• PBT up 17.10 per cent at Rs266.84 crore
• PAT stood at Rs190.55 crore (not comparable due to change in the accounting method)
• Sales at  4115 MUs compared to 4056 MUs in Q1 FY07-08
• Receives favourable order from the Supreme Court to retail power in Mumbai
• Agrees to take 26 per cent equity stake in 114mw Dagachhu Hydro Electric Power Project being developed by The Royal Government of Bhutan
• Wins the civic award in the category social development instituted by Bombay Chambers for the Year 2007-08.

The Tata Power Company, India’s largest private power company, today announced its financial results for the first quarter ended June 30 for FY 2008-09.

Highlights

Revenues rose by 34.05 per cent to Rs2,026.13 crore as against Rs1,511.48 crore a year earlier. PAT for the quarter stood at Rs190.55 crore and was not comparable with the same period last year owing to the change in the accounting method that the company undertook this quarter. Regulatory adjustments which used to be made on an annual basis in the fourth quarter would now onwards be made on a provisional basis every quarter. But for this, the PAT would have been at Rs210.55 crore. The PAT for the corresponding period last year was Rs190.20 crore.

(Note: By practice, the regulatory workings for return on equity, and the adjustments to revenue were determined at the end of each year. This resulted in a variation in profits in the fourth quarter, as the adjustments were made for the entire year, including the previous three quarters. We have therefore decided to change the practice and provisionally make these adjustments in each quarter. This has reduced profit after tax by Rs20 crore and profit after tax and appropriations by Rs48 crore in the current quarter.)

• The company reported profit before tax of Rs266.84 crore as against Rs227.88 crore in the corresponding quarter last year.
• Sales volume rose by 1.45 per cent at 4,115 MUs against 4,056 MUs in the corresponding period last year.
• During the quarter, the company won the civic award in the category social development instituted by Bombay Chambers for the year 2007-08. Jojobera division also received first prize in ash management from Jharkhand State Pollution Control Board.
• The Supreme Court in its judgment upheld Tata Power’s rights to supply power to retail consumers in Mumbai Licence Area, irrespective of consumption limits.
• The company agreed to take 26 per cent equity stake in 114mw run-of-the-river Dagachhu Hydro Electric Power Project being developed by The Royal Government of Bhutan over river Dagachhu through Druk Green Power Corporation Limited.The project will be executed by the special purpose vehicle-Dagachhu Hydro Power Corporation Limited. Tata Power Trading also agreed to off-take power from the project for a period of 25 years and the power will be delivered at India-Bhutan Border.

Commenting on the company’s performance, Prasad R Menon, managing director, Tata Power, said, “One of the key milestones for the company is the Supreme Court’s judgment on the retail licence issue. We welcome the Supreme Court’s order upholding our distribution rights in the Mumbai Licence Area. The company takes this opportunity to thank its consumers for the extra-ordinary support and confidence that they have shown in us for the last few years. It will be our endeavour to continue to provide reliable and quality power to our consumers and we look forward to servicing Mumbai as we have been doing for the last nine decades. All our generating units are running at high plant load factor leading to higher generation and enhanced efficiencies. Our future growth plans are in accordance with the expectations of our stakeholders and the growth continues as per our stated objective.”