Tata Power Company

27 Jul 2022 , 02:51 PM

Consolidated net sales (including other operating income) of Tata Power Company for the quarter ended June 2022 has increased 43% to Rs 14495.48 crore.  Operating profit margin has declined from 23.1% to 11.6%, leading to 28% decline in operating profit to Rs 1683.39 crore.  Other income fell 19.43% to Rs 143.3 crore.  PBIDT fell 28% to Rs 1826.69 crore.  Provision for interest rose 8.53% to Rs 1026.04 crore.  PBDT fell 49% to Rs 800.65 crore.  Provision for depreciation rose 10.01% to Rs 822.01 crore.  Profit before tax was a loss of Rs 21.36 crore against a profit of Rs 830.41 crore.  EO was nil for the quarter as well as corresponding previous period. Provision for tax was expense of Rs 178.52 crore, compared to Rs 572.52 crore.   Thus PAT was a loss of Rs 199.88 crore against a profit of Rs 257.89 crore.  Regulatory income was Rs 280.42 crore against a loss of Rs 158.16 crore. Thus the PAT after RI was down 19% to Rs 80.54 crore.  Profit from discontinued business was nil for the quarter and corresponding previous period.  Share of profit/loss was 119.42% higher at Rs 803 crore.  Minority interest increased 19.13% to Rs 88.94 crore.  Thus net profit attributable to owners of the company increased 103% to Rs 794.60 crore.    

• Sales of Generation segment has gone up 80.22% to Rs 5,125.83 crore (accounting for 31.49% of total sales).  Sales of Renewables segment has gone up 31.78% to Rs 2,089.99 crore (accounting for 12.84% of total sales).  Sales of Transmission and Distribution segment rose 38.83% to Rs 8,958.60 crore (accounting for 55.03% of total sales).  Sales of Others segment has gone up 66.78% to Rs 105.19 crore (accounting for 0.65% of total sales).  
• Profit before interest, tax and other unallocable items (PBIT) has jumped 8.79% to Rs 2,101.85 crore.  PBIT of Generation segment rose 26.93% to Rs 1,296.97 crore (accounting for 61.71% of total PBIT).  PBIT of Renewables segment rose 26.52% to Rs 566.24 crore (accounting for 26.94% of total PBIT).  PBIT of Transmission and Distribution segment fell 7.10% to Rs 436.64 crore (accounting for 20.77% of total PBIT).  PBIT of Others segment fell 2,612.33% to Rs -198.00 crore (accounting for -9.42% of total PBIT).  
• PBIT margin of Generation segment fell from 35.93% to 25.30%.  PBIT margin of Renewables segment fell from 28.22% to 27.09%.  PBIT margin of Transmission and Distribution segment fell from 7.28% to 4.87%.  PBIT margin of Others segment fell from negative 11.57% to negative 188.23%.  Overall PBIT margin fell from 17.65% to 12.91%.  

Management comment Commenting on the companys performance, Dr. Praveer Sinha, CEO & MD at Tata Power said, ?We have started the new fiscal year on a solid note with all of our business clusters – Generation, Transmission, Distribution, including Odisha, and Renewables – performing very well. This is aptly reflected in our 11th consecutive quarter of PAT growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses. We are offering a wide range of energy services across the entire value chain along with cutting-edge technologies and superior project execution capabilities. As a future-ready EaaS company, we are well poised to contribute towards India`s green energy transition.   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 crore in EPC utility-scale projects ? Commissioned 234 MW of in-house projects ? Won 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 the both the 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 Transmission & Distribution (T&D):  ? Completed acquisition of 100% of stake in NRSS XXXVI Transmission Ltd on  4th April, 2022 through Resurgent Power ? NCLT approval received by Resurgent for acquisition of 100% stake in South- East UP Power Transmission Company Limited ? Installed 2,90,000 Smart Meters in Delhi and 60,000 in Mumbai; Smart meter drive also rolled out across all four Odisha Discoms  ? Added 18,102 Green Consumers having annualized consumption of 194 MUs in Mumbai ? Tata Power-DDL, a joint venture of Tata Power and the Government of Delhi, completed two decades of successful operations on 1st July, 2022 ? Tata Power-DDL successfully managed to meet an all-time high peak load of 2,172 MW on 28th July, 2022 ? SCADA control centre operationalized at TPWODL  ? Uniform Mobile Application launched for all Odisha Discoms to track and manage interruptions like PSD, ESD, BD, and Supply Failures at 33KV and 11KV ? Powerlinks managed Drone-based patrolling of 225 critical towers across Northern and Eastern Regions & also digitised O&M patrolling process across its seven sites Other developments Promoters stake was 46.86% as of 30 June 2022 ,compared to 46.86% as of 30 June 2021 .  Promoters pledged stake was 1.40% as of 30 June 2022 ,compared to 1.40% as of 30 June 2021 .  

 

Tata Power Company : Consolidated Results
Particulars	2206 (3)	2106 (3)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales (including other operating income)	14495.48	10132.35	43	42815.67	32703.31	31
OPM (%)	11.6	23.1		17.5	21.4
OP	1683.39	2345.18	-28	7511.17	7002.70	7
Other Inc.	143.30	177.86	-19	919.95	439.24	109
PBIDT	1826.69	2523.04	-28	8431.12	7441.94	13
Interest	1026.04	945.43	9	3859.02	4010.39	-4
PBDT	800.65	1577.61	-49	4572.10	3431.55	33
Depreciation	822.01	747.20	10	3122.20	2744.94	14
PBT	-21.36	830.41	PL	1449.90	686.61	111
EO Income	0.00	0.00		-150.27	-109.29
PBT after EO	-21.36	830.41	PL	1299.63	577.32	125
Taxation	178.52	572.52	-69	379.56	501.88	-24
PAT	-199.88	257.89	PL	920.07	75.44	1120
Regulatory Income	280.42	-158.16	LP	-239.47	536.02
PAT after RI	80.54	99.73	-19	680.60	611.46	11
Profit from discontinued operations	0.00	0.00		-467.83	-46.20	913
PAT after  P/L from discontinue operations	80.54	99.73	-19	212.77	565.26	-62
Share of Profit/(Loss) from Associates	803.00	365.96	119	1942.84	873.39	122
Minority Interest (MI)	88.94	74.66	19	414.15	311.27	33
Net profit	794.60	391.03	103	1741.46	1127.38	54
EPS (Rs)*				-0.3	0.8
Notes
* EPS is on current equity of Rs 319.53 crore, Face value of Rs 1, Excluding extraordinary items.
EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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