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…Message Box ( Arial, Font size 18 Bold)…Message Box ( Arial, Font size 18 Bold)1
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Annual General Meeting
Anil Sardana
CEO & Managing Director
23rd August 2017
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Agenda
• About Tata Power
• Financial Performance and Statistics
• Significant Developments in the Sector
• New Paradigms and Existing Investments
• Sustainability
• Awards and Recognition
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About Tata Power
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India’s Largest Integrated Power Company
Fuel & Logistics
Stake in Indonesian
coal mines
Assurance of fuel
supply for all the
operational projects
Integrated coal
logistics manage-
ment through state-
of-the-art cape
sized ships
Generation
10,463 Megawatt of
installed capacity
as on 31st Mar‘17
with 30% in the
form of clean and
green generation
600 MW of new
capacity under
execution in India
and international
geographies
Distribution
Mumbai
– Over 6.75 lakh
consumers
Delhi
– Over 15.8 lakh
consumers
Ajmer
– Over 1.25 lakh
consumers
Value Added Business
TPSSL enhanced cell &
module manufacturing
capacity by 65% (to 300
MW) and 100% (to 400
MW) respectively
PM/OM services at
Malaysia, Goa and
Tuticorin
TPTCL was India’s 3rd
largest power trading
company during FY17
Transmission
Mumbai:
1,200 cKm network
21 receiving stations
Powerlinks:
1,166 km long line
connecting Tala
hydro project–
Bhutan to North
India
Coal production at
KPC, BSSR and
AGM Indonesia
during FY17 was
66.81 MT as against
65.33 MT in FY16
FY
17
1,465 MW generation
capacity added
which includes the
acquisition of
WREPL & IndoRama
Renewables Jath Ltd.
245 kV Mahalaxmi
GIS receiving station
taken in load service
Ajmer Distribution
Franchisee awarded
Consumer added:
- 25,000 in Mumbai
- 80,000 in Delhi
Strategic Engineering
Division achieved a
turnover of ` 548.14
crore with an order
backlog of ` 1,220 crore
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Increasing global presence
Hydro Project -
Bhutan
Logistics
Office -
Singapore
Wind Project
– South Africa
Distribution
Consultancy
Assignment - Nigeria
Hydro Projects-
Georgia
Hydro Project-
Zambia
Rep. Office
Vietnam
Generation Assets
Coal Mines+
CKP Generation
- Indonesia
Offices
Rep. Office
Indonesia
Rep. Office
South Africa
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Financial Performance
and Statistics
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Improvement in Consolidated PAT
The Consolidated PAT improved on
account of higher contribution by
the coal mines, renewable
business and associates and lower
foreign exchange losses.
1355
934
FY16 FY17
Standalone PAT (` crore)#Consolidated PAT (` crore)*#
662
1397
FY16 FY17
31%
decline
111%
improvement
* Attributable to the owners of the Company
# Reported after reversing the provision (` 651 crs.) made for loss on likely purchase of shares in TTSL
The Standalone PAT was high in
FY16 on account of favorable
regulatory tariff orders received by
the Company during the financial
year
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Strong Q1 results backed by renewables contribution
and strong operational performance
147
188
FY17 Q1 FY18 Q1
Standalone PAT (` crore)Consolidated PAT (` crore)*
72
164
FY17 Q1 FY18 Q1
126%
improvement
* Attributable to the owners of the Company
28%
improvement
Renewable business (Consolidated) PAT stood at ₹109 crore in Q1 FY18 as compared to ₹26 crore in
Q1 FY17.
Indonesian Coal Companies, Tata Power Solar Systems Ltd. (TPSSL), Walwhan Renewable Energy
Pvt. Ltd. (WREPL), and Tata Power Renewable Energy Ltd. (TPREL) reported strong growth and
operational performance in Q1 FY18 as compared to Q1 FY17.
Other businesses like MPL, TPDDL & others also reported higher profits as compared to
corresponding quarter last year.
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Transition to Ind-AS – Key Accounting Changes
• JVs were earlier consolidated on line-by-line basis; now, the consolidation is
directly at PAT level
• Some erstwhile subsidiaries are now classified as JVs (IEL, PTL, Dugar)
• Fair valuation of current and non-current investments other than investments in
subsidiaries, JVs, Associates
• Fair valuation of hedge contracts
• De-recognition of interest on forex loan capitalized
While the reported consolidated EBITDA has decreased, the same is due to
the adoption of IndAS under which, the contribution of subsidiaries and JVs
is consolidated now only as share of profit (explained on the next slide).
