Tata Power Company Limited · NSE:TATAPOWER
Tata Power — The Tata Power Company — Q4 FY22 Earnings Presentation
42 slides from Tata Power's earnings presentation, May 6, 2022
Slide 1: Financial Results – Q4 FY22
The Tata Power Company Limited Financial Results – Q4 FY22 6th May 2022 1
Slide 2: Disclaimer
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
Slide 3: Q4 FY22 Business Highlights
Q4 FY22 Business Highlights
Slide 4: Q4 FY22 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 So
Slide 5: Partnership for the future
Partnership for the future To create a unique and comprehensive: RE Large scale Rooftop Solar Capacity RE EPC Utility Green Consumer Solar Pumps scale Centric Platform EV Charging Manufacturing Business 5
Slide 6: Transaction contours
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 w
Slide 7: Mundra & Coal – Strengthening the fundamentals
Mundra & Coal – Strengthening the fundamentals • Discussions in advanced stages with GUVNL for a supplementary PPA (SPPA) Fuel Under- • GUVNL has requested continuation of power supply under the draft SPPA effective 1st Jan recovery 2022 • Discussions with other states underway based on above SPPA •
Slide 8: Be Ahead
be Ahad TATA TATA POWER Tata Power Renewables Commissions 300 MW Solar plant in Dholera, Gujarat with India’s largest single axis solar tracker system.
Slide 9: Solar Utility Scale EPC – Execution at fore in Q4
Solar Utility Scale EPC – Execution at fore in Q4 WELL DIVERSIFIED UTILITY SCALE ORDER BOOK AC Capacity Customer - Utility Scale (MW) Tata Power Group 965 NTPC 770 SECI 140 GSECL 95 NHPC 40 Total Capacity as on 31st March 22 2,010 Order Book as on 31st March 22 (₹ Cr) 7,275 ➢ Q4 focus was on executi
Slide 10: Pioneering India's rooftop installation
Pioneering India’s rooftop installation
Slide 11: Consumer centric Solar Businesses - Quarter Highlights
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) Revenue (in ₹ crore) 687 243 205 378 312 86 Q4 FY21 Q4 FY22 Q3 FY22 Q4 FY21 Q4 FY22 Q3 FY22 ➢ Highest billin
Slide 12: Tata Power EZ Charge
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 Sp
Slide 13: Odisha Discoms: Multi pronged efforts to reduce losses
Odisha Discoms: Multi pronged efforts to reduce losses 969 MW HT/theft load added 12 lac meter replaced till date ₹ 505 crore past arrear collected in in FY22 across all 4 discoms across all 4 discoms FY22; My Tata Power App launched to digitize billing & payment 30.4% 29.0% 36.3% GROWTH 32.5% RELIA
Slide 14: Q4 FY22 Financial Highlights
Q4 FY22 Financial Highlights
Slide 15: Q4 FY22 Financial Highlights
Q4 FY22 Financial Highlights Strong all round operational performance; despite lower coal profits, PAT up by 76% YoY Underlying EBITDA (Including Reported EBITDA PAT (before exceptional items) Share of JVs & Associates) Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 1,841 2,
Slide 16: Comfortable debt position for sustainable growth
Comfortable debt position for sustainable growth NET DEBT MAINTAINED AT Q3 LEVELS BUS AS USUAL DEBT DOWN WITH ROBUST CF FROM OPERATIONS 36,187 39,536 39,708 Q4 FY21 Q3 FY22 Q4 FY22 SUSTAINABLE DEBT PROFILE 1.53 Net Debt to Equity v 1.43 in Q4 21 Net Debt to Underlying 3.92 EBITDA (on rolling 12 mont
Slide 17: Installed Generation Capacity as on 31st Mar 22
Installed Generation Capacity as on 31st Mar 22 GENERATION PORTFOLIO ~ 34% CLEAN & GREEN Clean and Green Break-up Clean & Waste Heat Business Model MW % Thermal Green Hydro Recovery / Wind Solar Total BFG Captive 429 3.7% 174 255 255 Merchant 246 2.1% 246 126 120 PPA/ Fixed Tariff (Bid/ Others) 4,64
Slide 18: T&D Portfolio and RE Pipeline as on 31st Mar 22
T&D Portfolio and RE Pipeline as on 31st Mar 22 CURRENT T&D PORTFOLIO LARGE SOLAR PROJECT DEVELOPMENT PIPELINE Transmission Business Model CKM Customer State Capacity (MW) Mumbai Transmission Regulated 1,224 Powerlinks (JV) Regulated 2,328 GUVNL GJ 120 Total 3,552 MSEDCL MH 100 TPC - D (Hybrid) RJ 2
Slide 19: Q4 Operational Highlights
Q4 Operational Highlights Generation - Availability Transmission - Availability 100 98 98 98 98 98 100 100 100 91 81 80 100 79 Powerlinks 100 100 40 27 100 MO - 100 Transmission Thermal (excl. CGPL MO - Hydro Wind Solar 100 CGPL) Plant Load or Capacity Utilization factor AT&C Losses - Distribution (
Slide 20: Financial Results
TATA POWER Financial Results 20
Slide 21: Consolidated Performance – Q4 FY22
Consolidated Performance – Q4 FY22 Op Income EBITDA^^ PAT Particulars 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)* 6
Slide 22: Consolidated Performance – FY22
Consolidated Performance – FY22 Op Income EBITDA^^ PAT Particulars 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 2,50
Slide 23: Share of JVs and Associates
Share of JVs and Associates Op Income EBITDA PAT Op Income EBITDA PAT Particulars % Share 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 30% / 2,594 2,073 549 572 397 223 11,914 7,492 3,886 1,691 1,951 526 (KPC, BSSR, AGM & NTP) 26% Powerli
Slide 24: Underlying Consolidated EBITDA
