Tata Power Reports Q3 Results, Strong Showing by Renewables Biz

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Tata Power has announced its results for Q3, reporting a robust overall performance, with a strong showing in the renewable business.

Tata Power, India’s largest integrated power company, has announced its results for the quarter ended December 31, 2020. Reporting a robust overall performance, the firm highlighted its strong showing in the renewable business.

The firm reported that its Q3FY21 Consolidated Revenue stood at Rs 7,740 crore as compared to Rs 7,171 crore in the corresponding quarter last year mainly due to the Odisha Discom acquisition. And, PAT stood at Rs 318 crore (before exceptional items at Rs 346 crore) as compared to Rs 260 crore in Q3FY20 mainly due to saving in interest cost on account of debt reduction, better performance in Mundra and steady operational performance across all businesses. Furthermore, the firm reported that its consolidated EBITDA was up 1 percent at Rs 1,997 crore as compared to Rs 1,970 crore in Q3FY20.

In the renewables business, the firm continued its growth with 30 MW added YTD FY21 with 1247 MW under construction. While EBITDA increased to Rs 522 crore in Q3FY21 from Rs 515 crore (Q3FY20) up by 1 percent mainly due to execution of new and held up EPC projects.

Key Highlights:

• Tata Power Solar order book size is 2,689 MW, worth Rs 10,608 crore including GST.
• The Company completed the acquisition of 51 percent equity shares of TP Southern Odisha Distribution (TPSODL) and TP Western Odisha Distribution (TPWODL) respectively with a balance 49 percent being held by GRIDCO. The JV will respectively manage the distribution and retail supply of electricity in Odisha’s six circles of SOUTHCO and five circles of WESCO for a period of 25 years effective January 1, 2021. The company has also recently received a Letter of Intent for acquiring 51 percent shareholding in the fourth Discom in Odisha namely NESCO. With this, the Company will now cover the entire state of Odisha.
• TP Renewable Microgrid (TPRMG), a wholly-owned subsidiary, marked its first anniversary by commissioning its 100th solar microgrid project in Ratnapur, Uttar Pradesh. TPRMG also inaugurated its first 5 kW Biogas generating plant at Kamalpura village (Basaitha) in Muzaffarpur district of Bihar. 
• The firm now has over 300 super-fast EV charging stations installed in partnership with leading car brands and another 2000 home charging stations. It has also part-commissioned the EV charging infrastructure for BEST buses in Mumbai. 

Commenting on the Company’s performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said, “We are pleased to inform that all our businesses and subsidiaries have reported a robust performance this quarter despite facing pandemic related challenges. We marked a new milestone for our distribution business by acquiring the distribution and retail supply of electricity in Odisha’s five circles of WESCO and six circles of SOUTHCO. Letter of intent for acquiring 51% shareholding in five circles of NESCO has been received from Odisha Electricity Regulatory Commission (OERC).

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“Tata Power’s focus now lies in demonstrating a benchmark performance through all our existing generation, transmission and distribution businesses while continuing to concentrate on key growth areas i.e. renewables, distribution business and new businesses of rooftop solar panels and EV charging.

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“Our Solar EPC business continues to grow. During this quarter, Tata Power Solar booked 153 MW of new solar/hybrid bids and the solar EPC order book stands at ₹10,608 Crore. Also, we have installed over 300 public EV charging points and the geographical presence has expanded to 40 cities. We are confident of monetising our Renewable Energy assets through an InvIT. This will give us the necessary capital for investing in growth as also reduce our debt substantially.”