Tata Power Company Limited has informed the Exchange about Investor Presentation
• TATA
BSELimited Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Bldg., P. J. Towers, Palal Street, Fort, Mumbai 400 001. Scrip Code: 500400
Dear Sirs,
6th May 2022 BJ/SH-L2/
National Stock Exchange of India Lirtiited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, · 1 Bc1ndra (East) , Mumbai 400 051. Symbol: TATAPOWER EQ
Presentation to Analysts
We f<;>rward herewith a presentation that will be made to the Analysts tqday in connection with the Audited Financial Results the year ended 31 st March 2022.
(Consolidated and Standalone) of
the Company
for
Yours faithfully, The Tata Power Company Limited
Company Secretary
Encl.
TATA POWER The Tata Power Company Limited Registered Office Bombay House 24 Homi Mody Street Mumbai 400 001
•
Tel 91 22 6665 8282 Fax 91 22 6665 8801
Website: www.iatapower.com Email: tatapower~tatapower.com CIN: L28920MH1919PLC000567
The Tata Power Company Limited Financial Results – Q4 FY22
6th May 2022
1
Disclaimer
This document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice.
This presentation should not be considered as a recommendation to any investor to subscribe for, or purchase, any securities of the Company and should not be used as a basis for any investment decision. This document has been prepared by the Company based on information available to them for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information contained herein has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. Furthermore, no person is authorized to give any information or make any representation, which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.
The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. This document is given solely for your information and for your use and may not be retained by you nor may this document, or any portion thereof, be shared, copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any person in possession of this presentation should inform themselves about and observe any such restrictions. By accessing this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.
The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.
This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded, delivered or transmitted in any manner to any person other than its intended recipient and should not be reproduced in any manner whatsoever.
This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration, or an exemption from registration, under the U.S. Securities Act of 1933, as amended. Any public offering in the United States may be made only by means of an offering circular that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements.
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment, information, technology and political, economic, legal and social conditions in India. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward- looking statements. In addition to statements which are forward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’, ‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, or ‘continue’ and similar expressions identify forward looking statements.
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Q4 FY22 Business Highlights
Q4 FY22 Highlights
➢ TPREL enters into binding agreement with Blackrock & Mubadala to raise ₹ 4,000 crore for future growth ➢ TPREL commissions 300 MW Dholera project - India’s largest single-axis solar tracker system ➢ TPSSL commissions 555 MW (AC) utility scale projects in Q4; wins LoA for 1 GW Solar Project from SJVN
➢ CGPL merged into Tata Power effective 1st April 2020 ➢ KPC secures mining license renewal for 10 years till Dec 2031
➢ Resurgent Power issued Letter of Intent to take over 100% share of South East UP Power Transmission Company Limited (SEUPPTCL) under the IBC process. SEUPPTCL has approx. 1500 Km of Transmission Line (765 KV and 400 KV) and 5 nos of 400 KV substation (AIS & GIS).
➢ Resurgent Power takes over 100% shares of NRSS XXXVI Transmission Ltd on 4th April 2022
➢ Collaboration with Rustomjee Group to set up 28 EV Charging points across Rustomjee’s Mumbai Projects ➢ MoU signed with Enviro to set up 59 EV charging points across Vatika’s Gurugram Projects ➢ Tata Power signs MoU with NAREDCO to install 5,000 EV charging points across its member’s properties in
Maharashtra
➢ Ranked among the top 20 Most Sustainable Companies in India by BW Business World for second year in a row ➢ Awarded Bronze in Asia's Best Integrated Report (Design) category at Asia Integrated Reporting Awards 2021
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Partnership for the future
To create a unique and comprehensive:
RE Large scale Capacity
RE EPC
Utility scale
Green Platform
Consumer Centric
Manufacturing
Rooftop Solar
Solar Pumps
EV Charging Business
5
Transaction contours
➢ Prior to the equity infusion, all businesses will be consolidated under TPREL through transfer of SPVs and certain
assets to TPREL.
➢ First tranche for ₹ 2,000 crore equity infusion to be effected post the transfer and approvals. Second tranche of ₹ 2,000 crore to be infused within 6 months after the first infusion. Post infusion of both tranches, equity stake of Blackrock & Mubadala will be 9.76%-11.43% depending on FY23 EBITDA
➢ The first tranche is expected by June 2022. CCI approval and approvals under the PPAs are being sought prior to this
infusion
Tata Power Company Limited
BlackRock Real Assets + Mubadala
TPREL (Utility + Rooftop)
TPSSL (EPC + Solar Pumps)
SPVs (Utility Scale Generation)
EV Charging
Captive Cos.
