National, 09thMay 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 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 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 1st 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.”
| Key Business and Growth Highlights: Renewables:· Renewable Portfolio PAT grew by 60% in Q4 FY22 vs Q4 FY21 due to the addition of 707MW capacity in FY22· Strong execution of both large scale and rooftop solar projects by Tata Power Solar Systems Ltd (TPSSL)despite headwinds due to higher module cost· 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· TPSSL to set up 4 GW solar cell and module manufacturing capacity with an investment of approx.₹3,400 crore· Launched ‘Surya Shakti Cell’, a dedicated centralized processing cell for financing retail Solar projects with the State Bank of India· Collaboration with RWE Renewables to explore the potential for development of offshore wind projects in IndiaSolar Rooftop:· Order book as on 31st March 2022 stands at ₹ 516 Crore· Channel Network expanded to 300+ Partners across 150+ districts· Tata Power continues to be the No. 1 Solar Rooftop EPC player for eight years in a row as per Bridge to Indiareport,with13% market share, 3X of the next closest competitor EV Charging:· 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· Signed MoU with NAREDCO (National Real Estate Development Council) to install 5,000 EV charging points across Maharashtra· Partnered with Apollo Tyres to deploy EV charging stations at its Commercial &Passenger Vehicle Zones across India· Signed MoU with TVS Motor Company to set up electric two-wheeler charging eco-system in India· 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):· 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· 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· All four discoms in Odisha completed one year of their successful operations in FY22· 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· Installed over 40,000 Smart Meters in Mumbai· Introduced ‘VarishthaNagrik – Sanmman Seva’ in Mumbai to provide doorstep bill payment cheque pick-up service to senior citizen customers· Launched electricity bills in Braille named ‘Ujala’ for visually impaired customers in Mumbai· Tata Power Delhi Distribution Limited (TPDDL),Enedis, Schneider Electric, Odit-e &Geco Global launched ‘Shakti’ – a Smart Grid Pilot Project in Delhi· TPDDL partnered with Battery Smart to set up Swap Stations for two and three wheelers at various locations across North Delhi· TPDDL won the prestigious Institute of Chartered Accountants of India (ICAI) Award for Excellence in Financial Reporting for the financial year 2020-21 Research and innovation:· 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· 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 Employer Brand:· Ranked 2nd in ‘Best Places to Work’in the ‘Core and Energy’ Sector category by Business Today Corporate Responsibility and Sustainability: · Tata Power recognized for its Risk Management Practices at 8th Edition of CNBC TV18’s India Risk Management Awards· Ranked among India’s Top 10 sustainable companies based on the strength of its alignment with the United Nations’ Sustainable Development Goals (SDGs) in 2021 as per Capri Global Capital Hurun India Impact 50· Tata Power secured the highest score among its peers in the Indian Power sector in S&P Global’s recently released Corporate Sustainability Assessment (CSA) results· Ranked among the top 20 companies in the Indian Corporate Governance Scorecard for FY 21. The Scorecard has been developed by the Institutional Investor Advisory Services India Limited (IiAS) with support from the International Finance Corporation (IFC) and BSE Limited. It is built around the G20/OECD Principles of Corporate Governance, which are the globally accepted benchmarks for corporate governance· Tata Power won Corporate Social Crusader award at IAA Olive Crown awards 2022 for its Mahseer Conservation Campaign· Prayagraj Power Generation Company Limited (PPGCL) signed an MOU with ZaaK Technologies GmbH to jointly establish India’s first Lypors® pilot manufacturing plant at PPGCL. This partnership will create a whole new industry of sustainable construction materials by reducing the consumption of precious natural sand resources· Collaborated with CADRRE to launch ‘PAY AUTENTION’- Autism Support Network to facilitate ‘Bridgital’ connectivity and social infrastructure with better access for all using multi-lingual interactive content and a dedicated portal. This is the first of its kind initiative in India Others:· PT Kaltim Prima Coal (KPC) granted a Special Mining Business Permit (IUPK) by the InvestmentMinister / Head of the Indonesia Investment Coordinating Board Decree of the Investment Minister / Head of The Investment Coordinating Board, Indonesia. The license is for a 10-year period and is further extendable as per current regulations at that time. KPC is based out of Indonesia and is held 30% by Tata Power through its wholly owned subsidiary Bhira Investments Pte Ltd.· Celebrated the 100th anniversary of our hydro-electric power plant in Bhivpuri |
Performance Snapshot:
| Consolidated | Q4 FY22 | Q4 FY21 | YoY % growth | FY22 | FY21 | YoY % growth |
| Revenue | 12,085 | 10,379 | 16% | 42,576 | 33,239 | 28% |
| EBITDA | 2,253 | 1,668 | 35% | 8,192 | 7,978 | 3% |
| PAT before Exceptional Items | 775 | 440 | 76% | 2,298 | 1,424 | 61% |
| Reported PAT | 632 | 481 | 31% | 2,156 | 1,439 | 50% |
