Summary
· Q1 FY18 total generation of 1.25 billion units up 27% from 0.98 billion units in Q4 FY17
· Q1 FY18 plant load factor (“PLF”) in line with expectations at 78% for Chennai and 79% for Gujarat as compared to the National Average PLF of 57.20% for Thermal Power Projects as per the Power Ministry's bulletin
· Since June 2017 forecast international coal prices have unexpectedly risen and this significant increase is expected to have a corresponding impact on the Company's FY18 results. However, the coal price is forecast to fall to lower levels in FY19 and beyond
· Dividend policy to be maintained for FY18
· Good cash collections of TANGEDCO aged receivables to date in FY18 and constructive dialogue on Gujarat receivables continuing with a positive outcome expected in FY18
· Development work on 62 MW Karnataka solar commenced and on track for FY18
· Roll over of multi-year sale agreements now negotiated for approx. two-thirds of Group capacity for FY19 onwards
· For FY18, Chennai average tariff is expected to be around Rs5.00 and Rs3.80 for Gujarat
· Average tariff increase of 6% by TANGEDCO from FY 19 in the state of Tamil Nadu (as committed under the UDAY financing agreement).
· FY17 results expected to be announced by the week of 25 September 2017, with earnings and dividends expected to be in line with consensus expectations