SPV (Manufacturing)
6
Mundra & Coal – Strengthening the fundamentals
Fuel Under- recovery
• Discussions in advanced stages with GUVNL for a supplementary PPA (SPPA) • GUVNL has requested continuation of power supply under the draft SPPA effective 1st Jan
2022
• Discussions with other states underway based on above SPPA
Merger
KPC Mining License
• Merger has become effective since 1st April 2020 pursuant to NCLT Order and filing with
Registrar of Companies The Merger provides several administrative and financial synergies
• • Carried forward depreciation & business losses are ₹ 12,690 crores & ₹ 3,822 crores resp
Secured extension of license for 10 years; further extendable as per extant regulations
• • Mining license area 61,543 Ha – reserves of around 886 Million tons • Royalty: Domestic PLN sales – 14%; Exports - Graded basis (Note 1) • Corporate Tax reduced from 45% to 22% •
10% of Profit to be shared with Government
Note 1: Royalty is based on sales price – 14% for <USD 70; 17% for USD 70-80; 23% for USD 80-90; 25% for USD 90-100 and 28% for >USD 100. Reference rate is for 6,322 gar (GCV) coal and will be adjusted for the GCV of the exports
7
Solar Utility Scale EPC – Execution at fore in Q4
WELL DIVERSIFIED UTILITY SCALE ORDER BOOK
➢ Q4 focus was on execution with 555 MW AC capacity projects (761 MWp DC capacity projects) executed during the quarter
➢ Awarded LoA in April for 1 GW from SJVN under CPSU Scheme approx ₹ 5,000 crore (without taxes) which is not included in the order book above ➢ To hedge against commodity prices, contract manufacturing and long-term contracts for supply have been tied up
9
Customer - Utility ScaleAC Capacity (MW)Tata Power Group965 NTPC770 SECI140 GSECL95 NHPC40 Total Capacity as on 31st March 222,010 Order Book as on 31st March 22 (₹ Cr) 7,275 Pioneering India’s rooftop installation
Consumer centric Solar Businesses - Quarter Highlights
Achieved highest ever quarterly revenue of ₹687 crores
Achieved ~2x growth in FY22 revenue
Rooftop Solar
Solar Pump
Revenue (in ₹ Crore)
687
312
378
Revenue (in ₹ crore)
243
205
86
Q4 FY21
Q4 FY22
Q3 FY22
Q4 FY21
Q4 FY22
Q3 FY22
>2X Revenue growth over Q4 FY21
➢ Highest billing in a month till date – ₹ 460
➢ 9,240 pump orders booked in Q4 – highest
crore in March
➢ Received new orders for 172MW in Q4FY22 ➢ Channel sales increased 4x ➢ Unexecuted order book as of 31st March
2022 - 184MW worth ₹ 516 crore
Rs 250 cr order won in Q4 FY22
quarterly order
➢ Achieved 113% growth in number of pumps sold and 83% growth in Revenue over FY21 received in Retail business
➢ 150 orders
(outside PM-KUSUM scheme) in Q4 FY22
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Tata Power EZ Charge
Deal for the future of green mobility
Business Highlights
5340 home chargers installed in Q4. Cumulative installation – 13,107
Cumulative installation of E-bus charging points till Mar 22 - 212.
700 EV charging points installed in Q4. 2000+ cumulative installation till Mar 22
Spread Across 352 Cities (+100 cities in Q4)
Note: Data as on 31-Mar-22
Our partnership across all sectors
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Tata Power signs MoU with NAREDCO to install 5,000 EV charging points across Maharashtra ➢ As per MoU, the company will set up EV charging points across
NAREDCO’s member developer properties
➢ The move will give boost to faster EV adoption in the state ➢ EV owners across members' properties to have 24x7 vehicle charging, monitoring and e-payments facilities through Tata Power’s EZ Charge mobile app
Odisha Discoms: Multi pronged efforts to reduce losses
969 MW HT/theft load added in FY22 across all 4 discoms
12 lac meter replaced till date across all 4 discoms
₹ 505 crore past arrear collected in FY22; My Tata Power App launched to digitize billing & payment
GROWTH
RELIABILITY
COLLECTION
Category
TPCODL
TPSODL
TPWODL
TPNODL
