- Revenue from Operations in Q3 was Rs. 495.40 Crores as compared to 482.13 last year same quarter.
- Gross revenue was up by 11.06% to Rs. 616.13 Crores over 554.78 (YoY basis).
- PBT registered a growth of Rs. 23.94 Crores and ended at 310.70 Crore compared to last FYQ3.
- PAT ended on 260.51 Crores which is an increase of 23.23%.
- Total generation dropped slightly from 1228.44 in the corresponding quarter last FY to 1084.64 in Q3FY17
- Other Income has increased to 120.73 Crores from 72.62 (YoY) mainly on account of Rs. 32 Crores that was received as surcharge on late payment from Jammu and Kashmir.
- Miscellaneous expenses have decreased by 6 Crores and depreciation has increased by 4.5 Crores
- Plant availability factor increased to 108.51% from 102.81% for Naptha Jhakri hydropower Station and 107.29% from 98.17% for Rampur project.
- Cash was 4900 Crores and Debt was 2500 Crores.
- Interim dividend of Rs. 2.25 declared
- Number of debtors by State SEB- Total Outstanding is 1343.62 Crores of which DYPL is 81.50 Crores, Tata Power (63.57 Crores), Himachal (1123.31 Crores), J&K (65.70 Cr), Punjab (67.46 Crores), UP (270.41 Crores), Uttarakhand (19.28 Crores) and Rajasthan (Jaipur Vidyut 26.11, Ajmer 12.08 and Jodhpur 9.27 Crores).
- Total debtors have come down from 1720 Crores in Sept’16 to 1343.62 as on Dec’16.
- Rajasthan figures have been completely liquidated by the time of concall
- Buyback is an option that is being considered for future but nothing has been decided as yet.
- Incentive system: If the company goes beyond design energy then it gets secondary energy for which company gets 90 paise per unit. Design energy is stipulated for every project.
Operations and Productions
- Energy generated by Naptha Jhakri plant was 955.05 million units and UI charges were 1.19 Crore with capacity incentives of 42.96 Crores.
- Rampur generated 271.18 million units with UI charges of 0.33 Crores and capacity incentive was 20.34 Crores
- Hydro capacity presently is 1912 Megawatts.
Future Outlook and Plans
- The tariff petition is expected to come through by March’17 for Naptha and Rampur.
- Himachal has signed on UDAY so the debt is expected to come down. Similarly outstanding debt position is expected to ease down.
- Q4 of FY17 is expected to be similar to Q4 of FY16. Company does not expect degeneration.
- 5 MW Charanka plant is to be commissioned in March.
- As far as hydro capacity is concerned, growth is not expected. One Natiwar Mori project is being discussed but it will come after a terms of 4 years and add to it the gestation period of 5-6 year. The capex for hydro capacity would be 1500-1600 Crores next years. It is a 675 Crores project.
- In nine months company has done capex of 264 Crores which is really less. Going forward, the target for FY18 is 1068 Crores.
- There are some big strides happening on Renewable energy front with capex of Rs. 3000 Crores. Details are as below:
Renewable Energy Plants
- Add to it 50 MW wind power project which has already been awarded and expected to be commissioned in FY18 at the cost of 320 Crores.
- More tenders have been invited for a 60 MW wind power plant and project should be awarded in the next three months.
- The wind energy plant has generated lower energy in the last two quarters due to maintenance shutdown. For this compensation would be received from contractors as per the contract.
- Total 100 MW of wind power commissioning is expected during next financial year.
- Company is also pursuing discussion of a Solar Power plant in Kanpur and though nothing is definitive 50 MW is expected from there.
Thermal Power plant
- Company is going for supercritical power plant through which the it is also diversifying its production as well as risk
- The new thermal power plant would be following new emission norms and thus greener than the older thermal power plants.
- The project is on Sutlej river and two others are outside and of small value.
- Tariff of the project is expected at Rs. 3.80 per unit and according to a PPA with Bihar government, 85% of the power shall be bought by them.
- Project is expected to become operational by 2021-22.
- Buxar Thermal Power Plant: Environmental committee has recommended this project. Company has already acquired the plant area and moving on to investment decision.
- Kholongchhu hydropower project in Bhutan
- It is a 600 MW project in JV with Druk Green power
- Involves creating road networks of which most has been laid and now internal structure work is underway.
- Tenders for three packages have been invited and are set to be opened on 30th March.
- Cost of project is 4000 Crores.
- Arun III project
- It is 900 MW project at a cost of Rs. 5700 Crores
- About 16-17 kilometres of road network has been completed and rest is underway.
- Tender has been invited for one package and technical evaluation has already been done. The tender for other packages should be awarded by September.
- Luhri Hydroelectric project (Himchal)
- It will be completed in three phases. For stage 1, Company has prepared DPR and submitted to CEA.
- Devsari project: It is 252 MW project for which forest clearance is expected as it has been already recommended by the committee. Estimated cost of the project is 2240 Crores
- Jhakol Sankri project: It is a 44 MW project with estimated cost of 440 Crores for which wildlife clearance has been received.
- Doimukh project (Arunachal Pradesh): It is a 53 MW project for which report has been submitted to CEA