Tata Power Q3 Results- EBITDA Up 15% to Rs 3250 crore

Tata Power, one of the largest integrated utilities in the country, reporting its 17th consecutive quarter of PAT growth in its Q3 results.

Better realisation in the core business segments consisting of Generation, Transmission & Distribution and Renewables, helped the Company grow its Q3FY24 reported PAT to Rs. 1,076 crore as compared to Rs. 1,052 crore of the corresponding quarter last fiscal. The 9MFY24 PAT grew to Rs. 3235 crore as against Rs.2871 crore for the 9MFY23 PAT.

During the October–December 2023 quarter, Tata Power’s revenue rose to Rs. 14,841 crore as compared to Rs. 14,339 crore in the last financial year. EBITDA for the quarter grew by 15% YoY to Rs. 3,250 crore.

For 9MFY24, the Company’s revenue grew to Rs. 45,286 crore, an all-time high for said period. At Rs. 9,342 crore, the company’s EBITDA for the same period is also at a record high. The contribution of core businesses now stands at 71% for 9MFY24 PAT, compared to 40% in FY23.

Work on the development of 2.8 GW Pumped Hydro Storage Projects with an investment of ~ Rs 13,000 crore, to offer firm and 24×7 dispatchable renewable energy to all segments of consumers continues apace.

In its effort to mainstream the adoption of solar energy in the country, Tata Power has facilitated over Rs. 3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.

Tata Power is developing a green energy transmission corridor, as the Company won its first-ever project under the Tariff Based Competitive Bidding (TBCB) process during the quarter. The Company Tata Power won the bid to develop an Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission Ltd that will be developed in 24 months. This prestigious Rs. 1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan.

The Company has also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh that will be developed under project SPV “Jalpura Khurja Power Transmission Ltd”.

As on 31st December 2023, the Company’s operational capacity is 4270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4752 MW of projects under TPREL and 4120 MW of projects under TPSSL are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12–24 months. The Company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.

Highlights:

Driving Green Energy transition through Renewables:

The Company’s clean energy portfolio now stands at ~ 5,600 MW, accounting for 39% of their overall capacity, with another 4752 MW under construction, taking the clean energy portfolio over 10000 MW in the next 12–24 months.

TPREL wins 612MW Utility Scale Solar EPC orders worth Rs.2,849 crore in Q3FY24, the highest ever in a quarter.

Tata Power’s solar rooftop portfolio (incl. group captive) surpassed 2,000 MW during the quarter, retaining the highest market share in the segment for the ninth year in the row.

TPREL bags its first Firm and Dispatchable Renewable Energy (FDRE) Project from SJVN Limited. This 1,316.5 MW of RTC project has 460 MW of solar, 799 MW of wind and 57.5 MW of battery storage and will provide round the clock power supply.

Tata Power Solar Systems Ltd (TPSSL) signed a contract with NTPC to supply 152 MWp DCR solar PV modules for its Nokh Solar Park in Rajasthan
TPREL commissions a 110 MW solar power project for the Kerala State Electricity Board; 25 MW solar power project for GUVNL and 91.8 MW Hybrid Wind power project for MSEDCL

Tata Power has also tied-up with Indian Oil Corporation, to install 500+ fast and ultra-fast EV charging points across its multiple retail outlets.
TPREL energized 412 public EV charging points in Q3FY24 taking the total charging points to 5,300+ public/ semipublic chargers across 480 cities. Additionally, the company added 226 bus chargers and 11,400+ home chargers in Q3FY24, taking the bus charger count to 690 and home chargers to over 73,000