Tata Power Q4 Results- Strong Growth In Key Operational Metrics For FY23

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Tata Power has announced its annual and Q4 financial performance report for Fy23. In a media statement, the power company said that in the Financial Year (FY) 23, the company reported growth in its revenue, Profit After Tax (PAT), and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). 

Tata Power said that its PAT rose for the 14th straight quarter (YoY) while it also saw a significant surge in its Consolidated Revenue and EBITDA. The firm attributed this to its business strategy and operational excellence. Total generation capacity for the firm stands at 14110 MW, with the RE portfolio accounting for 37% as of March 2023.

As per details, the annual consolidated revenue of the company in FY 22 stood at Rs 42,576 crore, which escalated to Rs 56,033 crore in FY23, registering a growth of 32 percent. 

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Similarly, its EBITDA grew from Rs 8,192 crore in FY 22 to Rs 10,068 crore in FY 23. It ensured a 23 percent annual growth. The highest growth, however, was reported in PAT, which saw a 77 percent growth from Rs 2,156 crore in FY 22 to Rs 3,810 crore in FY 23. 

The Indian power company said their record annual consolidated EBITDA and PAT growth were at an all-time high. Tata Power Board has now declared a dividend of Rs 2 per share with positive record growths. Praveer Sinha, Chief Executive Officer (CEO) and Managing Director of Tata Power, also attributed the continuous reduction of Aggregate Transmission and Commercial (AT&S) losses of its discoms in Odisha and high-performance ratings its Mumbai, Delhi, and Odisha discoms for the higher growth rates. 

“We are delighted to announce that Tata Power has delivered a strong performance in FY23 with robust growth across all our business clusters – Generation, Transmission, Distribution, and Renewables. The growing need for power has enabled us to keep our momentum strong as we remain committed to meeting the nation’s demand with reliable and quality power supply,” Sinha said. 

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The company claimed that the rise of consolidated revenue was due to higher availability and revival of its Mundra Thermal Plant, higher sales across discoms, and the robust addition to its renewable portfolio. 

Meanwhile, the different arms of Tata Power also did good business in the renewable sector, including the TPSSL receiving a Letter of Award of Rs 1,755 crore for a 300 MW solar project in Rajasthan. TPREL also won a 255 MW hybrid order from TPDDL. Tata Power Renewables also secured awards for a 200 MW solar PV project in Solapur in Maharashtra. 

On the other hand, in the electric mobility sector, Tata Power was also able to energize 3,778 public and captive EV charging points across 350 towns and cities, along with 39,000+ home chargers and 234 bus charging points. 

Total renewable capacity with the firm is close to 3 GW in solar, and 0.9 GW in Wind energy. Owned projects with a capacity of 1295 MW in solar, and 1410 MW in Hybrid mode (wind+solar+Storage) are under construction.

On the manufacturing side, the firm has 4 GW of cell and module capacity construction in progress.

The order book for utility scale solar is strong at Rs 17,468 crore, while that for rooftop solar EPC is at Rs 1903 crore.