Tata Power Company Limited · NSE:TATAPOWER
Tata Power — Q3 FY2024 Earnings Presentation
56 slides from Tata Power's earnings presentation, Feb 9, 2024
Slide 1: Exchange filing cover letter: Presentation to Analysts
February 9, 2024 BJ/SH/L2/ BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza, 5th Floor 1st Floor, New Trading Ring Plot No. C/1, G Block Rotunda Bldg., P. J. Towers Bandra-Kurla Complex Dalal Street, Fort Bandra (East) Mumbai – 400 001. Mumbai – 4
Slide 2: Financial Results – Q3 FY24
F I N A N C I A L R E S U LT S – Q 3 F Y 2 4 9 F E B R U ARY 2 0 2 4
Slide 3: 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 4: Agenda
Agenda 04 About Tata Power 10 Sustainability: Manifesting a Greener Tomorrow 18 Industry Highlights 22 Business Highlights 31 Operational & Financial Highlights 37 Annexures tatapower.com 3
Slide 5: About Tata Power
About Tata Power tatapower.com 4
Slide 6: Glorious history of over 100 years
Glorious history of over 100 years... Calendar Year Basis • Received second tranche of • 2001:Commissioned first wind ₹2,000 Cr from Blackrock and asset of 17 MW at Supa Mubadala Consortium • 1910: Company Maharashtra • Commissioned first solar • 2014: Entered into • Resurgent Power Ventures • Takes
Slide 7: India's most Vertically Integrated Power Company
… to become India’s most Vertically Integrated Power Company ₹ Crore unless stated TATA POWER COMPANY LIMITED (TPCL) YTDFY24 Revenue EBITDA Net Debt PAT*** 45,286 9,342 38,599 3,235 THERMAL GENERATION, COAL & HYDRO RENEWABLES^ TRANSMISSION & DISTRIBUTION ELIMINATIONS/OTHERS (INCL. CORPORATE TAXES ,
Slide 8: 14GW Generational Assets spread across India
14GW Generational Assets spread across India Capacity Mix (Domestic + International) DOMESTIC PARTICULARS CAPACITY (MW) 14,453 MW 8,860 MW 1. Gujarat 5,013.5 Total Thermal 2. Maharashtra 2,309.2 14 3. Uttar Pradesh 4. Jharkhand 2,082.1 1,740.9 880 MW 443 MW Hydro Waste Heat Recovery /BFG 16 5. Rajas
Slide 9: Assets located outside India
Assets located outside India Georgia, Adiaristsgali Bhutan, Dagachhu 187 MW 50% 126 MW 26% Installed capacity TPCL stake Installed capacity TPCL stake Indonesia Coal Mines Coal mines Tata Power Share % Kaltim Prima Coal (KPC) 30% Baramulti Suksessarana 78 MTPA 26% Zambia, Itezhi Tezhi (ITPC) (BSSR)
Slide 10: Clean & Green to account for ~54% capacity post project completions
Clean & Green to account for ~54% capacity post project completions Tata Power Capacity Current Operational Capacity share (IN MW ) (IN %) 3 3 Thermal 21 Hydro Wind 6 61 Solar 6 WHRS/BFG* Hybrid Capacity share post completion of projects (IN %) 2 Thermal 21 Hydro 46 Wind Total Solar 22 Thermal Hydro
Slide 11: Carbon Net Zero, Water Neutral, Zero Waste to Landfill
Carbon Water Zero Waste Net Zero Neutral to Landfill BEFORE 2045 BEFORE 2030 BEFORE 2030 tatapower.com 10
Slide 12: ESG sustainability aspirations
E Our sustainability aspirations Become carbon net Become water Zero waste to landfill No Net Loss to Leverage technology zero before 2045 neutral before 2030 before 2030 Biodiversity to create the 'Utility of the Future’ (IOT, Smart Grids, BESS, Green H2, robotic panel cleaning etc.) S Education -
Slide 13: Taking leaps towards our ESG goals
Taking leaps towards our ESG goals Ba s el i ne T a rget Pa rti cul a rs Des cri pti on On goi ng a cti ons Va l ue ( FY23) Yea r Va l ue Yea r Clean & Green Portfolio 16%* 2015 70% 2030 • 39% Clean & Green portfolio as on Dec2023 • SBTi Commitment Net Zero • Renewable Portfolio Growth 38.9 Million
Slide 14: Gradually improving our ESG ratings
Gradually improving our ESG ratings 2023 2022 2021 2020 2019 2018 B B C C D D CDP – Climate Change B B B C F F CDP – Water 67 67 67 - 48 15 DJSI BBB BBB BB BB BB BB MSCI 38.5 41.2 38.6 - - - Sustainalytics 13
Slide 15: Achieving 100% Clean & Green Power generation by FY 2045
