Tata Power Co. Q1 FY22 PAT grows 74% to Rs 466 cr, hits 52-week high

On a consolidated basis, Tata Power Co.'s net profit surged 73.7% to Rs 465.69 crore on a 54.5% jump in net sales to Rs 9,968.03 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

Tata Power Co.'s consolidated Q1 FY22 revenues grew mainly due to the acquisition of Odisha Discoms and higher sales/execution in its solar EPC businesses. The Q1 FY22 consolidated PAT after exceptional items rose on account of higher wind & solar power generation, all round better performances in solar EPC, rooftop, solar pumps business and favorable tariff order for CGPL. Consolidated profit before tax soared 127% to Rs 1,038.21 crore in Q1 FY22 as against Rs 457.45 crore in Q1 FY21. The Q1 result was declared after trading hours on Friday, 6 August 2021.

Consolidated EBITDA stood at Rs 2,365 crore in Q1 FY22, jumping 16% from Rs 2,037 crore in Q1 FY21 including renewable EBITDA at Rs 643 crore, rising 9% as compared to Rs 588 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.

During the quarter, Tata Power Co. commenced its operations in Northern Odisha (NESCO) through a joint venture (JV) with Government of Odisha for the distribution and retail supply of electricity in five circles comprising Balasore, Bhadrak, Baripada, Jajpur and Keonjhar serving two million consumers. Tata Power Co. offered a choice of 100% Green Power to its Mumbai customers in line with the Green Power Tariff announced by MERC.

Tata Power Solar received EPC orders worth Rs 686 crore from NTPC to set up Solar PV projects. The company empaneled for 84 MW (mega-watt) Rooftop Solar project worth Rs 400 crore from Kerala State Electricity Board, in addition to Rs 434 crore worth of orders in Q1 FY22, taking the total Rooftop order book above Rs 1,000 crore. Tata Power Co. also joined hands with HPCL to set up EV charging stations at its petrol pumps across cities and highways

Commenting on the Q1 performance, Dr Praveer Sinha, the managing director (MD) and chief executive officer (CEO) of Tata Power Co., has said that: "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 4 GW to 15 GW by 2025 and to 25 GW 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 Co. obtained a score of 67 out of 100 in CRISIL's ESG ratings, the highest among all companies in the Indian Power sector."

Tata Power Company is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/managed capacity of 12,808 MW.

Shares of Tata Power Co. declined 2.07% to Rs 132.35 on BSE. The stock traded in the range of Rs 131.05 to Rs 137.90 so far. The scrip hit 52-week high at Rs 137.90 during intraday trade.

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