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Jaiprakash Power Ventures, the power generation arm of Jaypee Group continued its good performance with 1000 MW generation capacity addition in the last 6 months. Sales of the company for the quarter was higher by 137% to Rs 670.84 crore and the operating profit of the same was up by 158% to Rs 629.38 crore on the back of higher sales and expansion in margin by 730 bps. Interest cost and depreciation being higher by 97% and 144% to Rs 220.07 crore and Rs 58.39 crore respectively the PBT stood higher by 223% to Rs 350.92 crore. Eventually the net profit was higher by 223% to Rs 280.65 crore after accounting for taxation of Rs 280.65 crore.
Income from generation stood at Rs 640.42 crore, a rise of 169% on the back of 85% jump in power generation for the quarter ended Sep 2011 to 2914.69 GWH. On deduction of free power @ 12% but not factoring in auxiliary consumption, the generation wheeled will be about Rs 2564.93 GWH. Spurt in generation as well as generation income is largely on account of contribution from newer generation capacity i.e. Karcham Wangtoo Hydel power project, whose all 4 units have been commissioned in last six months. While the Unit I & Unit II (of 250 MW each) of Karcham Wangtoo was commissioned on May 26, 2011 and June 23, 2011 respectively the balance two units were commissioned during Q2FY12. While the generation of Baspa II was down by 4%yoy that of Vishnuprayag was up by 10%yoy. This has resulted in higher revenue for the quarter.
The sales of verified emission reduction was up by 1% to Rs 9.31 crore and the other operating income was lower by 41% to Rs 21.11 crore.
Operating margin expanded to 93.8% compared to 86.5% in the corresponding previous period as fixed cost being fully covered with commissioning of 1000MW hydel power plant. Staff cost was lower by 50 bps to 1.6%. The Other expenses was down by 720 bps to 2.4%. But the operation expenses was up by 40 bps to 2.2%.
Half yearly performance
Sales was up by 95% to Rs 954.82 crore and the operating profit more than doubled to Rs 884.77 crore on the back of higher sales and expansion in margin to 92.7% compared to 86.3% in the corresponding previous period. The netprofit was higher by 179% to Rs 350.21 crore after accounting for interes, depreciation and taxation.
Other developments
Consequent to amalgamation of Jaypee Karcham Hydro Corporation and Bina Power Company with JPVL w.e.f from July 26, 2011 (appointed date April 1, 2010), the operating capacity of the company stood at 1700 MW (Hydro) and under implementation generation capacity of 2570 MW. All under implementation capacity is thermal. Besides the company through its subsidiaries and associates is implementing power projects with an aggregate capacity of 9200 MW of which 3920 MW being Hydel and 5280 MW being thermal.
The scrip is hovering around Rs. 34.70.
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