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Tata Power net rises 28.4% - Views on News from Equitymaster
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  • Feb 1, 2000

    Tata Power net rises 28.4%

    Tata Power has reported a net profit of Rs 490 m for the 3QFY2000, which is an increase of 28.4% over the corresponding period of the previous year. Its net sales from power supply went up to Rs 3,739 m for the 3QFY2000 a growth of 32% over Rs 2,893 m reported in 3QFY99.

    Tata Power an electricity supply company, is a part entity of the Tata Electric Companies. It reported a turnover of Rs 11,399 m for FY99.

    (Rs m) 3QFY2000 3QFY1999 Change
    Sales 3,739.4 2,839.1 31.7%
    Other Income 356.4 277.6 28.4%
    Non-recurring income 34.7 0.3 11466.7%
    Total expenditure 2,834.6 1,845.9 53.6%
    Interest 240.4 272.3 -11.7%
    Depreciation 251.9 236.9 6.3%
    Profit before Tax 803.6 761.9 5.5%
    Tax 313.9 380.4 -17.5%
    Profit after Tax/(Loss) 489.7 381.5 28.4%
    Net profit margin (%) 11.9% 12.2%  

    Its other income was up 28% YoY during the quarter and non-recurring other income (profit on buy-back of bonds and profit on sale/redemption of investments) jumped from Rs 0.3 m in the 3QFY99 to Rs 34.7 m in the 3QFY2000.

    The total expenditure rose sharply by 53.6% from Rs 1,846 m in the 3QFY99 to Rs 2,835 m in the 3QFY2000. This has resulted in a drop in operating margin from 35% to 24%. On the other hand due to lower interest costs and lower tax payments its net margin have fallen from 12.2% in the 3QFY99 to 11.9% in the 3QFY2000.

    Market View:
    Looking at the near term profit growth many analysts have rated Tata Power as a "SELL". However due to attractive valuations in the long term many analysts feel it has good potential.



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