KEY HIGHLIGHTS- H1 FY10

• During the half year ended September 30, 2009, Tata Power’s Net Revenue stood at Rs. 9292.35 Crores up by 7% as compared to Rs. 8706.70 Crores in the same period last year. The Company reported Profit before Tax, Share of Associates, Minority Interest and Statutory Appropriations of Rs. 1484.17 Crores, up by 35% as against Rs. 1099.36 Crores in the corresponding last year.
  
• On a consolidated basis, the Company reported 26 % increase in Net Profit After Statutory Appropriations at Rs. 940.38 Crores as compared to Rs. 747.77 Crores in the corresponding period in the previous year.
  
• Profit After Tax (PAT) for half year was up by 17 % at Rs. 921.49 Crores as compared to Rs. 784.77 Crores for the same period last year.
  
• On Consolidated Segment-wise performance, Net Revenue for Power business was Rs. 6541.59 Crores and Coal Business was Rs. 2289.20 Crores as compared to Rs. 6107.34 Crores and Rs. 2225.10 Crores respectively, during the corresponding periods last year. PBIT for Power Business was Rs. 1085.34 Crores against Rs 607.01 Crores, 79% higher, and PBIT for Coal Business increased to Rs 713.55 Crores as compared to Rs 709.83 Crores.
  
• Tata Power has already reported its standalone Revenues for H1 FY10 amounting to Rs. 3736.71 Crores and Profit after Tax for the period of Rs. 560.27 Crores. PAT after Statutory appropriations stood at Rs. 579.16 Crores.

KEY HIGHLIGHTS Q2 FY10:

• Net Revenue for the quarter stood at Rs. 4579.19 Crores compared to Rs. 4637.36 Crores the corresponding period last year.
  
• On a consolidated basis, the Company reported Net Profit After Statutory Appropriations at Rs. 367.73 Crores as compared to Rs. 527.92 Crores in the corresponding quarter in the previous year.
  
• Profit from Operations before Other Income, Interest and Exceptional Items stood at Rs. 725.39 Crores as compared to Rs 687.22 Crores, 6% increase over the corresponding quarter last year.
  
• Profit before Tax, Share of Associates, Minority Interest and Statutory Appropriations stood at Rs. 616.01 Crores as compared to Rs. 638.19 Crores in the corresponding quarter last year.
  
• On Consolidated Segment-wise performance, Net Revenue for Power business was Rs 3198.62 Crores and Coal Business was Rs 1130.77 Crores as compared to Rs 3219.02 Crores and Rs 1213.26 Crores respectively, during the corresponding periods last year. PBIT for Power Business was Rs 422.93 Crores against Rs 291.65 Crore, and PBIT for Coal Business stood at Rs 340.39 Crores as compared to Rs 412.98 Crores, over the corresponding quarter in the previous year due to reduction in coal prices arising out of global slow down.
  
• Tata Power has already reported its standalone Revenues for Q2 FY 2009-10 amounting to Rs. 1721.09 Crores and Profit after Tax for the quarter of Rs. 183.19 Crores. PAT after Statutory appropriations stood at Rs 182.19 Crores.

BUSINESS HIGHLIGHTS:

• North Delhi Power Limited (NDPL):
  The Company’s distribution subsidiary and joint venture with Delhi Govt., NDPL posted revenues of Rs.1032.61 Crores during the quarter, a growth of 42% as compared to the previous year of Rs. 728.26 Crores. The Profit after Tax decreased to Rs 25.66 Crores as against Rs. 37.94 Crores in the previous year. The reduction is mainly due to increased tax provision by 10.31 Crores due to change in Minimum Alternate Tax (MAT) rules.
  
• Powerlinks Transmission Limited (Powerlinks):
  Powerlinks, the first public-private joint venture in power transmission in India has earned revenues of Rs. 75.11 Crores as against Rs. 55.83 Crores in the previous year. The Profit after Tax also increased by 100% to Rs. 20.60 Crores from Rs. 10.32 Crores in the previous year on account of the change in the CERC norm and also due to higher additional capitalization during the quarter.
  
• Tata Power Trading Company Limited (TPTCL):
  TPTCL traded a total of 807 MUs during the quarter as compared to 635 MUs in the previous year, thereby resulting in an increase in its revenues to Rs 452.93 Crores from Rs. 448.94 Crores in the previous year. The Profit after Tax also increased to Rs 1.62 Crores as against Rs. 1.50 Crores in the previous year.