Achieving 100% Clean & Green Power generation by FY 2045 2015 2023 2030 2045 Largely a coal-based company, Transitioning towards a Clean & Green Phasing out thermal having capacities to fulfil the clean and green portfolio Capacity will portfolio before 2045 energy demands of a through renewable acc
Slide 16: Empowering Communities
Empowering Communities 3.7 Mn Touching lives Public Private Improving Far Partnerships access Reaching (Collaboration & & creating Impact on 85+ Leverage) opportunities Community and Co- ownership Districts in 17 states Optimal Green Technology **Tata Power has taken a major leap in Utilization Jobs
Slide 17: Institutional Structures and governance framework
Well-established governance framework Our CSR and Sustainability Committee at the Board level guides the strategy, and the Apex Leadership Team enables its impactful implementation Leadership and Oversight on Advocacy Sustainability Leadership Initiatives that are based with care on, and are encompa
Slide 18: Robust Governance Structure in place
Robust Governance Structure in place Audit Committee Governance policies • Tata Code of Conduct • Code of Conduct for Independent Directors • Code of Conduct for Non-Executive Directors Nomination and • Related Party Transactions Policy, Framework & Guidelines Remuneration Committee • Whistle Blower
Slide 19: Industry Highlights
Industry Highlights tatapower.com 18
Slide 20: Power Demand is up 10% Y-o-Y in Q3FY24
Power Demand is up 10% Y-o-Y in Q3FY24 and up 8% in 9MFY24 India has one of the lowest Ratio of Power Generation Monthly Energy Requirement Coal-based plants' PLF increased power consumption per capita Growth to GDP growth has (IN BUs) by 575bps Y-o-Y to 65% in 9MFY24 (IN KW H) increased in the past
Slide 21: RE continues to account for bulk of Capacity additions in India
RE continues to account for bulk of the Capacity additions in India Total Installed Capacity in India 2.2GW added in Dec-23 12.2GW added in 9MFY24 Renewables (incl. Hydro) accounted currently stands at ~428GW (IN GW ) (IN MW ) for ~71% of 9MFY24 capacity additions (IN %) 543 368 4.0 120 3% 3% 6% 2%
Slide 22: Cell and Module trading near multi-year lows; Coal has stabilised
Cell and Module trading near multi-year lows; Coal has stabilised Price Movement of Polysilicon & Wafer Price Movement of Solar Cell & Module Thermal Coal Prices (US$/t) 40 1.2 0.28 35 1.0 450 30 0.23 400 0.8 25 350 0.18 300 20 0.6 250 15 0.13 0.4 200 0.12 0.25 147 10 150 0.08 8.95 0.2 5 100 109 0.0
Slide 23: Business Highlights
Business Highlights tatapower.com 22
Slide 24: Q3 FY24 Highlights
Q3 FY24 Highlights Tata Power surpasses ₹1 trillion Tata Power acquires 344cKm TPREL energized 400+ public Tata Power Reaches milestone of TPSSL receives order Market Capitalization Bikaner-III Neemrana-II EV charging points in Q3 FY24 ~9 lakh smart meters across its of 152MWp DCR Solar Transmission
Slide 25: Solar Utility Scale EPC Update
Solar Utility Scale EPC Update WELL DIVERSIFIED UTILITY Utility Scale EPC Order Book BUSINESS UPDATES SCALE ORDER BOOK (IN ₹ CRORE) CUSTOMER ORDER BOOK (₹ CR) • Utility Scale Solar EPC business has won orders Tata Power Group 7,412 of 612MW worth ₹2,894Cr in Q3FY24. SJVN 3,542 NTPC 1,810 • Highest o
Slide 26: Solar Rooftop and Group Captive – Q3 FY24 Highlights
Solar Rooftop and Group Captive – Q3 FY24 Highlights GROUP CAPTIVE* ORDER BOOK (₹ cr.) Revenue (In ₹ Crore) Q3 FY24 444 508 Q2 FY24 314 460 Order book at Q3 FY23 356 179 Order book at Orders Q3 the end received Revenue the end of Q2 FY24 in Q3 of Q3 FY24 GROUP CAPTIVE* Rooftop Group Captive* • Order
Slide 27: Tata Power – EZ Charge
Tata Power – EZ Charge OPERATIONAL EV CHARGING PLATFORM BUSINESS HIGHLIGHTS HIGHLIGHTS STATISTICS 5,344 Public & Captive Chargers (energized) till date 202k+ Registered Users • Tata Power and Indian Oil Corporation (IOC) to 4,932 412 177 25 deploy 500+ EV charging Points across India 479 Cities and
