Tata Power announces Q1FY22 results

Tata Power, India's largest integrated power company, today announced its results for the quarter ended 30th June, 2021.

- Q1FY22 Consolidated PAT before Exceptional Items stood at ₹466 crore, up 74% from ₹268 crore in Q1FY-21, driven by consistent performance by all businesses, reduction in finance cost and higher execution of EPC projects

- Q1FY22 Consolidated EBITDA stood at ₹ 2,365 crore, up 16% from ₹2,037 crore in Q1FY21 including Renewable EBITDA of ₹ 643 crore up 9% as compared to ₹ 588 crore in Q1FY21 mainly due to higher wind & solar power generation , all round better performances in Solar EPC, rooftop, solar pumps business and favorable tariff order for CGPL

PERFORMANCE HIGHLIGHTS:

CONSOLIDATED

For the Quarter ended June 30th, 2021:

- Tata Power's consolidated Q1 FY22 Revenue stood at ₹ 9,831 crore up 47 % as compared to ₹ 6,671 crore in Q1 FY21 mainly due to acquisition of Odisha Discoms and higher sales/execution in its solar EPC businesses

- Q1 FY22 Consolidated PAT after exceptional items was up 74% at ₹ 466 crore compared to ₹ 268 crore in Q1 FY21 mainly due to higher wind & solar power generation, all round better performances in Solar EPC, rooftop, solar pumps business and favorable tariff order for CGPL.

STANDALONE

- For the quarter ended Q1 FY22, Standalone Revenue* stood at ₹ 1,788 crore up 22% against ₹ 1,469 crore in the Q1 FY21 due to higher generation

- EBITDA stood at ₹ 937 crore up 44% against ₹ 649 crore in Q1 FY21 mainly due to higher dividend income from its subsidiaries

- PAT after exceptional items stood at ₹ 198 crore up 340 % as compared to ₹ 45 crore in Q1 FY21 due to higher dividend income offset by MAT credit reversal due to change in tax regime

Commenting on the Company's performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said, "All our existing generation, distribution and transmission business units have reported a robust performance despite the challenges presented by the ongoing pandemic. This can be attributed to the excellent performance of all our businesses and capacity additions.

We aim to scale up our renewable portfolio from the current 4GW to 15GW by 2025 and to 25GW by 2030 thereby achieving 80% clean generation capacity, up from the current 31%.

We will continue to expand and promote the mass adoption of rooftop solar & solar pumps, microgrids, home automation and focus on developing the EV charging infrastructure in the country.

We are happy to announce our re-entry into the development of greenfield Transmission Projects. Our partnership with the country's leading T&D EPC player "Tata Projects" will make us a force to reckon with. This would further accelerate the momentum of "Power for All" initiative of the Government of India.

As part of our ESG focus, Tata Power obtained a score of 67 out of 100 in CRISIL's ESG ratings, the highest among all companies in the Indian Power Sector.

We are Future-Ready for a cleaner tomorrow and aim to capitalise on opportunities across hybrid renewable projects, floating solar and strengthen our partnerships for battery storage projects.

Despite the downside risks posed by COVID, we remain optimistic and will continue to build a resilient tomorrow and advance our sustainability goals."

Shares of Tata Power Co. Ltd was last trading in BSE at Rs. 135.15 as compared to the previous close of Rs. 134.55. The total number of shares traded during the day was 6047682 in over 37221 trades.

The stock hit an intraday high of Rs. 136.8 and intraday low of 134.3. The net turnover during the day was Rs. 820652980.

Source : Equity Bulls

Keywords