Tata Power Company Ltd's Q3FY19 consolidated net profit declines 40.8% yoy to Rs205cr : Misses Estimates

The company’s consolidated revenue stood at Rs7,571cr, up 16.4% yoy and 3.3% qoq.

January 28, 2019 9:03 IST | India Infoline Research Team

Tata Power Company Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 7,571 16.4
EBITDA 1,480 3.9
EBITDA Margin (%) 19.6 [235]
Net Profit (adjusted) 205 [40.8]
***EBITDA margin change is bps

Tata Power missed estimates for Q3FY19 as EBITDA was impacted by operating losses at Mundra as well as higher interest costs. Revenue grew by 16.4% yoy to Rs7,571cr (expectation Rs7,768cr). EBITDA stood at Rs1,480cr, up 3.9% yoy against estimates of Rs1,669cr. EBIDTA margin fell by 235bps yoy to 19.6%. Net Profit stood at Rs205cr against an expectation of Rs502cr.
  • EBITDA for Q3FY19 rose by 3.9% yoy due to increased power generation at the company’s regulated business and addition of renewable power capacity.
  • Interest cost rose by 18.6% yoy to Rs1,014cr due to (1) adverse forex movement and (2) increased short term borrowings.
  • Consolidated debt for the company stood at Rs46,891cr at the end of Q3FY19.
  • Power Generation for the various segments of Tata Power in Q3FY19 stood at:
  • Renewables (Standalone) – 276mn units, up 81.6% yoy
    • Mundra – 7,163mn units, up 9% yoy
    • Maithon – 1,890mn units, up 44.1% yoy
    • WREL – 390mn units, up 2.4% yoy
  • Highlights for the major business segments were as follows:
    • The company added 356MW in renewable power generation capacity in Q3FY19 over the past 12 months.
    • EBITDA for Mundra UMPP stood at a loss of Rs99cr due to sharp rise in coal costs (against a profit of Rs60cr in Q3FY18). Net loss for Q2FY18 stood at Rs467cr, an increase of Rs240cr yoy. This increase in net loss for the quarter can be attributed to (1) a rise in interest costs due to higher hedging costs, (2) higher coal prices and (3) depreciation in the rupee.
    • PLF for Maithon Power stood at 81% in Q3FY19 against 57% in Q3FY18. As a result, the segment reported a PAT of Rs67cr (against a loss of Rs32cr in Q3FY18).
    • Revenue for TPDDL (Delhi Discom) fell by 5.1% yoy to Rs1,742cr. However, EBITDA margins rose by 299bps yoy due to lower power purchases. PAT rose by 26.3% yoy to Rs120cr.

Technical View:

Tata Power Company Ltd ended at Rs. 70.80, down by 3.15 points or 4.26% from its previous closing of Rs. 73.95 on the BSE.
The scrip opened at Rs. 74.10 and touched a high and low of Rs. 74.10 and Rs. 69.60 respectively. A total of 72,11,805 (NSE+BSE) shares were traded on the counter. The stock traded above its 50 DMA.

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