Sembcorp Industries could earn $29m annually from TPCIL

The Indian coal-based power plant delivered $6.5m profits in 3Q.

Sembcorp Industries' India earnings were up strongly at S$18.2m in 3Q16. This was compared with a loss in 3Q15.

Indian coal-based power plant Thermal Powertech Corporation India Limited (TPCIL) recorded 3Q16 earnings of S$6.5m, despite a 16-day shutdown of Unit #2 at TPCIL and weak spot market prices.

UOBKayHian notes that TPCIL's S$6.5m earnings in 3Q16 reflect 2.5 months of operations (Unit #2 was down for 16 days or ~0.5 months in Sep), roughly working out to S$2.4m profit per month.

The Indian coal-based power plant delivered $6.5m profits in 3Q.

Sembcorp Industries' India earnings were up strongly at S$18.2m in 3Q16. This was compared with a loss in 3Q15.

Indian coal-based power plant Thermal Powertech Corporation India Limited (TPCIL) recorded 3Q16 earnings of S$6.5m, despite a 16-day shutdown of Unit #2 at TPCIL and weak spot market prices.

UOBKayHian notes that TPCIL's S$6.5m earnings in 3Q16 reflect 2.5 months of operations (Unit #2 was down for 16 days or ~0.5 months in Sep), roughly working out to S$2.4m profit per month.

The figures, it said, imply that TPCIL can earn S$29m annually assuming 85% plant load factor (PLF) in a bear-case scenario.

"This alone represents 56% of SG's FY15 Energy earnings. We estimate that every Rp1 increase in electricity price can generate S$16m in additional profit from this level," it said.

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