Tata Power Q4FY23 PAT up 54.6% at Rs778 crore on 38% EBITDA growth

Tata Power reported 4.13% growth in total revenues for the March 2023 quarter on consolidated basis at Rs12,454cr. On a sequential basis, the revenues were down –11.9%. The company saw good traction across all the three principal verticals viz. thermal generation, renewable power and transmission & distribution. Renewables also saw bulk of the capacity addition during the quarter.

EBITDA grew 38% in the quarter on a yoy basis to Rs3,101 crore due to lower under recovery in the Mundra plant as well as capacity addition in the renewables business as well as execution of solar EPC projects by the company. The distribution business also witnessed persistent reduction in transmission & distribution (T&D) losses.

Financial highlights for Mar-23 compared yoy and sequentially

 Tata Power    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 12,454

₹ 11,960

4.13%

₹ 14,129

-11.86%

Operating Profit (Rs cr)

₹ 1,633

₹ 1,575

3.64%

₹ 2,745

-40.52%

Net Profit (Rs cr)

₹ 778

₹ 503

54.58%

₹ 945

-17.70%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 2.43

₹ 1.58

 

₹ 2.95

 

OPM

13.11%

13.17%

 

19.43%

 

Net Margins

6.24%

4.21%

 

6.69%

 

 

The profits also benefited from a sharp boost to other income, which came in the form of an Indonesian investment that paid a huge dividend. During the quarter, the company saw its interest coverage and the debt service coverage ratios going up sharply. In terms of operating profit contribution, the renewable saw lower operating numbers in the quarter which was offset by growth in operating profits in the generation and T&D business.

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