New & theft load (YTD) – MW
Meters replaced (till date) – Lakhs
Sub-stations automated (till date) – Nos
401
6.12
169
FY 20 AT&C Loss
Pre takeover arrears collected (YTD) - ₹ cr
113
187
3.12
83
89
123
1.38
258
1.54
13 (another 80 ready)
30 (another 8 ready)
112
191
30.4%
36.3%
28.6%
25.3%
TPCODL wins ‘CII Eastern Region Annual Productivity Award 2022’; bags ‘National Winner 2022 with Par Excellence Award’ of ‘34th CII National Quality Circle Competition’
TPNODL wins The Original Business Leader of the Year Award for Innovative Project of the Year - “Aerial meter reading for Rural & Lift Irrigation Customer”
29.0%
32.5%
29.7%
23.1%
FY 22 Actual AT&C Loss
13
Q4 FY22 Financial Highlights
Q4 FY22 Financial Highlights
Strong all round operational performance; despite lower coal profits, PAT up by 76% YoY
15
Q3 FY22Q4 FY22Q4 FY21Q3 FY22Q4 FY22Q4 FY21Q3 FY22Q4 FY22Q4 FY211,8412,2531,6682,4992,5492,01655277544022%35%2%26%40%76%Q3 FY22Q4 FY22Q4 FY21Q3 FY22Q4 FY22Q4 FY21130(178)(27)57696263667%51%Q3 FY22Q4 FY22Q4 FY21Q3 FY22Q4 FY22Q4 FY216,9636,6665,80539,53639,70836,187ReceivablesNet External DebtReported EBITDAUnderlying EBITDA (Including Share of JVs & Associates)PAT (before exceptional items)CGPL & Coal Cluster – Net Profit before one offsGreenCo EBITDA Comfortable debt position for sustainable growth
NET DEBT MAINTAINED AT Q3 LEVELS
BUS AS USUAL DEBT DOWN WITH ROBUST CF FROM OPERATIONS
SUSTAINABLE DEBT PROFILE
Net Debt to Equity
Net Debt to Underlying EBITDA (on rolling 12 month basis)
Average Borrowing Cost
1.53 v 1.43 in Q4 21
3.92 v 4.09 in Q4 21
6.82% v 7.18% in Q4 21
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36,187 39,536 39,708 Q4 FY21Q3 FY22Q4 FY22 Installed Generation Capacity as on 31st Mar 22
GENERATION PORTFOLIO ~ 34% CLEAN & GREEN
120 MW GUVNL Solar Project, commissioned post 31st March 2022, has been included in the pipeline.
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HydroWaste Heat Recovery / BFGWindSolarCaptive429 3.7%174 255 255 Merchant246 2.1%246 126 120 PPA/ Fixed Tariff (Bid/ Others)4,645 40.3%4,338 307 307 PPA/ Fixed Tariff (Renewables)3,400 29.5%3,400 932 2,468 Regulated tariff 2,775 24.1%2,328 447 447 Tolling/Fixed Tariff40 0.3%40 - Total Capacity w/o Platform11,535 100.0%6,880 4,655 880 375 932 2,468 Thermal under Platform - PPA based1,980 0.0%1,980 - - - - - Total Capacity incl Platform13,515 8,860 4,655 880 375 932 2,468 Business ModelThermalClean & Green TotalClean and Green Break-upMW% T&D Portfolio and RE Pipeline as on 31st Mar 22
CURRENT T&D PORTFOLIO
LARGE SOLAR PROJECT DEVELOPMENT PIPELINE
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CustomerStateCapacity (MW)GUVNLGJ120MSEDCLMH100TPC - D (Hybrid)RJ225KSEBRJ110Tata SteelJH15GUVNLGJ60CEATMH10RUMSLMP330MAHAGENCOMH250MSEDCL HybridMH300 1,520 TotalTransmissionBusiness ModelCKMMumbai TransmissionRegulated 1,224Powerlinks (JV)Regulated 2,3283,552DistributionBusiness ModelConsumers in MillionMumbai Dist License 0.7 Tata Power Delhi Dist LtdDist License 1.9 TP Central Odisha Dist LtdDist License 2.9 TP Southern Odisha Dist LtdDist License 2.4 TP Western Odisha Dist LtdDist License 2.1 TP Northern Odisha Dist LtdDist License 2.1 TP Ajmer Dist LtdDist Franchisee 0.2 12.3TotalTotal Q4 Operational Highlights
Generation - Availability
Transmission - Availability
91
81
80
79
100
98
98
98
98
98
100
100
100
40
27
Thermal (excl. CGPL)
CGPL
MO - Hydro
Wind
Solar
Plant Load or Capacity Utilization factor
74
67
68
74
40
39
39
31
25
12
12
12
19
24
23
Thermal (excl. CGPL)
CGPL
MO - Hydro
Wind
Solar
100
100
100
100
100
100
(0.1)
Powerlinks
MO - Transmission
MO - Distribution
TPDDL
TPADL
AT&C Losses - Distribution
0.4
0.7
5.7
6.8
7.3
8.7
9.0
10.2
19
Financial Results
20
Consolidated Performance – Q4 FY22
