Tata Power Q3 FY20 Consolidated EBDITA up 8% at Rs 1,970 crore

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Tata Power has maintained steady EBITDA growth for the last three quarters, with Q3 FY 20 reporting 8% increase in consolidated EBITDA at Rs 1,970 crore. The consolidated Profit after Tax (PAT) increased by 12% at Rs 246 crore as compared to Rs 220 crore in Q3 FY19. This was mainly driven by lower losses in mundra and steady operational performance across all businesses.

400 MW added to renewables business in YTD FY 20, as it continues to grow with EBITDA increasing from Rs 436 crore in Q3 FY20 to Rs 515 crore up by 18%, despite lower solar PLFs due to extended monsoon.

YTD FY20 Consolidated EBITDA stood at Rs 6,313 crore up by 18% over previous year mainly driven by lower losses in Mundra, capacity addition in Renewables and better operational performance across all the businesses.

Q3 FY20 Consolidated Revenue revenue stood at Rs 7,171 crore as compared to Rs 7,911 crore in the corresponding quarter last year mainly due to deferred tax benefit on PPA extension in Mumbai licensed area in Q3FY19, lower demand and lower FOB coal price.

Commenting on the company’s performance, Praveer Sinha, CEO & Managing Director, Tata Power said, “All our operations have performed well. We have reported a strong growth trajectory in renewable business and other consumer centric businesses. We are happy to share the recent Public-Private-Partnership (PPP) with CESU which has doubled our customer base to 50 lakhs. We hope to serve Odisha’s consumers with 24×7 reliable power and unmatched customer services. Tata Power Solar’s order book stands tall at an approximate ₹7,700 crore, marking a major business accomplishment for the company. Our collaboration with the Rockefeller Foundation to set up 10,000 micro-grids in India by 2026, is a testament of our commitment to provide affordable, reliable electricity for millions of rural homes and enterprises. Our new consumer-centric businesses including Rooftop solar projects for residential consumers have reached 60 cities with 100 EV charging points across 4 cities. We aim to continue this trend and create smart consumers for tomorrow by providing a range of next-gen power solutions.”

Key Business Highlights:

The Company was awarded the Letter of Intent (LOI) by Odisha Electricity Regulatory Commission & was selected as the successful bidder to own the license for the distribution and retail supply of electricity in Odisha’s five circles, together constituting Central Electricity Supply Utility of Odisha.

Renascent Power Ventures Pvt. Ltd., a 100% subsidiary of Resurgent Power Ventures Pte Ltd, completed the acquisition of 75.01% ownership in Prayagraj Power Generation Company Limited (PPGCL) and settled the loans through a mix of new bank loans and equity from Resurgent.

NTPC awarded a Letter of Award to Tata Power Solar for a 250MW solar project under the CPSU scheme. The total value of the order is ₹1,505 crore and the completion period is 20 months.

TPREL received a Letter of Award(LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 7th Nov 2019 to develop a 50 MW solar project in Dholera Solar Park of Gujarat. This LOA is in addition to the 250 MW Solar Project being set up by the Company at Dholera Solar Park.

Robust growth in Solar EPC business with large project order pipeline of ₹ 7,700 crore out of which ₹ 4,900 crore of order is from outside the group. TPSSL won projects worth ₹ 4,000 crore since September 2019.

Tata Power announced the setting up of TP Renewable Microgrid Ltd. In collaboration with the Rockefeller Foundation to become the world’s largest microgrid developer & operator. TPRM anticipated setting up 10,000 microgrids through 2026 to provide power to 800 million people across India and help eradicate energy poverty.

The company’s standalone revenue stood at Rs 1,756 crore as against Rs 2,119 crore in Q3 FY19 mainly due to deferred tax benefit of Rs 272 crore on PPA extension in Mumbai licensed area in the same period last year.

Powerlinks Transmission, a joint venture of Tata Power and Power Grid Corporation of India, was awarded by National Abilympics Association of India (NAAI) with ‘Catalyst of Change’ award second time in a row at the 6th National Conference on Disability.

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