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Transition to IndAS – Impact Analysis
8,603
1,982
188 176 194 75 549
5,439
2,000
4,000
6,000
8,000
10,000
EBITDA as perI-GAAP
KPC, BSSR andCoal Infra
ITPC Cennergi IEL Powerlinks Otheradjustments
EBITDA as perInd-AS
FY17 Consolidated EBITDA (` Crore)
1,300
218
--
200
--
173 131
-
18
1,397
-
400
800
1,200
1,600
FY17 Profit (I-GAAP)
Decapitalization offorex loss net of
depreciation
Fair value impactof derivatives
Reversal of profit /provision booked
on long-terminvestments
Share of Profit inTata
Communications
Others FY17 Profit (Ind-AS)
FY17 Consolidated PAT (` Crore)#
FY16 EBITDA
was 8,070
(I-GAAP)
FY16 Conso-
PAT was 873
(I-GAAP)
Detailed Conso - P&L# Reported after reversing the provision (` 651 crs.)
made for loss on likely purchase of shares in TTSL
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Tata Power Stock Performance
(`)Tata Power Share Price Power Index
BSE
64.7
70.673.9 73.5 72.0
78.075.3
78.273.9 75.4
79.982.6
90.5
84.281.0 80.5
17761846 1872
19962077 2079
1990 2006 2029 1996
2168 21962274
2330
2221 2226
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
3000
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Tata Power
Power Index
S&P BSE Power Index FY17: 28%
Tata Power FY17: 40%
During FY17, Tata Power’s stock has outperformed the S&P BSE Power Index by a
significant margin, delivering value to the shareholders
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Significant Developments in
the Sector
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Sectoral Developments
UDAY – Ujwal Discom Assurance Yojna
• Targeted at Improving Operational Efficiency of
Discoms
• Aims to reduce AT&C losses to 15% by 2018-
19 (currently claimed to be at 20.13%)
• Aims to reduce the gap between ACoS and
average revenue realized to zero by 2018-19
(currently claimed to be at ` 0.47/unit)
• Aims to reduce cost of supply by improving
coal supply
• 75% of the DISCOM debt as on 30th Sept 2015
transferred to state to facilitate financial
disburdening
Source: www.uday.gov.in (as of 25 July’17)
Your Company does not get any
contribution from UDAY, however it looks
forward to better financial and operational
state of Discoms from the perspective of
high offtake of generation and associated
creditworthiness
Flexibility in Utilization of Domestic Coal
(SHAKTI)
• GoI Scheme for Harnessing and Allocating of
Koyala (coal) Transparently in India (SHAKTI)
• Aims at reduction in the cost of electricity
generation
• To facilitate flexibility in use of coal amongst
the generating plants
• In case of use of coal assigned to the state,
power through substituted coal would be
procured on bidding basis from amongst the
competing private sector plants
The flexibility in coal allocation could help
swap of coal between operating stations of
the same promoter, as also could be an
option to blend at imported coal-based
stations
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Sectoral Developments
2
4
6
8
10
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Plunging Solar Prices
India’s solar tariffs have dropped significantly
due to a sharp drop in equipment prices and
rising competition in the developer space.
Solar tariff (`/kWh)
2.44
This is a welcome sign from a
consumer and Discom perspective.
Your Company sees this as an
opportunity to add viable solar
power solutions through TPSSL.
Improving Cross Border Trade
• MoP issued guidelines to facilitate and
promote cross border trade of
electricity
• These guidelines can help develop
healthy market for power trade in the
SAARC region
• CERC has issued the Draft Regulations
seeking public comments
Your Company will be able to import
power from Dagachhu Hydro Power
Corp. Ltd., Bhutan and looks forward
to enhanced trade of power between
India and its neighboring countries
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New Paradigms and
Existing Investments
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Tata Power Strategic Intent 2025
• These have been arrived at by duly balancing the Company’s financial health in
terms of Balance Sheet elements (Debt and Equity Capital), and P&L Statement
elements (Profit and EPS)
• Also this growth paradigm will keep your Company relevant in the Indian Power
Sector and the peers in the Tata Group
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The Changing Paradigms for Power Utilities
Generation Transmission Distribution Trading
Future Utility
Platform
Storage and
Banking Solutions
Climate Change
View
Customer Specific
Solutions (IoT)
Smart Grids and
Homes
Electric Vehicles
Big Data Analytics
Distributed Generation
Existing linear structure of Power Utilities
Emerging Circular
structure of Power
Utilities
The power utility
space is undergoing
rapid transformation
whereby the utility is
changing from being
purely a provider of
service to that of an
enabling platform
which supports
varied and evolving
customer needs
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Key Priority Areas based on Transition in Utility Paradigms
DIGITALIZATION DECARBONIZATION DECENTRALIZATION
Your Company is actively engaged in all of the 3 areas to keep itself current
with the fast evolving paradigms
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Emerging Business Opportunities
6.