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Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 Consolidated before exceptional items 12,085 10,379 2,253 1,668 775 440 Standalone & Key Subsidiaries Tata Power (Standalone) 3,214 3,355 2,243 757 1,770 (159) MPL (Maithon Power)* 635 561 172 160 72 115 TPDDL (Delhi Discom)** 2,159 1,896 352 252 112 121 TPTCL (Power Trading) 120 31 16 11 12 7 Tata Power Solar (Solar Mfg) 3,481 2,777 77 185 28 136 TPREL Standalone (Renewable Power) 470 245 525 204 131 5 WREL (Renewable Power) 391 313 377 277 155 88 Coal SPVs (Investment Companies) 0 0 (1) (1) (66) (49) TERPL (Shipping Co) 192 193 48 66 14 34 TP Central Odisha Dist Ltd (CESU)** 962 874 85 (37) 9 (30) TP Southern Odisha Dist Ltd (SOUTHCO)** 465 310 49 25 31 22 TP Western Odisha Dist Ltd (WESCO)** 1,072 823 85 26 38 (1) TP Northern Odisha Dist Ltd (NESCO)** 774 - 78 - 31 - TPIPL (Overseas Investment Co) - - 34 (10) 22 (12) Others 205 192 40 39 (7) (2) TOTAL - A 14,139 11,570 4,180 1,954 2,351 275 Joint Venture and Associates - - - - 296 348 TOTAL - B 14,139 11,570 4,180 1,954 2,647 623 Eliminations# (2,053) (1,191) (1,927) (286) (1,873) (184) Exceptional Items - - - - (142) 42 Discontinued operations - - - - - TOTAL - C 12,085 10,379 2,253 1,668 632 481 Previous year numbers are restated*TPCL stake-74%; **TPCL stake-51%; # Eliminations include inter-company transactions; ^^ including other income Particulars Op Income EBITDA^^ PAT Consolidated Performance – FY22
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FY 22 FY 21 FY 22 FY 21 FY 22 FY 21 Consolidated before exceptional items 42,576 33,239 8,192 7,978 2,298 1,424 Standalone & Key Subsidiaries Tata Power (Standalone) 11,242 13,469 4,669 4,282 1,346 299 MPL (Maithon Power)* 2,782 2,503 702 699 281 311 TPDDL (Delhi Discom)** 8,849 7,627 1,330 1,255 439 428 TPTCL (Power Trading) 377 265 79 53 55 33 Tata Power Solar (Solar Mfg) 8,506 5,119 432 330 161 208 TPREL Standalone (Renewable Power) 1,385 960 1,290 828 182 0 WREL (Renewable Power) 1,277 1,189 1,204 1,093 441 320 Coal SPVs (Investment Companies) 0 0 (3) 11 (232) (199) TERPL (Shipping Co) 538 1,003 363 413 241 287 TP Central Odisha Dist Ltd (CESU)** 4,059 3,046 243 118 29 7 TP Southern Odisha Dist Ltd (SOUTHCO)** 1,689 310 157 25 69 22 TP Western Odisha Dist Ltd (WESCO)** 4,243 823 209 26 64 (1) TP Northern Odisha Dist Ltd (NESCO)** 2,722 - 233 - 74 - TPIPL (Overseas Investment Co) - - 64 10 9 0 Others 901 768 213 130 21 (31) TOTAL - A 48,572 37,082 11,187 9,273 3,178 1,685 Joint Venture and Associates - - - - 1,943 873 TOTAL - B 48,572 37,082 11,187 9,273 5,121 2,558 Eliminations# (5,996) (3,843) (2,995) (1,295) (2,823) (1,125) Exceptional Items - - - - (142) 14 Discontinued operations - - - - - (20) TOTAL - C 42,576 33,239 8,192 7,978 2,156 1,439 PAT Op Income EBITDA^^ Particulars Previous year numbers are restated*TPCL stake-74%; **TPCL stake-51%; # Eliminations include inter-company transactions; ^^ including other income Share of JVs and Associates
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Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 FY 22 FY 21 FY 22 FY 21 FY 22 FY 21 Coal & Infra Companies (KPC, BSSR, AGM & NTP)30% / 26% 2,594 2,073 549 572 397 223 11,914 7,492 3,886 1,691 1,951 526 Powerlinks Trans Ltd51% 19 15 17 14 13 15 70 60 65 58 47 52 Industrial Energy Ltd74% 61 55 32 36 19 21 222 222 145 149 90 83 Resurgent Power26% 237 243 81 58 28 27 1,022 1,005 329 302 122 100 Tata Projects48% 2,031 2,304 (81) 162 (166) 46 6,536 5,823 13 429 (297) 60 Others JVs (including adjustments) 30 49 20 64 5 17 102 144 86 147 30 54 Total- Joint Ventures 4,972 4,738 617 906 296 348 19,867 14,746 4,523 2,775 1,943 873 Op Income EBITDA PAT Particulars % Share Op Income EBITDA PAT Underlying Consolidated EBITDA
