Tata Power Q4 FY22

National, 09^thMay 2022: Tata Power (NSE: TATA POWER; BSE: 500400), 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 31^st March 2022, reporting a 76% YoY increase in consolidated quarterly PAT before Exceptional Items as compared to Q4 FY21, registering its 10^th consecutive year-on-year quarterly growth in PAT. The yearlyPAT before Exceptional Items for FY22 grew by 61% YoY compared to FY21.

Annual Highlights – FY 2021-22

• Robust all-roundbusiness performance despite high fuel cost amidst global inflationary concerns
• FY22 Consolidated PAT before Exceptional Items was up by 61% YoY at ₹2,298 Crore as compared to ₹1,424 Crore in FY21
• Consolidated Revenue was up by 28% YoY at ₹42,576 Crore in FY22 as compared to ₹33,239 Crore in the previous financial year
• 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. The merger effective from 1^st April 2020 has been completed and will lead to consolidation of assets and liabilities of CGPL within Tata Powerresulting in more efficient utilization of capital for the enhanced development and growth of the business in one entity
• 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
• Credit Ratings:
  • S&P Global upgraded Company’s credit rating by two notches to BB Rating (Stable) from B+ Rating (Positive)
  • Moody’s Investors Service upgraded Company’s credit rating by a notch to Ba2 Rating (Stable) from Ba3 Rating (Stable)
• Secured the highest score among its peers in the Indian Power sector in S&P Global’s Corporate Sustainability Assessment results scoring67/100, much above the global utility average of 38

Quarterly Highlights – Q4 FY22

• Consolidated PAT before Exceptional Items up by 76% YoY at ₹775 Crore vs ₹440 Crore in Q4 FY21
• Consolidated Revenue up by 16% at ₹12,085 Crore vs ₹10,379 Crore in Q4 FY21
• Consolidated EBITDA up by 35% at ₹2,253 Crore vs ₹1,668 crore in Q4 FY21
• Standalone PAT before Exceptional Items (including CGPL pursuant to the merger)up by 1,211% YoY at ₹1,771 Crore as compared to loss of ₹159 Crore in Q4 FY21 mainly due to higher dividend income declared by the subsidiaries in this quarter
• Standalone EBITDA (merged) up by 196% YoY at ₹2,243 Crore as compared to ₹757 Crore in Q4 FY21 mainly due to higher dividend income
• Board recommended a dividend of ₹75 per share

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 clusterscomprising 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.

We are significantly contributing towards the country’s growing energy needsand 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 distributioncomplementedby robust renewable energy growth.”

Performance Snapshot:

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