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Tata Power Records PAT of Rs 481 Cr in Q4 FY21

Tata Power Records PAT of Rs 481 Cr in Q4 FY21

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On a consolidated basis, Tata Power Company reported 1% rise in net profit to Rs 481 crore in Q4 FY21 from Rs 475 crore, due to saving in finance cost offset by exceptional gain in previous year.

Revenue in Q4 FY21 stood at Rs 10,255 crore, up by 49% from Rs 6,881 crore in the corresponding quarter last year mainly due to Odisha DISCOMs acquisition and higher execution of solar EPC Projects.

EBITDA declined by 17.1% to Rs 1,668 crore in Q4 FY21 from Rs 2,013 crore in Q4 FY20, mainly due to higher losses in CGPL due to higher coal price and lower tax.

The company reported 10.8% jump in consolidated net profit to Rs 1,127.38 crore on 11.5% rise in net sales to Rs 32,488.10 crore in the year ended 31 March 2021 over the year ended 31 March 2020.

Renewable generation capacity stands at 2,693 MW. During the year, the company added 65 MW.

The company continued its efforts to strengthen the balance sheet. Despite over Rs 3,300 crore capex during the year, net external debt reduced by Rs 7,600 crore with further improvement expected from sale of non-core assets and other initiatives. Debt Equity level is down to 1.4 and is expected to go down further.

Commenting on the company’s performance, Dr Praveer Sinha, CEO & MD, Tata Power said, “All our businesses and operations have performed exceptionally well. This can be attributed to the overall excellent performance of the generation, transmission, distribution and renewable businesses.

Our consumer base in Odisha has expanded to 9 million with the recent acquisition of the retail power distribution for the entire state. With this, we have steadily grown to around 12 million consumers across the country, continuing to build our business in line with our strategy to become a highly consumer focused power utility.

We are anticipating significant growth in the Solar sector and have planned various developmental initiatives to grow our Solar business.

Tata Power Solar Systems Limited, our wholly owned subsidiary, recently inaugurated a state-of-the-art expansion of its manufacturing facility in Bengaluru, thereby, taking up the total production capacity of cells and modules to 1,100 MW.

While we continue to grow our B2C segment, we also aim to serve our B2B consumers with enhanced value-added energy management services. The company has begun investing in startups to speed up its innovation pipeline to help develop a fully integrated Energy as a Service solution provider with niche Smart Energy Management offerings.

We will continue to concentrate on our key growth areas – renewables, distribution business and new businesses of rooftop solar panels, solar pumps and EV charging and push the bar on performance through all our entire gamut of generation, transmission and distribution businesses.”

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

The scrip fell 2.47% to end at Rs 106.55 on the BSE.

Source: Capital Market
Anand Gupta Editor - EQ Int'l Media Network