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ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarReported EBITDA 2,253 1,668 585 8,192 7,978 214 Add: PAT of JV Companies296 348 (52) 1,943 873 1,069 KPC & BSSR389 175 600 1,811 330 1,268 Coal Infra8 48 (40) 140 196 (56) Powerlinks 13 15 (2) 47 52 (5) IEL19 21 (2) 90 83 7 Tata Projects(166) 46 (212) (297) 60 (356) Resurgent28 27 1 122 100 22 Others4 16 (12) 30 54 (23) Adjusted Business EBITDA 2,549 2,016 533 10,134 8,851 1,283 Less: Depreciation 846 663 (182) 3,122 2,745 (377) Less: Finance Cost1,015 890 (124) 3,859 4,010 151 PBT as per line item no.7 in Adv 689 463 226 3,153 2,096 1,057 Tata Power (Consolidated) Financial Performance
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ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarQuarter Variance RemarksOperating Income12,085 10,379 1,706 42,576 33,239 9,337 Acquisition of Odisha discoms and higher revenue from renewablesOperating Expenses10,091 8,806 (1,285) 35,305 25,701 (9,604) Operating Profit1,994 1,573 421 7,272 7,539 (267) Other Income259 95 164 920 439 481 Order impact in renewable generation companiesEBITDA2,253 1,668 585 8,192 7,978 214 Interest cost1,015 890 (124) 3,859 4,010 151 Higher borrowings for Odisha and capacity commissioned in renewablesDepreciation846 663 (182) 3,122 2,745 (377) PBT before share of Assoc & JVs393 114 278 1,210 1,223 (12) Share of Associates & JV's results296 348 (52) 1,943 873 1,069 PBT after share of JV689 463 226 3,153 2,096 1,057 Tax Expenses(86) 23 109 855 652 (204) Reversal of Tax booked in earlier quarter in Standalone pursuant to mergerNet profit before discontinued ops775 440 335 2,298 1,444 854 Discontinued ops (Defence) Results- - - - (20) 20 Net Profit for the Period775 440 335 2,298 1,424 874 Exceptional item (net of tax)(142) 42 (184) (142) 14 (157) SED & Georgia impairment offset by deferred tax asset from mergerNet Profit for the Period *632 481 151 2,156 1,439 717 * As per line item 13 in the SEBI Advt Tata Power (Standalone) Financial Performance
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ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarQuarter Variance RemarksOperating Income 3,214 3,355 (141) 11,242 13,469 (2,227)Lower revenue in Mundra because of lower PLFOperating Expenses 2,868 2,832 (36) 9,561 10,448 887 Operating Profit 346 523 (177) 1,682 3,022 (1,340)Other Income 1,896 234 1,662 2,987 1,260 1,727 Dividend income from overseas subsidiaryEBITDA 2,243 757 1,485 4,669 4,282 387 Interest cost 528 551 23 2,189 2,497 308 Depreciation 287 303 15 1,134 1,235 100 PBT 1,428 (96) 1,524 1,346 550 795 Tax Expenses (343) 63 405 0 251 251 MAT credit written off in Q1 reversed in Q4 due to mergerPAT (before exceptional items) 1,770 (159) 1,929 1,346 299 1,047 Exceptional item (net of tax) 50 42 8 1,437 15 1,422 PAT for the period 1,820 (117) 1,937 2,783 314 2469Discontinued ops (Defence) Results 0 (0)0 0 (20) 20 PAT for the period after discontinued operations 1,820 (117) 1,938 2,783 294 2489* Line no.11 of advertisement Mundra : Proforma P&L
Pursuant to merger of CGPL into Tata Power Standalone, we have prepared a proforma P&L for Mundra operations
27
ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarQuarter Variance RemarkGeneration (MUs)2,239 6,635 (4,396) 9,088 26,572 (17,483) Lower generationSales (MU)2,044 6,134 (4,090) 8,361 24,536 (16,175) Availability (%)27%79%(52%)29%80%(51%)PLF (%)25%74%(49%)25%73%(48%)HBA Coal Index183.5 82.7 (100.8) 146.7 62.2 (84.5) FOB price of coal (USD/T)112.2 55.2 (56.9) 83.5 47.6 (35.9) Average GCV of Coal (kcal/kg)5,306 5,478 (172) 5,358 5,458 (100) Revenue (₹ /Unit) 4.52 2.69 1.83 3.72 2.85 0.87 Higher revenue pursuant to the draft agreement with GUVNLFOB Fuel under recovery (₹ /Unit) (1.00) (0.72) (0.27) (0.63) (0.42) (0.22) Under-recovery from mining profit sharing and lender's haircutFinancialsOperating Income925 1,653 (728) 3,109 6,990 (3,881) Fixed charges reduced due to lower generation and penaltyFuel Expenses980 1,511 531 3,144 5,656 2,511 Other Operating Expenses116 115 (2) 422 428 6 Operating Profit(172) 27 (199) (458) 906 (1,364) Other Income19 11 8 125 17 108 EBITDA(153) 38 (191) (333) 922 (1,256) Interest & Finance Cost196 182 (14) 777 991 214 Depreciation135 133 (2) 541 569 28 PBT(484) (277) (208) (1,651) (637) (1,014) Coal Business (KPC): Key highlights
