The Tata Power Company Limited, India’s largest integrated private power company, today announced its Annual Results for the financial year ended 31st March 2008.

FINANCIAL HIGHLIGHTS- FY08:
For the Financial Year Ended 31st March 2008, Tata Power reported revenues at Rs.5915.91 Crores as compared to Rs.4715.32 Crores in the previous year. Profit After Tax (PAT) witnessed a growth of 24.84% at Rs.869.90 Crores as against Rs.696.80 Crores for the previous year.The Company’s consolidated revenue rose by 68.18% at Rs.10,890.86 Crores as compared to Rs.6475.64 Crores in the previous year. The Consolidated PAT for the year at Rs.1055.07 Crores rose by 38.90% as against Rs. 759.61 Crores for the previous year. The increase in the Operating revenue has been mainly on account of inclusion of the Company’s share in the Indonesian Coal companies.

The Company reported 3.72% growth in its Annual Sales at 14,959 MUs in FY08 against 14,422 MUs and highest annual generation at 14717 MUs (Previous high at 14269 MUs in FY07). Trombay thermal power station recorded the highest ever generation of 10002 MUs crossing 10000 mark for the first time with a PLF of 85.61% for FY08 (Previous Record of 9511 MU in FY05 at PLF of 81.63%). Jojobera thermal power station also recorded highest ever generation at 2862 MU in FY08 (Previous highest was at 2731 MU in FY 07).

Commenting on the Company’s performance, Mr. Prasad Menon, Managing Director, Tata Power said: “The Company continues to consolidate its growth plans through capacity expansion and has achieved significant milestones this fiscal by completing financing of its two key projects under implementation- 4000 MW Mundra project and 1050 MW Maithon project and synchronization of its first unit at Haldia power plant. On an encouraging note, all our units are running at high plant load factor leading to higher generation and profitability as a result of our continued focus on optimizing operational efficiencies. It is our endeavour to continue to perform on a sustained basis through robust performance and cost-focus and by setting industry benchmarks through enhanced efficiency.”

GROWTH PLANS:

The Company has charted out aggressive growth plans for addition of 10000 MW of generation capacity in the next five years and the projects are in various phases of implementation as mentioned below:

4000 MW, Mundra Ultra Mega Power Project on Fast Track:

Tata Power reinforced its commitment to accelerate the pace of the project by announcing the completion of signing of financial agreements for 4000 MW Ultra Mega Power Project (UMPP), coming up at Mundra, Gujarat owned by its subsidiary Coastal Gujarat Power Limited (CGPL). The cost of the project is estimated at INR 17000 Crores (USD 4.2 billion) with the first of the five units to be commissioned in September 2011.

1050 MW Maithon Joint Venture Project: also completed its financing. The Project, estimated at a cost of Rs.4,450 Crores is being funded on a debt-equity ratio of 70:30. The promoters namely Tata Power and DVC would bring in equity in a ratio of 74% and 26% respectively. The debt for the project is Rs.3115 Crores and is being financed by various banks led by State Bank of India (SBI).

250 MW (Unit 8) expansion project at Trombay is progressing ahead of schedule and will be commissioned by October 2008.

Wind Farm Projects:

The 50.4 MW Khandke Project was completed. Two additional wind projects of 50.4 MW each are being developed in Jamnagar district at Gujarat and Gadag district at Karnataka. Order has been placed for setting up these machines.

Captive Power Projects for Tata Steel:

The 120 MW Power House # 6 at Tata Steel Works, Jamshedpur will be commissioned this financial year. The 120 MW Unit # 5 at Jojobera is also progressing as per schedule and will be commissioned in the next financial year.

120 MW Haldia power plant:The Unit 1 of 2 x 45 MW Phase of Haldia Project was synchronized with the grid in April 2008. The 2nd unit is scheduled to commission later this year.

2400 MW Coastal Maharashtra Project:

The Company is actively pursuing setting up mega power project in coastal Maharashtra and is in discussions with Government of Maharashtra (GoM) for getting required assistance in land acquisition.

Acquisition of 30% stake in Indonesian Coal Mines:

The Company completed the refinancing of its bridge loan taken for the acquisition of 30% equity stakes (the “Purchase”) in major Indonesian thermal coal producers, PT Kaltim Prima Coal (“KPC”) and PT Arutmin Indonesia (“Arutmin”) (together the “Coal Companies”), as well as related trading companies owned by PT Bumi Resources Tbk (“Bumi”). The Company successfully refinanced USD 860 million out of a total of USD 950 million bridge loan taken at the time of acquisition.

Captive Coal Blocks:

Tubed Coal Block in Jharkhand: A Joint-Venture has been formed with the Company and Hindalco and Tubed Coal Mining Limited has been registered.

Mandakini Coal Block in Orissa: The screening Committee of Ministry of Coal has allotted Mandakini Coal Block in Orissa jointly to Tata Power, Jindal Photo and Monnet Ispat. Heads of agreement has been signed with JV partners.

OTHER BUSINESSES:

North Delhi Power Limited (NDPL) The Company’s distribution joint venture NDPL posted a revenue of Rs. 2287.23 Crores during the year, a growth of 11% as compared to the previous year of Rs.2,052.20 Crores and a net profit of Rs.281.58 Crores during the year as compared to Rs.185.65 Crores in the previous year. The Aggregated Technical and Commercial Losses (AT&C) have been brought down from 23.70 % to 18.4%. This is 3.64% lower than the DERC approved level resulting in an incentive of Rs.53.38 Crores for the company.

Powerlinks Transmission Limited (Powerlinks): Powerlinks, the first public-private joint venture in power transmission in India has earned revenues of Rs.245.52 Crores as against Rs.135.01 Crores in the previous year. The Profit after Tax also increased to Rs.58.41 Crores from Rs.20.57 Crores in the previous year.

Tata Power Trading Company Limited (TPTCL) TPTCL traded 1711 MUs during the year as compared to 1,205 MUs in the previous year, thereby resulting in an increase in its revenues by 46% to Rs.882.12 Crores from Rs.602.87 Crores in the previous year. The Profit after Tax also increased from Rs.4.3 Crores as against Rs.3.84 Crores in the previous year.

AWARDS AND ACHIEVEMENTS:

* “Greentech Safety Gold Award 2008” in Thermal Power sector for “Outstanding achievement in Safety Management” awarded to Trombay Thermal Power Station for the 5th consecutive year.
* “Suraksha Puraskar” by the National Safety Council of India was awarded to Jojobera, for developing and implementing very effective Safety Management Systems and Procedures during the assessment period of three years – 2003-05.
* Silver Shield awarded for Bhira and Bhira Pump Storage Scheme (6X25 + 1X150 MW), adjudged the second best performing station in the country by the Central Electricity Authority.
* Jojobera also completed successful implementation of Integrated Management System and received certification from TUV.

Association of Business Communicators India – Award 2007, Bronze in Social Responsibility Communication was won jointly with Reliance Energy Ltd. & BEST for the Energy Conservation campaign “I Will, Mumbai Will”.

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