Tata Power Co. Ltd.|Q2FY15 Result Update | Mixed set of performance, posted net loss of Rs. 778 mn :: IndiaNivesh

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Mundra Plant’s: Revenue in Q2FY15 stood at Rs. 12.62 bn vs. Rs 14.29 bn in
Q1FY15 due to lower PLF while losses decreased from Rs. 3.27 bn to Rs. 2.18
bn due to lower fuel cost. Average PLF of Mundra stood at 62% vs. 73% in
Q1FY15.
 1050 MW Maithon Project: Revenue for the Q2FY15 stood at Rs 5.34 vs Rs
5.79 bn in Q1FY15. The company reported a profit of Rs. Rs. 290 mn vs. 190
mn in Q1FY15
 Tata Power Delhi Distribution Ltd. (TPDDL): The Company’s distribution
subsidiary and JV with Delhi Govt, posted revenue of Rs 17.87 bn vs. 16.68 bn
in Q1FY15 and PAT stood 1 bn vs Rs 1 bn in Q1FY15.
 Hydro Project, Georgia- the company has started construction of first phase
of 185 MW Shuakhevi Hydro Project in Gerogia being implemented through
a JV with Clean Energy Invest AS (Clean Energy) and IFC Infra venture.
Valuation
We believe that the Company’s massive power capacity addition and diversified
business model will drive its growth going ahead. In addition CERC positive decision
on tariff revision is for UMPP Mundra would add significant value for the company.
Our target price of Rs. 115 has already been achieved; thereafter we have seen
significant correction on stock that makes it an attractive buy. At CMP Rs. 89 the
stock is trading at 1.35x FY16E BV. We change our rating from HOLD to BUY with
target price of Rs. 104 (1.6xFY16E).

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