Underlying Consolidated EBITDA Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Reported EBITDA 2,253 1,668 585 8,192 7,978 214 Add: PAT of JV Companies 296 348 (52) 1,943 873 1,069 KPC & BSSR 389 175 600 1,811 330 1,268 Coal Infra 8 48 (40) 140 196 (56) Powerlinks 13 15 (2) 47 52 (5) IEL 19
Slide 25: Tata Power (Consolidated) Financial Performance
Tata Power (Consolidated) Financial Performance Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Operating Income 12,085 10,379 1,706 42,576 33,239 9,337 Acquisition of Odisha discoms and higher revenue from renewables Operating Expenses 10,091 8,806 (1,285) 35,305 25
Slide 26: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Operating Income 3,214 3,355 (141) 11,242 13,469 (2,227) Lower revenue in Mundra because of lower PLF Operating Expenses 2,868 2,832 (36) 9,561 10,448 887 Operating Profit 3
Slide 27: Mundra : Proforma P&L
Mundra : Proforma P&L Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remark Generation (MUs) 2,239 6,635 (4,396) 9,088 26,572 (17,483) Lower generation Sales (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
Slide 28: Coal Business (KPC): Key highlights
Coal Business (KPC): Key highlights Coal Company - KPC Q4 FY 22 Q3 FY 22 Q2 FY22 Q1 FY 22 Q4 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 HBA 183.5 178.8 132.1 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
Slide 29: Mundra and Coal companies – Integrated performance
Mundra and Coal companies – Integrated performance Mundra Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Revenue 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 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var
Slide 30: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Generation (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% Financials Op
Slide 31: Prayagraj Power Generation Co Ltd. (100%) - Highlights
Prayagraj Power Generation Co Ltd. (100%) - Highlights Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Generation (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
Slide 32: Tata Power Delhi Distribution Ltd - Highlights
Tata Power Delhi Distribution Ltd - Highlights Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Purchase (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 Unit 9.06 8.53 0.52 8.35 8.04 0.31 PPC Per Unit 6.81 6.35 0.45 6.32
Slide 33: Odisha Discoms – Highlights
Odisha Discoms – Highlights Q4 Highlights TPCODL TPSODL TPWODL TPNODL Purchase (Mus) 1,945 980 2,296 1,286 Sales (Mus) 1,477 745 1,898 1,078 Revenue per unit 6.11 6.24 5.75 6.62 Power Cost per unit 3.08 2.34 3.62 3.44 Actual Technical losses YTD (%) 23.8% 23.4% 19.5% 17.6% Actual AT&C losses YTD (%)
Slide 34: Tata Power Renewable Energy Ltd (Conso. excluding WREL) – Highlights
Tata Power Renewable Energy Ltd (Conso. excluding WREL) – Highlights Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Capacity - 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 Gener
Slide 35: Walwhan Renewable Energy Ltd - Highlights
Walwhan Renewable Energy Ltd - Highlights Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Capacity - 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 Hi
Slide 36: Tata Power Solar Systems Limited – Highlights
Tata Power Solar Systems Limited – Highlights Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Higher execution in utility scale, rooftop Operating Income 3,481 2,777 704 8,506 5,119 3,387 and solar pump business Operating expenses 3,408 2,605 (803) 8,148 4,813 (3,335
Slide 37: Green Company – Consolidated View
Green Company – Consolidated View Key Parameters - GreenCo Q4 FY22 Q4 FY21 FY22 FY21 Revenue 2,860 2,694 7,772 5,891 EBITDA 962 636 2,880 2,337 PAT 280 171 686 439 Gross Debt 15,247 12,051 15,247 12,051 Net Debt 14,817 11,678 14,817 11,678 Networth 7,856 6,580 7,856 6,580 Note: EBITDA includes other
Slide 38: Regulated - Equity and Assets
Regulated - Equity and Assets Particulars Q4 FY 22 Q3 FY 22 Q2 FY 22 Q1 FY 22 Q4 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
Slide 39: Leverage Management - Debt Profile
Leverage Management - Debt Profile CONSOLIDATED PARTICULARS Q4 FY22 Q3 FY22 Q4 FY21 Rupee Forex Total Total Total Long 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:
Slide 40: Debt Profile
Debt Profile Total Gross Debt (LT + ST) Company 31st March 31st Dec Dec / (Inc) - 3 31st March Mar / (Inc) - Quarterly movement Remarks 2022 2021 months 2021 12 months Coal SPVs 4,008 4,571 564 3,670 (338) Repayment of debt from coal cos TPDDL 2,883 2,936 54 3,326 444 WREL 4,000 3,972 (28) 4,600 600
Slide 41: Latest Tata Power resources uploaded on website
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. Tata Power Integr
Slide 42: Thank You!
Thank You! Website: www.tatapower.com Investor Relations Team: Mr. Soundararajan Kasturi Mr. Rahul Shah Chief – Treasury & Investor Relations Head – Investor Relations Email: kasturis@tatapower.com Email: rahuls@tatapower.com M: +91 82912 04022 M: +91 91370 34304 42
The Tata Power Company — Q4 FY22 Earnings Presentation on 6ix