In January sales were restricted to domestic customers capped at USD 70 per tonne (this sale would be adjusted against annual DMO obligations). In February exports were reinstated. However, during March sales were again impacted due to heavy rains flooding mines and disrupting logistics bringing mining to almost a standstill. The above reasons capped the FoB and the quantity of coal mine in this quarter. Pursuant to the extension terms, the Gross Profit per tonne reduced but the Net Profit per tonne remained at Q3 levels
28
Coal Company - KPCQ4 FY 22Q3 FY 22Q2 FY22Q1 FY 22Q4 FY 21 Coal Mined (MT)10.8 12.7 14.4 14.9 14.3 Coal Sold (MT)10.4 13.1 14.3 15.5 14.1 HBA183.5 178.8 132.1 92.3 82.7 FOB Revenue (USD/T)98.0 99.4 84.2 65.5 59.4 Royalty (USD/T)26.9 14.4 11.9 9.0 8.8 Net Revenue after royalty (USD/T)71.1 85.0 72.3 56.5 50.7 Cost of Production (USD/T)44.3 43.3 40.3 36.2 35.6 COGS ($/T) - Including Inv Movement42.7 44.9 39.6 37.3 34.0 Gross Profit (USD/T) 28.3 40.1 32.6 19.3 16.6 Net Profit (USD/T) 14.5 14.6 12.5 6.5 5.1 Mundra and Coal companies – Integrated performance
One-offs: Q4 FY22 includes ₹ 5 crore - income from positive order impact offset by contractual provisions in Mundra
29
MundraQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarRevenue 925 1,653 (728) 3,109 6,990 (3,881)EBITDA (196) 38 (234) (376) 922 (1,299)PBT (527) (277) (251) (1,694) - (1,694)Coal & Infrastructure Business Q4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarRevenue 2,619 2,115 504 12,024 7,693 4,331 EBITDA 612 688 (76) 4,293 2,179 2,114 PAT 355 250 105 1,980 639 1,341 Net PAT (172) (27) (145) 286 639 (353)Net PAT (w/o one-offs) (178) (27) (151) (35) 745 (780) Maithon Power Limited - Highlights
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ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarQuarter Variance RemarksGeneration (MUs)1,543 1,491 52 7,489 6,383 1,106 Sales (MUs)1,453 1,405 48 7,215 5,819 1,395 Availability (%) (Plant)77%70%7%93%90%3%PLF % 68%66%2%81%69%12%FinancialsOperating Income635 561 74 2,782 2,503 279 Higher generation and fuel costFuel Costs363 304 (59) 1,773 1,500 (273) Other Operating expenses107 103 (4) 330 322 (8) Operating profit164 154 10 680 682 (2) Other Income7 6 2 22 17 5 EBITDA 172 160 12 702 699 3 Interest cost33 28 (5) 137 136 (1) Depreciation68 62 (6) 272 246 (26) PBT 71 71 1 293 316 (24)Tax(1) (44) (43) 12 5 (7) Reversal of defered tax liability in Q4 FY 21PAT 72 115 (43) 281 311 (30) Prayagraj Power Generation Co Ltd. (100%) - Highlights
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ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarQuarter Variance RemarksGeneration (MUs)2,651 2,822 (171) 11,656 10,751 905 Sales (MU)2,497 2,659 (162) 10,977 10,093 884 Availability (%)72.2%84.0%-11.8%81.1%83.2%-2.1%PLF % 62.0%65.9%-4.0%67.2%61.9%5.3%FinancialsOperating Income906 933 (27) 3,863 3,860 3 Lower PPA sales Operating expenses710 671 (40) 2,908 2,729 (178) Higher fuel cost Operating profit196 263 (67) 955 1,131 (175) Other Income140 15 124 347 50 297 Receipt of late payment surcharge cess EBITDA 336 278 58 1,302 1,181 122 Interest cost174 196 22 708 818 110 Depreciation46 56 9 182 177 (4) PBT 116 26 89 413 185 228 Taxes- - - - - - PAT 116 26 89 413 185 228 Tata Power Delhi Distribution Ltd - Highlights
