On a first half-to-first half basis, at Rs 139.33 crore (Rs 111.73 crore), PAT is higher by 24.7 per cent, despite a higher tax outgo of Rs 48 crore (Rs 35 crore). The PLF of the Dahanu unit was 88.51 per cent in the first half (76.6 per cent). This has to be viewed against the competition from TEC, which is actively wooing clients in the licensed area of BSES, as the entire Mumbai city is the licensed area of the former.

The income from sale of electricity at Rs 475.45 crore (Rs 448.55 crore) is up six percentage points on a second quarter-to-second quarter basis. In fact, compared to the first quarter (Rs 470.08 crore), there is no growth. This simply means that the higher PLF is only due to the increased demand from the residential clients.

Income of EPC, contracts, computer, and international division has declined to Rs 84.31 crore in the second quarter, compared with Rs 193.32 crore in the first quarter. However, this is no cause for concern, as even in 1998-99, the first quarter was the better one. Though the results are for the period ended September 1999, the order book of contract and EPC business group division--Rs 1,000 crore--is provided as on August 1999.

The pre-payment of debt has resulted in lower interest outgo of Rs 22.57 crore in the second quarter of the current year (Rs 31.20 crore). On a half-to-half basis, at Rs 46.81 crore (Rs 62.67 crore), the decline is 25.7 per cent. The first two units (43.5mw each) of the joint-venture company, BSES Kerala, have been commisioned, and the third is expected to be commissioned shortly.