Slide 28: Odisha Discoms – Q3 FY24 Highlights
Odisha Discoms –Q3 FY24 Highlights STRONG OPERATIONAL PERFORM ANCE ACROSS ALL DISCOM S THEFT M ETERS S U B S T AT I O N S P R E - T AK E O V E R L O AD R E P L AC E D AU T O M AT E D ( N o ’ s ) AR R E AR S (MW)P (in lakhs) COLLECTED (₹Crs) REDUCING AT&C LOSSES => PROM ISING GROWTH Q3 Upto Q3 Upto Q
Slide 29: 4.3 GW Cell and Module Manufacturing Plant - Update
4.3 GW Cell and Module Manufacturing Plant - Update Module Testing Module Ramp-up 4.3GW* Cell line Ramp-Up completed & First Cell-out 4.3GW* Oct 2023 Q4 FY24 Q1 FY25 *Subject to necessary approvals Pre-Lamination Area Completed- Under Trial Run First Module Out (FMO) tatapower.com 28
Slide 30: Pumped Storage Hydro Plants (PSP)
Pumped Storage Hydro Plants (PSP) SHIRAWATA PSP BHIVPURI PSP Key Highlights Key Highlights 1,000 MW 1,800 MW Type Type Off-stream Existing Off-stream Upper Reservoir Upper Reservoir New -15 MCM Thokarwadi – 352 MCM (million cubic meters) Lower Reservoir Existing Shirawta Dam Lower Reservoir 197 MCM
Slide 31: Transmission - Recent wins to expand transmission portfolio
Transmission- Recent wins to expand transmission portfolio Declared L1* Received LOA* Transmission Capacity (Ckt Km) Project: Project: Jalpura Khurja Power Rajasthan Phase IV Part C Transmission Limited (80 Ckm) (344 Ckm) Project Brief Project Brief • Construction and O&M of 400 kV substation • Bika
Slide 32: Operational & Financial Highlights
Operational & Financial Highlights tatapower.com 31
Slide 33: Q3 FY24 Operational Highlights
Q3 FY24 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 98 100 97 98 98 98 100 100 100 92 91 75 78 76 89 9.0 8.7 81 8.4 60 60 7.4 73 73 7.1 5.7 45 37 34 32 32 21 21 21 0.5 0.0 -0.2 10 12 Thermal Mundra MO Hydro WIND
Slide 34: 9M FY24 Operational Highlights
9M FY24 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 99 99 98 98 99 100 77 77 8.7 91 91 8.4 82 7.4 69 54 5.7 42 41 40 21 22 22 22 0.5 -0.2 Thermal Mundra MO Hydro WIND SOLAR SOLAR MO- Thermal Mundra MO Hydro WIND
Slide 35: Financial Highlights
Financial Highlights Posted PAT growth for the 17th consecutive quarter Revenue EBITDA* Underlying EBITDA 3% -4% 15% 5% (including share of JVs and Associates) -8% 5% Q3 FY24 14,841 Q3 FY24 3,250 Q3 FY24 3,509 Q2 FY24 15,442 Q2 FY24 3,087 Q2 FY24 3,339 Q3 FY23 14,339 Q3 FY23 2,818 Q3 FY23 3,816 *Rep
Slide 36: Financial Highlights
Financial Highlights Robust fundamentals as core businesses reported highest ever EBITDA in 9MFY24 Revenue EBITDA* Underlying EBITDA 5% 34% (including share of JVs and Associates) 2% YTD FY24 45,286 YTD FY24 9,342 YTD FY24 10,203 YTD FY23 43,278 YTD FY23 6,968 YTD FY23 9,988 *Reported EBITDA include
Slide 37: Comfortable Debt Position For Sustainable Growth
Comfortable Debt Position For Sustainable Growth Net Debt Net Debt has increased Q-o-Q largely due to higher capex (IN ₹ CRORE) (IN ₹ CRORE) Q3 FY24 38,599 Q2 FY24 36,609 Q3 FY23 38,131 Balance Sheet continues to be strong Q2 FY24 Cash from Income Others WC Changes Interest Business as Capex Q3 FY24
Slide 38: Annexures
Annexures — sclatapoWior.com=ee= eo UU
Slide 39: Entity-wise Consolidated Performance – Q3 FY24
Entity-wise Consolidated Performance – Q3 FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Consolidated before exceptional items 14,841 14,339 3,250 2,818 1,076 1,052 Standalone & Key Subsidiaries Tata Power (Standalone) 5,063 5,496 1,503
Slide 40: Entity-wise Consolidated Performance – YTD FY24
Entity-wise Consolidated Performance – YTD FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT YTD FY24 YTD FY23 YTD FY24 YTD FY23 YTD FY24 YTD FY23 Consolidated before exceptional items 45,286 43,278 9,342 6,968 3,000 2,871 Standalone & Key Subsidiaries Tata Power (Standalone) 15,164 15,6
