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Tata Power: Fuel-mix benefits

Jan 21, 2004

Private sector power major, Tata Power (TPC) has reported 26% increase in bottomline for 3QFY04. However, the topline remained lower by 11% YoY for the quarter. A substantial 20% reduction in the expenses helped the company improve its operating margins (up 730 basis points). Further, reduced interest cost helped the company improve it net profit margins by 530 basis points.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 11,479 10,275 -10.5% 33,904 31,721 -6.4%
Other income 326 379 16.1% 1,188 1,111 -6.5%
Expenditure 8,348 6,714 -19.6% 24,892 21,893 -12.0%
Operating profit (EBDITA) 3,131 3,560 13.7% 9,012 9,827 9.0%
Operating profit margin (%) 27.3% 34.6% 26.6% 31.0%
Interest 817 570 -30.2% 2,389 1,966 -17.7%
Depreciation 808 859 6.3% 2,436 2,495 2.4%
Profit before tax 1,832 2,510 37.0% 5,375 6,477 20.5%
Tax 372 665 78.6% 1,729 1,927 11.4%
Profit after tax/(loss) 1,460 1,845 26.4% 3,646 4,550 24.8%
Net profit margin (%) 12.7% 18.0%   10.8% 14.3%  
No. of shares (m) 197.9 197.9   197.9 197.9  
Diluted earnings per share (Rs)* 29.5 37.3   24.6 30.7  
P/E ratio (x)         12.4  
(* annualised)            

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