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Tata Power: Low voltage performance

May 21, 2004

Tata Power Company (TPC), India's largest private sector power generation major, posted lacklustre results for the year ended FY04. Both topline as well as bottomline of the company dipped marginally (1% and 2% respectively). However, the operating margins of the company improved marginally. However, due to Tata Power's other subsidiaries and associate companies turning profitable, on a consolidated basis, the topline and bottomline of the company registered a growth of 5% and 29% respectively. The results are in line with our expectations.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 9,101 10,421 14.5% 43,005 42,390 -1.4%
Other income 332 490 47.6% 1,520 1,599 5.2%
Expenditure 6,563 8,327 26.9% 31,163 30,471 -2.2%
Operating profit (EBDITA) 2,538 2,094 -17.5% 11,842 11,919 0.7%
Operating profit margin (%) 27.9% 20.1%   27.5% 28.1%  
Interest 732 871 19.0% 3,412 2,837 -16.8%
Depreciation 745 844 13.3% 3,180 3,340 5.0%
Profit before tax 1,394 869 -37.7% 6,769 7,341 8.5%
Tax -159 325 - 1,570 2,251 43.4%
Profit after tax/(loss) 1,553 544 -65.0% 5,199 5,090 -2.1%
Net profit margin (%) 17.1% 5.2%   12.1% 12.0%  
No. of shares (m) 197.9 197.9   197.9 197.9  
Diluted earnings per share (Rs)* 31.4 11.0   26.3 25.7  
P/E ratio (x)         11.4  
(* annualised)            

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