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ParticularsQ4 FY22Q4 FY21Qtr VarFY 22FY 21YTD VarQuarter Variance RemarksPurchase (Mus)2,036 1,959 (76) 9,425 8,950 (475) Sales (Mus)1,891 1,847 44 8,787 8,347 440 Revenue Per Unit9.06 8.53 0.52 8.35 8.04 0.31 PPC Per Unit6.81 6.35 0.45 6.32 5.93 0.39 AT&C losses (%)6.80%7.33%0.53%6.80%7.33%0.53%FinancialsIncome from Operation1,871 1,698 173 7,978 7,297 682 Higher sales and power purchase costPower Purchase 1,385 1,244 (141) 5,957 5,306 (651) Other Operating Exp.224 229 5 853 851 (1) Operating Exp.1,609 1,473 (136) 6,810 6,158 (652) Operating Profit262 225 37 1,169 1,139 29 Other Income90 27 63 162 116 46 Reversal of provisions in CYQEBITDA352 252 100 1,330 1,255 75 Interest cost96 81 (15) 324 344 20 Interest payable on refundable security depositDepreciation93 90 (4) 371 354 (17) PBT163 81 81 635 558 78 Tax50 (40) (91) 196 129 (67) PYQ includes reversal of deferred taxPAT112 121 (9) 439 428 10 Odisha Discoms – Highlights
Technical losses have come down and are in line with targets. Collections had lagged in Q1 and Q2 due to Covid related issues. However, there are signs of pick up in collections as significant arrears got collected in Q4
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Q4 HighlightsTPCODLTPSODLTPWODLTPNODLPurchase (Mus)1,945 980 2,296 1,286 Sales (Mus)1,477 745 1,898 1,078 Revenue per unit6.11 6.24 5.75 6.62 Power Cost per unit3.08 2.34 3.62 3.44 Actual Technical losses YTD (%)23.8%23.4%19.5%17.6%Actual AT&C losses YTD (%)29.0%32.5%29.7%23.1%Vesting order Target AT&C losses (%)23.7%25.8%20.4%19.2%Income from Operation962 465 1,136 773 EBITDA85 49 85 77 PAT9 31 38 31 Tata Power Renewable Energy Ltd (Conso. excluding WREL) – Highlights
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Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance RemarksCapacity - Total (MW)2,184 1,498 686 2,184 1,498 686 Capacity - Wind (MW)655 655 - 655 655 - Capacity - Solar (MW)1,530 844 686 1,530 844 686 Generation (MUs) 848 667 181 3,302 2,749 553 Sales (MUs)834 655 179 3,241 2,696 545 Avg PLF (%) - Solar24%27%-3%23%24%-1%Avg PLF (%) - Wind12%12%0%19%17%2%FinancialsOperating Income505 298 207 1,497 1,179 318 Addition in solar capacity and revenue recognised for deemed generation, REC income & other matters Operating expenses64 69 5 259 229 (30) Operating profit441 229 213 1,237 949 288 Other income94 9 85 133 52 81 Warranty claim received on solar modulesEBITDA535 237 297 1,371 1,001 369 Interest cost183 121 (63) 551 520 (31) Interest charged to P&L on capacity comissioningDepreciation183 119 (64) 551 470 (81) PBT 168 (3) 171 269 11 257 Tax46 0 (46) 77 7 (70) PAT 122 (3) 125 192 4 188 Walwhan Renewable Energy Ltd - Highlights
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Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance RemarksCapacity - Total (MW)1,010 1,010 - 1,010 1,010 - Capacity - Wind (MW)146 146 - 146 146 - Capacity - Solar (MW)864 864 - 864 864 - Generation (MUs) 441 435 6 1,676 1,659 17 Higher generation from wind sitesSales (MUs)437 432 5 1,663 1,645 18 Avg PLF (%) - Solar21%21%0%19%19%0%Avg PLF (%) - Wind16%15%0%20%18%2%FinancialsOperating Income395 311 85 1,277 1,182 95 Higher generation and revenue recognised for deemed generation and tariff increaseOperating expenses30 49 19 129 134 5 Operating profit365 262 103 1,148 1,048 100 Other income12 15 (3) 56 44 12 EBITDA377 277 100 1,204 1,093 111 Interest cost78 87 9 343 391 47 Depreciation69 72 3 284 288 4 PBT 230 118 112 577 414 163 Tax75 30 (45) 136 95 (41) PAT 155 88 67 441 320 121 Tata Power Solar Systems Limited – Highlights
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Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance RemarksOperating Income3,4812,7777048,5065,1193,387Higher execution in utility scale, rooftop and solar pump businessOperating expenses3,4082,605(803)8,1484,813(3,335)Higher prices of materialsOperating profit73172(99)35730652Other income413(9)752451EBITDA77185(108)432330102Interest cost2429515781(77)Depreciation1511(5)6025(35)PBT37145(108)215225(9)Tax98(1)5516(39)PAT28136(108)161208(48) Green Company – Consolidated View
