October 22, 2002

Tata Power Company Limited

Unaudited financial results for the quarter/half-year ended 30th September, 2002

Sr.
n

Particulars

Quarter ended

Half year ended

Year ended

30.9.2002

30.9.2001

30.9.2002

30.9.2001

31.3.2002
(Audited)

MUs

1.

Generation

3480

3271

6816

6140

11782

2.

Sales

3315

3062

6472

5775

11107

Rs. Crores

Rs. Crores

Rs. Crores

Rs. Crores

Rs. Crores

3.

Net Sales/Income from Operations

1202.14

1104.48

2242.53

2037.28

3802.79

4.

Expenditure

a)

Staff Cost

20.71

33.65

55.82

68.09

136.85

b)

Cost of Power Purchased

108.00

98.69

207.66

198.71

399.03

c)

Cost of Fuel

556.85

530.04

1082.44

990.98

1768.44

d)

Other expenditure

176.57

145.17

308.47

273.51

602.68

e)

Total expenditure (4a to 4d)

862.13

807.55

1654.39

1531.29

2907.00

5.

Operating Profit

340.01

296.93

588.14

505.99

895.79

6.

Other Income

56.46

98.46

86.20

129.10

264.92

7.

Interest

85.36

89.03

157.15

149.27

298.59

8.

Gross Profit after interest but before Depreciation,

Extraordinary items and Tax (5+6-7)

311.11

306.36

517.19

485.82

862.12

9.

Depreciation

80.44

70.06

162.79

140.12

281.65

10.

Profit before tax and extraordinary items (8-9)

230.67

236.30

354.40

345.70

580.47

11.

Extraordinary Items

Profit on sale of long term investments

0.00

66.20

0.00

88.37

91.37

12.

Profit before Tax (10+11)

230.67

302.50

354.40

434.07

671.84

13.

Provision for Taxation(including Deferred Tax)

95.72

57.69

135.72

102.69

163.61

14.

Net Profit after tax (12-13)

134.95

244.81

218.68

331.38

508.23

15.

Statutory & Special Appropriations

126.85

16.

Distributable Profit (14-15)

381.38

17.

Paid-up Equity Share Capital

(Face Value: Rupees Ten per share)

197.91

197.91

197.91

197.91

197.91

18.

Reserves including Statutory Reserves

3500.59

19.

Basic and Diluted Earnings per Share on Net Profit (not annualised)

(before extraordinary items) (In Rupees)

6.82

9.03

11.05

12.28

21.06

20.

Basic and Diluted Earnings per Share on Net Profit (not annualised)

(after extraordinary items) (In Rupees)

6.82

12.37

11.05

16.75

25.68

21.

Aggregate of non-promoter shareholding

No of shares

13,35,04,022

13,38,49,022

13,34,90,022

% of shareholding

67.46

67.64

67.45

22.

Dividend

a.

Interim

Rate per share (Face Value Rs. 10/-) (In Rupees)

5.00

Amount (Rs. in crores)

99.06

b.

Final

Rate per share (Face Value Rs. 10/-) (In Rupees)

Nil

Amount (Rs. in crores)

Nil

Segmentwise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement

(Rs. Crores)

Particulars

Quarter ended

Half year ended

Year ended

30-Sep-02

30-Sep-01

30-Sep-02

30-Sep-01

31-Mar-02

Segment Revenue

Power business

1,186.08

1,096.92

2,213.29

2,027.66

3,766.46

Others

15.28

7.14

28.67

9.20

33.67

Total Segment Revenue

1,201.36

1104.06

2,241.96

2036.86

3,800.13

Less:Inter segment revenue

(.05)

0.00

0.16

0.00

0.28

Net Sales/Income from Operations

1,201.41

1,104.06

2,241.80

2,036.86

3,799.85

Segment Results

Power business

271.60

250.60

447.33

398.49

763.94

Others

0.14

0.46

0.23

(0.12)

(4.86)

Total Segment Results

271.74

251.06

447.56

398.37

759.08

Less: Interest Expense

85.36

89.03

157.15

149.27

298.59

Add: Unallocable Income
net of unallocable expense

44.29

140.47

63.99

184.97

211.35

Total Profit Before Tax

230.67

302.50

354.40

434.07

671.84

Capital Employed

Power business

3,711.98

3,756.63

3,711.98

3,756.63

3896.85

Others

154.48

148.88

154.48

148.88

123.50

Total Capital Employed

3,866.46

3,905.51

3,866.46

3,905.51

4020.35

Types of products and services in each business segment:

Power - Generation, Transmission and Distribution of Electricity.

Others - Electronics, Broadband Services, Project Consultancy etc.

Notes:

  1. The above results were approved by the Board of Directors at their meeting held on 22nd October, 2002.

  2. The half-yearly results do not reflect the adjustments required to be made in accordance with the provisions of the Electricity (Supply) Act, 1948 (including in respect of Deferred Taxation Liability) for which adjustments will be made for the year as a whole. Accordingly the half-yearly results are not representative of the results for the whole year.

  3. In respect of the share of Standby Charges billed by Maharashtra State Electricity Board (MSEB) and recoverable from BSES Ltd. (BSES), the Company has, in accordance with past practice, taken credit for the amount recoverable in terms of the order dated 22nd March, 2000 issued by the Government of Maharashtra.The amount for which credit has been taken upto 30th September, 2002 aggregates to Rs. 694 crores, including Rs. 99 crores during the half-year ended 30th September, 2002. These amounts have been disputed by BSES and only an amount of Rs. 365 crores has been paid by BSES to Tata Power Company Ltd./Maharashtra Electricity Regulatory Commission (MERC) till date . The matter was further heard before MERC and MERC made an Order on 7th December, 2001. Both the Company and BSES have appealed to the High Court of Judicature at Bombay.The Court has stayed the operation of the Order. Pending the outcome of these appeals, no adjustment is made for the shortfall as per the MERC order of Rs. 62.44 crores for 1999-00 or for the shortfalls (amount not ascertained) for the years 2000-01, 2001-02 and for the current period ending 30th September, 2002.

  4. Hitherto, dividend income (included in Other Income) had been considered on a prorata basis. Consequent to the applicability of Accounting Standard 25 (AS 25), dividend is recognised when the right to receive payment is established. The additional credit to income for half year ended 30th September, 2002 consequent on this change in accounting practice is Rs. 9.99 crores.

  5. Staff cost and Other Expenditure for the quarter ended 30th September, 2002 are net of provisions written back aggregating to Rs. 25.31 crores and Rs. 17.64 crores respectively.

  6. During the half year ended 30th September, 2002 276 Mus were sold to MSEB.

  7. During the half-year ended 30th September, 2002, the Company had acquired 51% shareholding in North Delhi Power Limited as per the Delhi Electricity Reform (Transfer Scheme) Rules, 2001 notified by The Government of National Capital Territory of Delhi and subsequently transferred 2% of the shareholding and hence has ceased to be a subsidiary of the Company.

  8. The Broadband Business of the Company has not yet commenced commercial operations and accordingly the income and expenditure during the trial runs have been capitalised and do not form part of the unaudited financial results for the half-year ended 30th September, 2002.

  9. Previous period figures have been regrouped wherever necessary.

Mumbai
Dated: 22 Oct 2002

For and on behalf of the board of directors
The Tata Power Company Limited

Ratan Tata
Chairman

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