Torrent Power (TORNTPOWER) Q4 10/11 earnings summary

Executive summary

• FY11 total income Rs. 6,927.02 crore vs. Rs. 5,956.66 crore; power-supply revenue Rs. 6,535.64 crore, up 12.23% YoY.

• PBDIT Rs. 2,160.40 crore, up 17.68%; PBT Rs. 1,428.82 crore and PAT Rs. 1,065.72 crore, up 27.40%.

Financial highlights

• Revenue from power supply rose to Rs. 6,535.64 crore from Rs. 5,823.21 crore; total income included other income of Rs. 391.59 crore vs. Rs. 132.48 crore.

• Other income included Rs. 195.64 crore of provisions no longer required written back, vs. Rs. 0.29 crore in FY10; reported PAT includes this item.

• Depreciation was Rs. 392.68 crore and interest and finance charges Rs. 338.90 crore, compared with Rs. 335.35 crore and Rs. 314.06 crore, respectively, in FY10.

Outlook and guidance

• Multi-Year Tariff petitions filed for Ahmedabad generation and Ahmedabad and Surat distribution for FY12–FY16, including the FY12 tariff determination.

• UNOSUGEN’s 382.5 MW expansion was 36% complete; efforts targeted commissioning ahead of schedule, with expected supply for 278 MW of additional Ahmedabad and Surat demand.

• DGEN’s 1,200 MW gas project was under construction; expected to meet 387 MW of additional Ahmedabad and Surat demand.

• A 1,320 MW coal project at Sandila was at an initial development stage; a 1,000+ MW coal project at Pipavav continued to face land-acquisition difficulties.