Financial Result
Tata Power Q4FY23 PAT grows 48% YoY to Rs 939 cr; FY23 consolidated revenue jumps 32% to Rs 56,033 cr; Board declares Rs 2 per share dividend
Mumbai/IBNS: Tata Power, one of India's major integrated power firms, on Thursday said its consolidated reported PAT in Q4FY23 rose by 48% YoY to Rs 939 crore compared to Rs 632 crore in the same period last fiscal, supported by a strong performance across all businesses.
Its consolidated revenue for Q4FY23 stood at Rs 12,755 crore, up 6% YoY, owing to higher sales across distribution companies and capacity addition in renewables.
The consolidated EBITDA increased by 38% YoY to Rs 3,101 crore.
PAT has risen for the 14th consecutive quarter, showcasing the effectiveness of its business strategy and operational excellence, Tata Power said in a statement.
For the full year FY23, the company witnessed a consolidated revenue growth of 32% YoY at Rs 56,033 crore, consolidated EBITDA grew by 23% YoY to Rs 10,068 crore.
Consolidated reported PAT increased by 77% YoY to Rs 3,810 crore in FY23 compared to Rs 2,156 crore in FY22.
Tata Power's board has recommended a dividend of Rs 2 per share subject to shareholders' approval, said the statement.
The company has strengthened its position as one of the country's leading green-energy and consumer-centric power utilities with significant growth across all its business verticals.
Tata Power CEO & MD Dr Praveer Sinha said, "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 Tata Power's distribution business has performed exceptionally well which is evident from the continuous reduction in AT&C losses in Odisha Discoms and the high performance ratings of our Mumbai, Delhi & Odisha Discoms.
"Our Renewable Energy business has expanded significantly across EPC, Utility Scale and Rooftop verticals and is well poised to lead India’s green energy transition. The completion of Rs 4,000 crore ( approx. US$ 525 million) worth capital infusion into our renewables business, one of the biggest value unlocks in renewable business globally, will enable us to fuel the next leg of growth. We have also made rapid strides in our EV charging business and have emerged as the largest network in the country with presence across 350+ cities and towns," he stated.
Key Business Highlights:
Renewables Business wins 1.6 GW capacity across solar and hybrid
TPSSL received Letter of Award of Rs 1,755 crore to set up 300 MW solar project for NLC India Limited in Rajasthan
TPREL won 255 MW hybrid order from Tata Power Delhi Distribution Limited (TPDDL) post exercising of green shoe option. This is in extension to 255 MW order won in Q3 FY23
Tata Power Renewables secured Letter of Award to set up 200 MW Solar PV Project for MSEDCL in Solapur, Maharashtra
TP Saurya Limited inked PPA to set up 600 MW Wind Solar Hybrid project with SECI in Karnataka
Well diversified Utility Scale order book stands at 4 GW worth Rs 17,468 Crore
Rooftop Solar Order Book stands at Rs 1,900 crore. Q4FY23 witnessed strong upswing with Rs 1,600 crore worth of orders received and billing crossing Rs 1,000 crore mark.
TP Solar Ltd. received a Letter of Award for incentives amounting to Rs383 crores to set up 4 GW manufacturing capacity under the production linked incentive (PLI) scheme, Tranche II
Rs 4,000 crore (~US$ 525 million) worth capital infusion into Tata Power Renewable Energy Limited gets completed from Blackrock led consortium which includes Mubadala Investment Company (Mubadala). The investment will fund the growth of India’s most comprehensive renewable energy platform set up by the Company in 2022
TPSSL reached a cumulative deployment of more than 98,000 pumps
Tata Power Renewables and ISS India joined hands to promote Clean and Sustainable Energy Solutions in Facility Management Space. This partnership shall offer Rooftop and Open Access Solutions including EV Charging Points for ISS’ India clientele
Powering E-mobility across India
Tata Power EZ Charge energized 3,778 public and captive EV charging points across 350 towns and cities, along with 39,000+ home chargers and 234 bus charging points
Collaborated with the Indian Army, GAIL, Airport Authority of India- Kolkata, DLF, Wave, Powergrid Corporation of India Limited to set up EV charging points at their premises
Powering Top Grade Smart Discom Network in the country
Tata Power Discoms achieved top grades among Indian Power Utilities in the 11th Annual Integrated Ratings released by the Ministry of Power through the Power Finance Corporation. Tata Power Mumbai & TP Western Odisha Discoms rated A+; TPDDL & TP South Odisha Discoms rated A
Total Smart Meter installations crossed 5,10,000 across Tata Power Discoms in Odisha, Delhi and Mumbai
Tata Power Delhi Distribution Limited (TPDDL) and Asian Development Bank (ADB) entered into an agreement to subscribe to non-convertible debentures for Rs 150 crore (equivalent to $18.2 million) to enhance Delhi’s power distribution through grid enhancements and an additional $2 million grant to partially finance the purchase and integration of a pilot battery energy storage system (BESS)
TPDDL joined hands with Enel Group to power digitalization and automation of Distribution Network in Delhi
All four Tata Power Odisha Discoms received IMS Certification: 9001:2015, 14001:2015, 45001:2018
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