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TATA Power Posts Highest Quarterly and Annual PAT Growth of 76% & 61% YoY Respectively

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Tata Power, one of India’s largest integrated power companies, with operations across the entire power value chain, today announced its results for the full year FY 22 and fourth quarter ended 31st March 2022, reporting a 76% YoY increase in consolidated quarterly PAT before Exceptional Items as compared to Q4 FY21, registering its 10th consecutive year-on-year quarterly growth in PAT. The yearly PAT before Exceptional Items for FY22 grew by 61% YoY compared to FY21.

FY22 Consolidated PAT before Exceptional Items was up by 61% YoY at ₹2,298 Crore as compared to ₹1,424 Crore in FY21. Company’s Consolidated Revenue was up by 28% YoY at ₹42,576 Crore in FY22 as compared to ₹33,239 Crore in the previous financial year

Company has received approval from the Mumbai bench of Hon’ble National Company Law Tribunal (NCLT) for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders. Net Debt to Equity Ratio maintained at 1.5 despite CapEx undertaken for growth in Renewables and T&D businesses through robust working capital management.

The company has secured the highest score among its peers in the Indian Power sector in S&P Global’s Corporate Sustainability Assessment results scoring 67/100, much above the global utility average of 38

Commenting on the Company’s performance, Dr. Praveer Sinha, CEO & Managing Director, Tata Power said, “We ended FY22 on a high note, with our 10th consecutive quarter of PAT growth, fueled by broad-based growth across all our business clusters comprising Generation, Transmission, Distribution including Odisha and Renewables. Our proven track record in the renewable energy space has attracted reputed global investors (BlackRock Real Assets and Mubadala) to join us in speeding up India’s transition to green energy.

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We are significantly contributing towards the country’s growing energy needs and shall continue with our growth trajectory going forward, ensuring consistent value to all our stakeholders. We are well poised to manage the increasing energy demand due to extreme weather patterns through optimal generation, efficient transmission and distribution complemented by robust renewable energy growth.”

Key Business and Growth Highlights:

Renewables:

  1. Renewable Portfolio PAT grew by 60% in Q4 FY22 vs Q4 FY21 due to the addition of 707 MW capacity in FY22
  2. Strong execution of both large scale and rooftop solar projects by Tata Power Solar Systems Ltd (TPSSL) despite headwinds due to higher module cost
  3. In April 2022, the BlackRock Real Assets-led consortium, including Mubadala Investment Company entered into a binding agreement to invest ₹4,000 crore (~US$ 525 million) in Tata Power’s Renewable Energy Platform, Tata Power Renewable Energy Ltd. by way of equity/compulsorily convertible instruments for a 9.76-11.43% stake, translating to a base equity valuation of ₹34,000 crore
  4. TPSSL to set up 4 GW solar cell and module manufacturing capacity with an investment of approx. ₹3,400 crore
  5. Launched ‘Surya Shakti Cell’, a dedicated centralized processing cell for financing retail Solar projects with the State Bank of India
  6. Collaboration with RWE Renewables to explore the potential for development of offshore wind projects in India

On Solar Rooftop:

  1. The Order book as on 31st March 2022 stands at ₹ 516 Crore
  2. Channel Network expanded to 300+ Partners across 150+ districts
  3. Tata Power continues to be the No. 1 Solar Rooftop EPC player for eight years in a row as per Bridge to India report, with 13% market share, 3X of the next closest competitor
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EV Charging:

  1. Installed network of 1500+ Public and Semi-Public EV Chargers with another 550+ in various stages of installation. 13000+ Home chargers (for private use) & 200+ Bus Charging points installed across India
  2. Signed MoU with NAREDCO (National Real Estate Development Council) to install 5,000 EV charging points across Maharashtra
  3. Partnered with Apollo Tyres to deploy EV charging stations at its Commercial & Passenger Vehicle Zones across India
  4. Signed MoU with TVS Motor Company to set up electric two-wheeler charging eco-system in India
  5. Collaborated with leading real estate developers like Lodha, Rustomjee and Vatika group to set up EV charging infrastructure at their properties

Transmission & Distribution (T&D):

  1. Resurgent Power Ventures Pte Ltd completed acquisition of NRSS XXXVI Transmission Ltd covering 153 Km of transmission line along with associated grids in Uttarakhand, Rajasthan and Haryana
  2. The resolution professional of South East UP Power Transmission Company Limited (SEUPTCL), issued a Letter of Intent (LOI) selecting Resurgent Power Ventures Pte Ltd (Resurgent) as a successful resolution applicant under IBC proceedings
  3. All four discoms in Odisha completed one year of their successful operations in FY22
  4. Launched a unified mobile app ‘My Tata Power App’ for three discoms (TPNODL, TPSODL and TPWODL) in Odisha to digitally empower 7 million electricity consumers
  5. Installed over 40,000 Smart Meters in Mumbai
  6. Introduced ‘Varishtha Nagrik – Sanmman Seva’ in Mumbai to provide doorstep bill payment cheque pick-up service to senior citizen customers
  7. Launched electricity bills in Braille named ‘Ujala’ for visually impaired customers in Mumbai
  8. Tata Power Delhi Distribution Limited (TPDDL), Enedis, Schneider Electric, Odit-e & Geco Global launched ‘Shakti’ – a Smart Grid Pilot Project in Delhi
  9. TPDDL partnered with Battery Smart to set up Swap Stations for two and three wheelers at various locations across North Delhi
  10. TPDDL won the prestigious Institute of Chartered Accountants of India (ICAI) Award for Excellence in Financial Reporting for the financial year 2020-21
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Research and innovation:

  1. Clean Energy International Incubation Centre (CEIIC) and Social Alpha partnered with The Government of Kerala to work together in the areas of innovative and clean energy technologies. CEIIC is a joint initiative of Tata Trusts and the Government of India, and is supported by the Department of Biotechnology, BIRAC, Tata Power and Tata Power-Delhi Distribution
  2. Tata Power and Social Alpha announced ‘Net-Zero Industry Accelerator’ to build a unique innovation curation and venture development program for the Clean Energy transition

Performance Snapshot:

ConsolidatedQ4 FY22Q4 FY21YoY % growthFY22FY21YoY % growth
Revenue12,08510,37916%42,57633,23928%
EBITDA2,2531,66835%8,1927,9783%
PAT before Exceptional Items77544076%2,2981,42461%
Reported PAT63248131%2,1561,43950%

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