TATA Power Q4 Results Stay Strong, Eyes Faster Renewables Additions

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Tata Power Company reported a 31.4 percent year-on-year growth in consolidated profit at Rs 632 crore for the quarter ended March 2022. Revenue from operations grew 15.4 percent to Rs 11,960 crores during the quarter. The company has reported total income of Rs. 12219.36 crores during the period ended March 31, 2022 as compared to Rs. 11018.73 crores during the period ended December 31, 2021.

The company has posted net profit of Rs. 503.11 crores for the period ended March 31, 2022 against Rs. 425.81 crores for the period ended December 31, 2021.

Consolidated profit before exceptional items grew by 76 percent YoY to Rs 775 crore compared to the year-ago period, said the company in its BSE filing.

The company reported an impairment loss of Rs 468 crore as an exceptional item after selling its strategic engineering division to Tata Advanced Systems and made an impairment provision of Rs 150 crore as an exceptional item after reassessing the recoverability of its investment in Adjaristsqali Netherlands B.V. (ABV), held through wholly-owned subsidiary Tata Power International Limited (TPIPL).

Revenue from operations during the quarter grew by 15.4 percent to Rs 11,960 crore compared to the year-ago period.

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For the Full year, Tata Power reported total income of Rs.43,735.63 crores for FY 22 as compared to Rs.33142.55 crores during the Financial Year ended March 31, 2021.
Net profit for FY 22 came in at Rs.1741.46 crores against a net profit of Rs.1127.38 crores for the Financial Year ended March 31, 2021.

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“We ended FY22 on a high note, with 10th consecutive quarter of PAT growth, fueled by broad-based growth across all business clusters comprising generation, transmission, distribution including Odisha and renewables,” Dr. Praveer Sinha, CEO & Managing Director said.

Tata Power said it has maintained the net debt to equity ratio at 1.5 despite capital expenditure undertaken for growth in renewables and transmission & distribution businesses through robust working capital management.

Its renewable portfolio profit grew by 60 percent YoY in Q4FY22 due to the addition of 707 MW capacity in FY22.

The firm is hearing up for an accelerated expansion of its renewables and EV charging portfolio on the back of an upcoming Rs 4,000 crore investment by the BlackRock Real Assets-led consortium, including Mubadala Investment Company into  Tata Power’s Renewable Energy Platform, Tata Power Renewable Energy.

In the solar rooftop segment, the company has an order book of Rs 516 crore as of March 2022, while it has installed a network of more than 1,500 public and semi-public electric vehicle chargers with another 550+ in various stages of installation. It’s most recent project win was at SECI’s Tranche V Hybrid auction, where it won a capacity of 600 MW at a bid of Rs 2.5/kW.