UBS :: Tata Power 4 Q FY11: positive results

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UBS Investment Research
Tata Power
4 Q FY11: positive results
􀂄 4Q FY11: Consolidated Sales up 6% YoY, PAT up 91% YoY
In 4Q FY11, Tata Power’s consolidated sales increased 6% YoY to Rs50.2bn. The
recurring PAT is Rs8.2bn, up 91% YoY. In FY11, the recurring PAT is up 52%
YoY to Rs20.9bn
􀂄 In 4Q FY11, Coal contributes 34% of revenues and 55% of PBIT
The segmental results indicate revenue growth in coal (14% YoY to Rs17.1bn) and
revenue in the power segment increased 3% YoY to Rs31.97bn. The profit from
power segment increased 16% YoY. Contribution from coal in overall profitability
is 55% in 4Q FY11.
􀂄 Conference call: Key highlights
Tata Power organised a conference call today evening. The key takeaways from
the call are; a) Maithan and Mundra projects are nearing commissioning, b) Haldia
plant realisation was Rs3 per unit and Mumbai plant realisation was at Rs5 per
unit.
􀂄 Valuation: Maintain Buy and PT of Rs1,600
Our SOTP based PT is contributed by, 1) Power (62%), 2) Stake in Bumi mines
(23%), 3) Investments (15%, after 20% conglomerate discount).