Internet of
Things
4.
Energy
Storage
1.
Growing
Scope of
Renewables
5.
Electric
Vehicles
2.
Distributed
Generation
3.
Smart grids
& Smart
Cities
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Coastal Gujarat Power Limited
• CGPL operates India’s first UMPP and is
amongst the largest power stations in the
country and is operating at benchmark
levels of efficiency
• APTEL had directed CERC to assess the
compensatory relief to CGPL as may be
available under the PPA.
• On appeals filed by Procurers in the
Supreme Court, the Court rejected the
Company’s claim on the grant of
compensatory claim due to change in
law or force majeure event.
• As the Company had not recognized any
revenue for compensatory tariff till date,
there is no impact of the Supreme Court
order on the financial statements.
• Your Company is in discussions with
procurers and lenders to find an
appropriate resolution
All efforts are underway to source coal at lower costs to cut the under recovery
as also to evolve solutions for long term sustainability of Mundra UMPP
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CGPL – Proposed Win Win Scenario
Current Scenario
Fixed cost recovery with 80% availability (leading to PLF of
~70%)
Capacity: 4000 MW (5x800) with extension possibility
Life: PPA Period till 2038 and Units life till 2053
Proposed Scenario
(Competitive Tariff with full pass through of fuel cost)
Operation with higher availability (90-95%) with under recovery of fuel addressed
( Over `1,000-1,600 Crore annual benefit to procurers due to low cost power)
Capacity: 1 additional unit
( Over `1,000-1,300 Crore annual benefit to procurers due to additional low cost power)
Life: Even beyond 2038 till 2053
(Advantage to procurers by way of low cost supply for additional period)
The resolution of the issue benefits all stakeholders namely: lenders (regular repayment),
discoms and consumers (low cost supply) and promoter (no further under-recovery)
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Maithon Power Limited
In FY17, the improvement in financial performance was on account of full tie up of sale of
power along with improved operational performance, lesser outages and lower operating
expenses on account of fuel.
MPL has been rated as one of the top 20 performing power stations in the country
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Tata Power Delhi Distribution Limited
• TPDDL reduced its AT&C losses to 8.59% against a regulatory target of 10.5%
• TPDDL has also met peak demand of 1,791 MW in FY17
In FY17, there was a further reduction of ~ ` 150 crore in regulatory assets
outstanding (` 4,574 crore as on 31-3-17)
47.645.4
40.9
35.4
31.1
22.020.4
18.717.0
15.3
12.5 12.0 11.5 11.0 10.5
47.8
44.9
33.8
26.5
23.7
18.616.7
15.214.2
11.5 10.7 10.4 9.98.8 8.6
FY
03
FY
04
FY
05
FY
06
FY
07
FY
08
FY
09
FY
10
FY
11
FY
12
FY
13
FY
14
FY
15
FY
16
FY
17
Target
Actual
AT & C Loss Reduction (%)
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Tata Power Renewable Energy Limited
• TPREL, a 100% subsidiary of Tata
Power is the renewable energy arm
of the Company
• TPREL acquired WREPL in
September 2016
• WREPL is now a fully owned
subsidiary of TPREL and has one
of the largest operating solar
portfolios spread across India. It
has an operating capacity of 1010
MW
• TPREL had an overall
commissioned capacity of 1,459
MW by the end of FY17. It
commissioned 159 MW capacity
during FY17.
