Tata Power Ltd Q4 Results Update

On 6th May 2022, Tata Power Ltd announced its quarterly results for the last quarter of FY2022.

Key Highlights:

FY2022:

- The Consolidated Revenue was up by 28% YoY at ₹42,576 Crore in FY22 as compared to ₹33,239 Crore in FY2021

- Net Debt to Equity Ratio maintained at 1.5 despite CapEx undertaken for growth in Renewables and T&D businesses through robust working capital management

Q4FY22:

- The Consolidated Revenue was up by 16% at ₹12,085 Crore vs ₹10,379 Crore in Q4 FY21 

- The Consolidated EBITDA was up by 35% at ₹2,253 Crore vs ₹1,668 crores in Q4 FY21 

- Standalone EBITDA (merged) up by 196% YoY at ₹2,243 Crore as compared to ₹757 Crore in Q4 FY21 mainly due to higher dividend income 

- Board recommended a dividend of ₹1.75 per share

Business Highlights:

Renewables: 

- Renewable Portfolio PAT grew by 60% in Q4 FY22 vs Q4 FY21 due to the addition of 707 MW capacity in FY22 

- Strong execution of both large scale and rooftop solar projects by Tata Power Solar Systems Ltd (TPSSL) despite headwinds due to higher module cost 

- TPSSL to set up 4 GW solar cell and module manufacturing capacity with an investment of approx. ₹3,400 crore 

- Launched ‘Surya Shakti Cell’, a dedicated centralized processing cell for financing retail Solar projects with the State Bank of India 

- Collaboration with RWE Renewables to explore the potential for the development of offshore wind projects in India 

Solar Rooftop:

- Order book as of 31st March 2022 stands at ₹ 516 Crore 

- Channel Network expanded to 300+ Partners across 150+ districts 

EV Charging: 

- Installed a network of 1500+ Public and Semi-Public EV Chargers with another 550+ in various stages of installation. 13000+ Home chargers (for private use) & 200+ Bus Charging points installed across India 

- Signed MoU with NAREDCO (National Real Estate Development Council) to install 5,000 EV charging points across Maharashtra 

- Partnered with Apollo Tyres to deploy EV charging stations at its Commercial & Passenger Vehicle Zones across India 

- Signed MoU with TVS Motor Company to set up electric two-wheeler charging eco-system in India 

- Collaborated with leading real estate developers like Lodha, Rustomjee, and Vatika group to set up EV charging infrastructure at their properties

Transmission & Distribution (T&D): 

- Resurgent Power Ventures Pte Ltd completed the acquisition of NRSS XXXVI Transmission Ltd covering 153 Km of transmission line along with associated grids in Uttarakhand, Rajasthan, and Haryana 

- Launched a unified mobile app 'My Tata Power App' for three discoms (TPNODL, TPSODL, and TPWODL) in Odisha to digitally empower 7 million electricity consumers 

- Installed over 40,000 Smart Meters in Mumbai 

- Introduced 'Varishtha Nagrik - Sanmman Seva' in Mumbai to provide doorstep bill payment cheque pick-up service to senior citizen customers 

- Launched electricity bills in Braille named 'Ujala' for visually impaired customers in Mumbai 

- Tata Power Delhi Distribution Limited (TPDDL), Enedis, Schneider Electric, Odit-e & Geco Global launched ‘Shakti’ – a Smart Grid Pilot Project in Delhi 

- TPDDL partnered with Battery Smart to set up Swap Stations for two and three-wheelers at various locations across North Delhi 

Research and innovation: 

- Clean Energy International Incubation Centre (CEIIC) and Social Alpha partnered with The Government of Kerala to work together in the areas of innovative and clean energy technologies. CEIIC is a joint initiative of Tata Trusts and the Government of India and is supported by the Department of Biotechnology, BIRAC, Tata Power, and Tata Power-Delhi Distribution 

- Tata Power and Social Alpha announced 'Net-Zero Industry Accelerator' to build a unique innovation curation and venture development program for the Clean Energy transition

Commenting on the Company’s performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said, "We ended FY22 on a high note, with our 10th consecutive quarter of PAT growth, fueled by broad-based growth across all our business clusters comprising Generation, and Transmission, Distribution including Odisha and Renewables. Our proven track record in the renewable energy space has attracted reputed global investors (BlackRock Real Assets and Mubadala) to join us in speeding up India's transition to green energy. We are significantly contributing toward the country’s growing energy needs and shall continue with our growth trajectory going forward, ensuring consistent value to all our stakeholders. We are well poised to manage the increasing energy demand due to extreme weather patterns through optimal generation, efficient transmission and distribution complemented by robust renewable energy growth.”