Thermal Powertech Corporation India, a joint venture between Gayatri Energy Ventures and Singapore-based Sembcorp Utilities, synchronised its first 660 MW unit with the grid. TV Sandeep Reddy, managing director of Gayatri Projects says commercial operations will kick off by January end for the first unit. The second unit will be operational by April.
With full year of operation – by FY16 – he sees revenues to the tune of Rs 4000 crore plus.
Below is the verbatim transcript of TV Sandeep Reddy's interview with Reema Tendulkar and Ekta Batra on CNBC-TV18.
Ekta: Can you tell us when exactly the commercial operations will kick off?
A: By end of January probably will be the COD for the first unit.
Reema: What could be the expected financial gain on the back of this in FY16?
A: The first unit we are commissioning in January and the second unit by April. So the total FY16 will have the full year of operations of these 1,320 megawatt power plant where the full year of operations probably will do a revenue of nearly more than Rs 4,000 crore.
Reema: Can you give us the financial details in terms of how much the project cost was initially estimated to and how much it possibly has been revised higher by?
A: The original project cost was around Rs 7,000 crore and now there is a slight cost overhang which is being financed by the institutions. The overrun has only come mainly due to the increase in forex components from Rs 45 to Rs 60 and also the interest rates going up in the last two-three years from 11 percent to 12.5-13 percent.
Ekta: So the lenders have given their go ahead?
A: It is under process now.
Reema: What has been the cost overrun? You said Rs 7,000 crore is what you had anticipated.
A: It will be approximately around Rs 9,000 crore.
Reema: In your earlier answer did you say the revenues from this 1,320 megawatt power project will be Rs 4,000 crore in one year, that is in FY16?
A: Yes when the plant runs at 80-85 percent PLF.
Ekta: From this Rs 9,000 crore, which is now the total project cost I assume, can you tell us what the funding would look like in terms of debt and equity?
A: We have 25 percent equity and 75 percent debt.
Reema: So with the additional revenues coming in from this power project, what would the consolidated revenues of Gayatri projects look like in next year?
A: FY16 to our share of revenues probably consolidated will go up by at least Rs 1,500 crore.
Reema: Is it realistic to assume that it will operate at 80-85 percent PLF?
A: Yes. We already have a PPA for about nearly 1,000 megawatt, 500 megawatt of long-term PPA and also 500 megawatt with imported coal short-term PPA.
Ekta: What are the other power projects in your portfolio and what is the progress on them?
A: The other power project is the NCC power project wherein again Sembcorp has joined in as a partner. So it is originally a JV between Gayatri and NCC. Now, Sembcorp has joined in and NCC would be exiting this project and we would continue to hold this asset also in future.
Ekta: When will you see recovery on your profits because while your margins were sustained despite a total income falling quite significantly in your previous quarter, your profit fell quite significantly?
A: Yes, because basically our lack of order uptick in the last couple of years, our growth in the EPC business has come down.
Ekta: Do you expect this trend of low profits to continue in the remaining two quarters as well?
A: From Q1 of next year our profits will continue to come back to the normal but next quarter also our profits would definitely improve.
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