With 90% Growth In PAT In Q1 FY23, Tata Power Rides 48% Jump In Revenues

Highlights :

  • Tata Power has commissioned 600 MW large-scale EPC projects and has a strong Solar EPC order book of ₹14,626 crores, winning 1.7 GW projects in Q1FY23.
  • Tata Power has signed an MoU with Tamil Nadu State Government for ₹3,000 crore investment for setting up a greenfield 4 GW Solar Cell and Module Plant.
  • It has commissioned India’s largest floating solar power project of 101.6 MWp in Kerala.

One of India’s largest integrated power companies, Tata Power has today announced its results for Q1FY23 reporting a 90% YoY increase in consolidated quarterly PAT as compared to Q1FY22, registering its 11th consecutive year-on-year quarterly growth in PAT.

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Quarterly Highlights – Q1FY23

Tata Power’s consolidated PAT before Exceptional Items is up by 90% at ₹884 crore versus ₹466 crore in Q1FY22. This can be attributed to improved performance across all businesses, mainly profit from coal companies. Its consolidated revenue is also up by 48% at ₹14776 crores as opposed to ₹9,974 crores in Q1FY22.

The company’s consolidated EBITDA stood at ₹2,107 crore vs ₹2,365 crore in Q1FY22. A favorable regulatory order in Mundra in PY is said to have contributed to this.

That apart, the standalone PAT was up by 19% at ₹421 crore as compared to ₹354 crore in Q1FY22, due to higher dividend income from an overseas subsidiary. At the same time, standalone EBITDA stood at ₹1,271 crore as compared to ₹1,405 crore in Q1FY22.

Key Business Highlights in Q1FY23: Renewables:

  • The total renewable capacity of Tata Power is 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation.
  • Signed an MoU with the Tamil Nadu State Government for ₹3,000 crore investment for setting up a greenfield 4 GW Solar Cell and Module Plant
  • Achieved an order book of over ₹14,500 crores in EPC utility-scale projects
  • Commissioned 234 MW of in-house projects
  • Secured 600 MW capacity in SECI Hybrid Tranche V bid
  • Commissioned 370 MW of Utility-Scale EPC Projects for third-party customers
  • EPC projects of 1.7 GW awarded – 1,000 MW from SJVN, 300 MW NHPC CPSU III and 400 MW MSEDCL Hybrid
  • Installed over 75,000 solar pumps with 11,300 installed in Q1FY23, with an extensive presence in Jharkhand, Rajasthan, and Haryana
  • Installed 190+ Microgrids Units serving more than 16,000 customers across India

Solar Rooftop:

  • Cumulative solar rooftop portfolio expanded to 1,000 + MW, with installations across roof spaces, floating solar, ground-mounted / open access
  • Achieved an order book pipeline of ₹750+ crore at the end of Q1, FY23.
  • Launched six new schemes with multiple financing partners focusing on providing easier and faster financing options for Residential & MSME customers across the country
  • joined hands with Tata Motors to install a 7 MWp solar rooftop expansion project in Pune. This is the third phase of a joint 17 MWp on-site solar project developed by both companies of which 10 MWp has been installed earlier
  • Expanded Channel Partner Network to 370+ with presence in 240+ districts

EV Charging:

  • Powering Green Mobility through pan India EV charging Infra- set up a network of 2,350+ Public and Semi-Public EV Chargers with another 1,400+ chargers in various stages of installation. Installed 18,500+ Home chargers and 240+ Bus charging points across India
  • Entered into a strategic partnership with Hyundai Motor India Ltd. to install fast chargers (DC 60 kW) at 34 EV dealer locations in 29 cities. This was in addition to our earlier tie-ups with Tata Motors, Jaguar Land Rover, MG Motor India, and TVS Motors for setting up EV infra
  • Installed 150 green energy-powered EV charging stations across Mumbai covering residential societies, malls, commercial complexes, and petrol pumps
  • Partnered with Kolte-Patil Developers, a leading real estate player to set up EV charging stations across its projects in Pune, Mumbai, and Bengaluru for providing comprehensive charging solutions to EV owners. Tata Power is now the preferred EV charging infrastructure provider in the country. It has entered into partnerships with leading real estate players across major Indian cities

Financial Performance Snapshots (in crores)

The two subsidiaries of Tata Powers reported total revenues of Rs. 3,179.53 crores, total net profit after tax of Rs. 121.12 crores, and total comprehensive income of Rs. 121.22 crores for the quarter ended June 30, 2022, respectively.

Two associates and four joint ventures of Tata Power, whose audited/unaudited interim financial results and financial statements include the group’s portion of net profit of Rs. 747.20 crores and the group’s portion of total comprehensive income of Rs. 752.65 crores. (as considered in the Statement). Each segment had its respective independent auditors audit or review its interim financial results, financial statements, and other financial information for the quarter ended June 30, 2022.

The accompanying Statement includes unaudited interim financial statements and other unaudited financial information in respect of: 

Consolidated Q1 FY23 Q1 FY22 YoY % growth Q4 FY22 QoQ % growth
Revenue ₹ 14,776 ₹ 9,974 48% ₹ 12,085 22%
EBITDA ₹ 2,107 ₹ 2,365 -11% ₹ 2,253 -6%
Reported PAT ₹ 884 ₹ 466 90% ₹ 632 40%

 

 

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