Note: EBITDA includes other income
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Key Parameters - GreenCoQ4 FY22Q4 FY21FY22FY21Revenue2,860 2,694 7,772 5,891 EBITDA962 636 2,880 2,337 PAT280 171 686 439 Gross Debt15,247 12,051 15,247 12,051 Net Debt14,817 11,678 14,817 11,678 Networth7,856 6,580 7,856 6,580 Regulated - Equity and Assets
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ParticularsQ4 FY 22Q3 FY 22Q2 FY 22Q1 FY 22Q4 FY 21 Regulated Equity Mumbai Operation 4,377 4,243 4,212 4,212 4,204 Jojobera 522.00 522 522 522 522 Tata Power Delhi Distribution (100%) 1,831 1,769 1,764 1,748 1,679 TP Central Odisha Dist Ltd (100%) 504 300 300 300 300 TP Southern Odisha Dist Ltd (100%) 248 200 200 200 200 TP Western Odisha Dist Ltd (100%) 360 300 300 300 300 TP Northern Odisha Dist Ltd (100%) 295 250 250 250 - Maithon Power Limited (100%) 1,661 1,651 1,651 1,649 1,440 Industrial Energy Limited (100%) 690 716 716 716 716 Powerlinks Transmission (100%) 468 468 468 468 468 Total 10,956 10,419 10,382 10,365 9,828 Regulated Assets (As per financial books) Mumbai Operation 2,078 1,810 1,762 1,694 1,738 Tata Power Delhi Distribution (100%) 5,842 5,707 5,472 5,620 5,512 TP Central Odisha Dist Ltd (100%) 126 31 (5) 313 345 TP Southern Odisha Dist Ltd (100%) 94 56 50 111 48 TP Western Odisha Dist Ltd (100%) (635) (511) (333) (203) (99) TP Northern Odisha Dist Ltd (100%) 23 (96) (85) (33) - Maithon Power Limited (100%) (222) (300) (242) (235) (227) Total 7,306 6,696 6,618 7,268 7,316 Leverage Management - Debt Profile
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Q3 FY22Q4 FY21RupeeForexTotalTotalTotalLong term 32,344 384 32,729 28,346 30,045 Short term 6,146 830 6,976 10,838 8,436 Current Maturity of LT 5,093 2,793 7,885 8,179 4,690 Total Debt 43,582 4,008 47,590 47,363 43,171 Less: Cash 7,051 6,370 6,370 Less: Debt against dividend in Coal SPVs 830 1,457 613 Net External Debt 39,708 39,536 36,187 Equity 26,028 24,996 25,250 Net Debt to Equity 1.53 1.58 1.43 Q4 FY22CONSOLIDATEDPARTICULARS Debt Profile
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31st March 202231st Dec 2021Dec / (Inc) - 3 months31st March 2021Mar / (Inc) - 12 monthsCoal SPVs 4,008 4,571 564 3,670 (338)Repayment of debt from coal cosTPDDL 2,883 2,936 54 3,326 444 WREL 4,000 3,972 (28) 4,600 600 TPREL 8,326 7,453 (873) 5,229 (3,097)Increase in capex related borrowingsTPSSL 927 1,579 653 464 (463)Repayment of WC borrowingsMaithon 1,660 1,675 15 1,778 119 Odisha DISCOMs 1,368 1,504 136 343 (1,025)TATA Power (w/o Mundra) 19,236 18,494 (742) 19,630 394 Additional borrowings for regulated capexMundra 4,872 4,853 (20) 4,055 (818)Others 5,184 325 (4,859) 4,130 (1,054)Total Debt 47,590 47,363 (227) 43,171 (4,419)Total Gross Debt (LT + ST)CompanyQuarterly movement Remarks Latest Tata Power resources uploaded on website
Sr. No.
Resources
Link
1.
Tata Power ESG Profile
https://esg.churchgatepartners.com/login/CompanyProfile?id =310038003100240024004100530048004F004B0041004E00 41004E00590041004100560041004E00490041005300480057 0049004E00490024002400
2.
3.
4.
Tata Power Integrated Annual Report
https://www.tatapower.com/pdf/investor- relations/102Annual-Report-2020-21.pdf
TPCL Renewable Transaction- Analyst Presentation
https://www.tatapower.com/pdf/investor-relations/tpcl- renewable-analyst-presenation-14apr2022.pdf
TPCL Renewable Transaction- Analyst call recording
http://172.16.104.25:15871/cgi-bin/blockpage.cgi?ws- session=18446744071905376411
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Investor Relations Team:
Mr. Soundararajan Kasturi Chief – Treasury & Investor Relations Email: kasturis@tatapower.com M: +91 82912 04022
Mr. Rahul Shah Head – Investor Relations Email: rahuls@tatapower.com M: +91 91370 34304
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