• The assets of WREPL are tracking
well to targets
44 MW
Rojmal
15 MW
Belampalli
100 MW
Nimbagallu
1,010 MW
WREPL
30 MW
Indo
Rama
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Walwhan Renewable Energy Private Limited
• There have been reports in
the newspapers and
representations received by
the Company regarding the
acquisition of WREPL
• Evaluation of the
representations found them to
be irrelevant (interpretations
based on assets not even
acquired by TPREL) or based
on outdated facts
• Since the acquisition, the
assets are performing well and
are in line with the projections
The Board and its Committees have analyzed the deal and found it to be in
alignment with other similar transactions and value accretive to the Company
6.1
12.1
10
7.7
13.1
9
0
20
Green Infra[516 MW]Sembcorp
(12 Feb 15)
ReNew[1000MW]
ADIA(20 Oct 15)
Greenko[975MW]
ADIA(7 Jun 16)
WREPL[1010MW]
Tata Power(12 Jun 16)
Azure[1032 MW]
CDPQ(4 Oct 16)
Orange[600MW]Renew
(Ongoing)
Comparable Renewable AcquisitionsEV/EBITDA* (low is better)
*based on publically available information and internal Company analysis
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• Tata Power Solar Systems Limited saw significant improvement in the bottom line due to enhanced
business volumes and efficient operational performance
• The company made a net profit in FY17, ending a 5-year period of losses
• During the year, the company commissioned a total of 326 MW of utility scale projects and booked
over 50 MW of rooftop orders
• At the end of the year, TPSSL had a cumulative unexecuted pipeline of 593 MW.
Tata Power Solar Systems Limited
TPSSL has turned around and is India’s largest solar EPC and rooftop player
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Industrial Energy Limited
• IEL operates a 120 MW coal based plant in Jojobera. It also operates a 120 MW co-
generation plant (Power House #6) in Jamshedpur, inside the Tata Steel plant which is based
on blast furnace and coke oven gas.
• It has commenced operation of 2 out of 3 units of 67.5 MW each of co-generation plant at
Kalinganagar, Odisha, deploying production gases from Tata Steel’s plant.
IEL is providing reliable and cost effective power supply to Tata Steel
thereby supporting it in being a competitive steel producer
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Itezhi Tezhi Power Corporation - Zambia
• ITPC, a JV with the Zambian utility ZESCO has built and operates a 120 MW hydro power
plant in Itezhi Tezhi district in Zambia.
• ITPC has been the first Public Private Partnership of its kind in the energy sector in Zambia
• Both units of 60 MW each of the 120 MW plant were commissioned during the year.
ITPC forms over 5% of Zambia’s installed capacity and provides the nation
with reliable clean power and delivers strong USD returns to your Company
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Cennergi – South Africa
• Cennergi (Pty) Ltd, is
Tata Power's 50:50
joint venture with
Exxaro Resources
(South Africa)
• Cennergi announced
commencement of
230 MW wind
generation capacity
through its 2 wind
farms (Tsitsikamma
Community Wind
farm and Amakhala
Emoyeni Wind
Project in July 2016
and Aug 2016
respectively)
Cennergi windfarms are amongst the largest in Africa and have recorded
good operating performance
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Dagachhu Hydro Power Corporation - Bhutan
• Dagachhu Hydro Power Corporation Limited is Tata Power's associate, with the Bhutanese
Govt. Company & its affiliates holding 74% and Tata Power holding 26%
• TPTCL has the rights to trade 100% generation from the station
• Issuance of draft guidelines by the Ministry of Power is expected to facilitate cross border
power sale from Dagachhu
DHPC supplies low cost green power to India for sale through TPTCL
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Adjaristsqali Georgia LLC - AGL
• The Georgia Project is a 187 MW hydro power generation project on the Adjaristsqali River in
Georgia
• The project completed construction in July and was synchronized in August 2017. Stabilization
procedures commenced
The plant has been built in record time
It may face challenges due to weak European and Turkish power markets
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Resurgent Power Ventures Pte. Ltd
USD 850
Million
Tata Power
ICICI
CDPQ Canada
KIA Kuwait
SGRF Oman
• Platform to target investment in
the power sector (operating & near
operating assets) over the next 2-
3 years
• Joint commitment of up to USD
850 million by Tata Power, ICICI,
Caisse de dépôt et placement du
Québec (CDPQ) of Canada,
Kuwait Investment Authority (KIA)
and State General Reserve Fund
(SGRF) of the Sultanate of Oman
• The Platform targets acquisition of
controlling stakes in power
generating companies (both
thermal and hydroelectric) and
transmission assets in India.
The Company would have the opportunity to have ownership in assets
without consolidating debt, as also undertake asset management and
operation contracts
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Trombay Thermal Power Station
• Trombay PPAs are due for extension w.e.f 1st April 2018 and the Company is
pursuing with the regulatory authorities for its renewal
• Akin to Unit 4 (150 MW), Unit 6 (500 MW) is also proposed to be scrapped
after 31st March 2018
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Coal Logistics for Trombay
• In the recent events at Tata Sons Ltd, questions were raised alleging that a
contractor (during the 1990s and 2000s) had been favored for contracts
relating to barging, dredging, shipping and painting
• The management has analyzed old records and filed a letter with the
authorities clarifying that all contracts made were in interest of the consumers
and the Company
The matter has also been analyzed in the past by the regulatory authorities
and by Board of Directors, Audit Committee and all such contracts have
been found to be in order.