GROWTH PLANS:
The Company’s growth plans include steady capacity addition year-on-year which includes about 318 MW in 2010, 1138 MW by 2011, 1600 MW by 2012 and 2400 MW by 2013. Apart from this, there are several projects in pipeline and under consideration. The progress on Company’s new projects is as follows:

• 4000 MW, Mundra Ultra Mega Power Project on Fast Track:
  4000 MW Mundra Project implementation is progressing as per schedule with Engineering, Procurement and Construction activities in full swing. Overall project progress achieved is 34%. Ordering of all critical items/major packages has been completed. The first unit is expected to be commissioned by September 2011.
  
• 1050 MW Maithon Joint Venture Project:
  1050 MW Maithon Power Limited (MPL), a joint venture between the Company (74%) and Damodar Valley Corporation (DVC) (26%), is also progressing well and has achieved 63% completion. The first unit is scheduled to be in operation by October FY11 and second unit by April.
  
• Haldia Project: During the quarter, the Company commissioned the 3rd unit of 30 MW at Haldia in September ’09.
  
• Wind Farms: During the quarter; 4 MW capacity has been added at Visapur (Maharashtra).
  
• 120 MW Power House 6 at Jamshedpur which was commissioned on 27th August 2009.
  
• Unit 5 at Jojobera: A 120 MW power plant being constructed at the Company’s existing site at Jojobera. IEL has placed orders for major equipment. The project is expected to be synchronized in this financial year.
  
• 14 MW Dagachhu Power Plant in partnership with The Royal Government of Bhutan (RGoB) is progressing well. Major Ordering for the project has been completed. All statutory clearances, land, water and environment clearances have been received and PPA for the entire quantum of power has been signed for the project.
  
• The company signed an exclusive partnership agreement with SN Power, Norway to set up Joint Ventures to develop hydropower projects in India and Nepal. The partners aim to have 2,000 MW under construction or in operation by 2015, and a total of 4,000 MW by 2020. Tata Power and SN Power have already begun pursuing potential project opportunities based on the vast reserves of renewable energy in the Himalayan Region.
  
• Ministry of New and Renewable Energy, Government of India recently announced Jawaharlal Nehru National Solar Mission which encourages setting up of solar based plants in India. In this regard, Tata Power is actively looking at opportunities to set up solar based generation plants at various locations in the country.
  
• Tata Power completed the allotment of a US$ 300 Million Foreign Currency Convertible Bonds (FCCB) on November 20, 2009. Earlier, the Company had launched and priced a US$ 250 Million + upsize option of US$50 Million, 5 years and 1 day, 1.75% coupon FCCB offering, subject to certain conditions to the closing of the issue. The FCCBs are convertible at 10% premium over the closing share price of the Company's shares on National Stock Exchange of India Ltd. on November 05, 2009 and bear a yield to maturity of 3.5% p.a. calculated on a semi-annual basis. These Bonds will be listed on the Singapore Stock Exchange. Nomura is the Sole Underwriter and Book Runner to the offering. Tata Power intends to use the aggregate net proceeds from this issue for capital expenditure of its existing power plants, projects under implementation and other project plants of the Company (including projects undertaken through its subsidiaries).
  
• In June end, the Company completed the raising of US$ 335 Million through GDRs.
  
• CRISIL has revised its rating outlook on Tata Power’s long-term borrowing programmes and bank facilities to ‘Positive’ from ‘Stable’, and reaffirmed the rating at ‘AA’; CRISIL has also reaffirmed its rating on Tata Power’s short-term debt and bank facilities at ‘P1+’. The outlook revision reflects the significant progress made by Tata Power in its two key ongoing projects, the 4000-megawatt (MW) Mundra Ultra Mega Power Project (UMPP) and the 1050-MW Maithon project, and its continued strong financial flexibility.
  
• The ‘Tata Power Energy Club’ achieves sensitization of four lakh citizens: The ‘Tata Power Energy Club’, comprising schools and schoolchildren to curb energy-wastage through active measures, reached a critical mass of sensitizing four lakh citizens across 4 major cities in India i.e. Mumbai, Pune, Delhi and Ahmedabad and is racing towards its eventual goal of One Million citizens as planned by 2010. Recently, school contact programme was introduced in Bangalore, Calcutta, Jamshedpur in Jharkhand and Lonavla in Maharashtra.