 MW Coastal Power Plants in Maharashtra are being pursued and actions are in hand to acquire the land required.

 

o         During the quarter, work on another 120 MW Project (Unit 6) at Jamshedpur has started. This unit is a captive plant for Tata Steel, which is based on utilizing the waste gases from the steel making process. The project is expected to be commissioned in 26 months.

 

o         The Company has received required coal linkages for 1000 MW Maithon Right Bank Thermal Power Project a joint venture with Damodar Valley Corporation (DVC). About 55% of the land has been acquired, while the rest of the land is in the process of being acquired.  The project has been targeted for commissioning in FY 2010.

 

o         The 100% coal linkage for a 1000 MW coal based Power Project at Chola (UP) has also been achieved. This mega power plant will also supply power to Northern States including NDPL.

 

o         The Company is setting up a met coke oven gas based 120 MW IPP at Haldia, West Bengal. The project is scheduled to be commissioned in FY09.

 

o         Ultra Mega Power Projects (UMPPs): Tata Power has entered into a Development Agreement with Siemens Project Ventures GmbH to jointly participate in the tariff based bidding for the Govt. of India initiated UMPPs based at Sasan and Mundra. The Company has received the Request for Qualification for the two projects. In the Quarter, Tata Power also announced a strategic tie-up with Siemens Power Generation, Germany and Doosan Heavy Industries & Construction Pvt. Ltd., Korea to form an EPC consortium for the design and construction of power plants based on super critical technology.

 

o         North Delhi Power Limited (NDPL): The Joint Venture between Tata Power and the State of Delhi for distributing power in the North & North-West parts of Delhi has continued to improve its performance, with its AT&C losses touching an all time low of 28 % as on June 2006, down from 53% in June 2002. The company also launched the unique scheme of home delivery for new connections where a consumer does not need to move from the premises to get a new connection or service and has to just call the company. 

 

Commenting on the Company's performance, Mr. Adi Engineer, Director, Tata Power said: "The Company is now in the implementation phase of several new projects which have been envisioned in the last quarter. This augurs well for the future growth of the Company and will reflect in better operating results in due course. Participation in the Ultra Mega Power Projects and also implementing Company's own mega power plants will lead to a step change in the Company's size of operations."

 

 

Sourced From : Vaishnavi Corporate Communications