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Sustainability
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Sustainability, Community Relations – 7 Key Thrust Areas
Tata Power has spent `22.79 crores as against the Companies Act requirement
(2% of Net profit) of `21.84 crores.
Tata Power has reached out to over 5 lakh beneficiaries through its initiatives
Vidya
Education
Samridhi & Daksh
Livelihood & Employ-
ability
Swach Jal
Drinking Water & Irrigation
Arogya
Health & Sanitation
Sanrachna
Social Capital and Institution Building
Samarth
Financial Inclusivity
Akshay Renewable
Energy
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Community Relations Highlights
The CSR programs had a coverage of 230 villages. 320 schools were covered
benefitting over 60,000 school children.
Vidya Program, Maval
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Community Relations Highlights
Health programs were implemented in 167 villages covering 1.17 lakh
beneficiaries
Arogya Program, Maithon
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Community Relations Highlights
Social Capital and Infrastructure – Covered 8,000 households in 46 villages
Sanrachna Program, Dehrand
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Community Relations Highlights
Livelihood and Employability programs were run in 129 villages and over 5,000
residents were covered
Samridhi Program, Mundra
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Club Enerji
• Tata Power’s Club Enerji is focused on school students to champion the noble cause of
conservation of resources and moral and civic values.
• Club Enerji covers 500 schools across Mumbai, Delhi, Pune, Ahmedabad, Bengaluru,
Kolkata, Belgaum, Jamshedpur, Lonavala and five more cities.
• It has reached out to more than 1.28 crore citizens, collectively saved 17.26 million units
of electricity - equivalent to saving 17,000 tons of CO2.
• Club Enerji & Greenolution was presented at IIM – Ahmedabad in Feb 2017 in a TEDx
IIM Ahmedabad event held on the topic: “Driving conservation by shaping the future
generations”.
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Awards and Recognition
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Awards and Recognitions
Maithon Power Plant awarded with
Global Energy Management Award 2017
SAP ACE Award 2016
TPSDI conferred with CBIP Award for
'Capacity Building and Training’
Tata Power's Corporate Centre Carnac
building awarded "IGBC GOLD" rating
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Business World ranks Tata Power as Sector Leader
Business World has recently ranked your Company a sector
leader in the Infrastructure space.
It emerged at the top as BW’s Most Respected Company:
Infrastructure
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Website: www.tatapower.com
Email ID: [email protected]
Contact No: +91 22 6665 8888
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Consolidated Financials – FY17 under IndAS
Figures in ` Crore FY17 FY16
Net Sales / Income from Other Operations* 27,288 28,526
Operating Expenditure (22,051) (22,354)
Operating Profit 5,237 6,172
Forex (Loss) Gain (383) (663)
Other Income 586 754
Finance Cost (3,114) (3,236)
Depreciation / Amortisation / Impairment (1,989) (1,649)
Exceptional Item (651) (98)
Profit (Loss) before Tax (314) 1,281
Tax (Expenses) or Credit 46 (681)
Net Profit (Loss) after Tax (268) 600
Share of Profit of Associates and Joint Ventures 1,217 186
Net Profit for the year 949 786
Attributable to -
- Owners of the Company 746 662
- non-controlling interests 203 124
* Including rate regulatory income/(expense) BACK
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Consolidated Financials – FY18 Q1 under IndAS
Figures in ` CroreFY18
Q1
FY17
Q4
FY17
Q1
FY17
annual
Net Sales / Income from Other Operations* 6,725 6,984 6,566 27,288
Operating Expenditure (5,137) (5,820) (5,203) (22,051)
Operating Profit 1,588 1,164 1,363 5,237
Forex (Loss) Gain (113) 64 (160) (383)
Other Income 144 162 112 586
Finance Cost (929) (897) (791) (3,114)
Depreciation / Amortisation / Impairment (586) (570) (439) (1,989)
Exceptional Item - (651) - (651)
Profit (Loss) before Tax 104 (729) 85 (314)
Tax (Expenses) or Credit (263) 150 (145) 46
Net Profit (Loss) after Tax (159) (579) (60) (268)
Share of Profit of Associates and Joint Ventures 380 332 191 1,217
Net Profit for the year 221 (247) 131 949
Attributable to -
- Owners of the Company 164 (262) 72 746
- non-controlling interests 57 16 59 203
* Including rate regulatory income/(expense)