Slide 41: Cluster-wise Consolidated Performance – Q3 FY24
Cluster-wise Consolidated Performance – Q3 FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Consolidated before exceptional items 14,841 14,339 3,250 2,818 1,076 1,052 Thermal Generation, Coal and Hydro 4,958 5,370 884 1,055 456 1,263 Mait
Slide 42: Cluster-wise Consolidated Performance – YTD FY24
Cluster-wise Consolidated Performance – YTD FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT YTD FY24 YTD FY23 YTD FY24 YTD FY23 YTD FY24 YTD FY23 Consolidated before exceptional items 45,286 43,278 9,342 6,968 3,000 2,871 Thermal Generation, Coal and Hydro 14,758 15,329 2,991 1,908 1,8
Slide 43: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Higher TPPSL projects execution, higher PLF in Operating Income 14,841 14,339 502 45,286 43,278 2,008 Mundra and higher power prices Operating Expenses 12,234 11
Slide 44: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Lower fuel cost & lower tariff offset by Operating Income 5,063 5,496 (433) 15,164 15,654 (490) favorable order in Jojobera and high PLF in Mundra Operat
Slide 45: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Generation (MUs) 2,076 2,063 13 6,125 6,093 32 Sales (MUs) 2,030 2,029 1 6,068 6,018 50 Availability (%) (Plant) 96% 98% -2% 95% 97% -2% PLF (%) 90% 89% 1% 88% 88%
Slide 46: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Generation (MUs) 3,131 3,256 (125) 9,700 9,632 68 Sales (MUs) 2,947 3,069 (122) 9,142 9,077 65 Availability (%) 80% 86% -6% 84% 82% 2% PLF % 72% 74% -
Slide 47: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Purchase (MUs) 2,228 2,116 112 8,449 8,562 (113) Sales (MUs) 2,096 1,987 109 7,947 8,018 (71) Revenue Per Unit 9.68 10.75 (1.07) 9.13 9.40 (0.3) PPC Pe
Slide 48: Q3 FY24 Odisha Discoms – Highlights
Q3 FY24 Odisha Discoms – Highlights ₹ Crore unless stated Particulars TPCODL TPSODL TPWODL TPNODL Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Purchase (MUs) 2,562 2,153 1,007 978 3,137 3,487 1,603 1,533 Sales (MUs) 2,043 1,620 717 746 2,607 2,875 1,344 1,342 Revenue per unit 6.0
Slide 49: YTD FY24 Odisha Discoms – Highlights
YTD FY24 Odisha Discoms – Highlights ₹ Crore unless stated Particulars TPCODL TPSODL TPWODL TPNODL YTD FY24 YTD FY23 YTD FY24 YTD FY23 YTD FY24 YTD FY23 YTD FY24 YTD FY23 Purchase (MUs) 8,854 7,768 3,305 3,244 9,508 9,831 5,449 4,876 Sales (MUs) 6,910 5,884 2,448 2,465 7,842 7,948 4,640 4,026 Revenu
Slide 50: RE Generation
RE Generation* ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Capacity - Total (MW) 4,261 3,908 353 4,261 3,908 353 Capacity - Wind (MW) 1,019 928 92 1,019 928 92 Capacity - Solar (MW) 3,242 2,981 261 3,242 2,981 261 Generation (MUs) 1,733 1,608
Slide 51: Tata Power Solar Systems Limited – Highlights
Tata Power Solar Systems Limited – Highlights ₹ Crore unless stated Particulars Q3 FY24 Q3 FY23 Var YTD FY24 YTD FY23 Var Quarter Variance Remarks Higher execution of group captive and Operating Income 4,037 1,430 2,607 7,439 3,918 3,521 large projects Operating expenses 3,836 1,334 (2,502) 7,070 3,
Slide 52: Renewables – Consolidated View
Renewables – Consolidated View ₹ Crore unless stated Key Parameters - Renewables Q3 FY24 Q3 FY23 YTD FY24 YTD FY23 Var Revenue 2,484 1,916 6,718 5,610 20% EBITDA 758 762 2,478 2,276 9% PAT 138 144 564 450 25% Gross Debt 17,588 16,603 17,588 16,603 6% Net Debt 16,278 14,546 16,278 14,546 12% Net Wort
Slide 53: Regulated - Equity And Assets
Regulated - Equity And Assets ₹ Crore unless stated Particulars Q3 FY24 Q2 FY24 Q1 FY 24 Q4 FY 23 Q3 FY 23 Regulated Equity Mumbai Operation 4,673 4,661 4,642 4,639 4,394 Jojobera 548 548 548 542 542 Tata Power Delhi Distribution (100%) 1,961 1,953 1,945 1,931 1,861 TP Central Odisha Dist Ltd (100%)
Slide 54: Key Segments - Debt Profile
Key Segments - Debt Profile ₹ Crore unless stated Total Gross Debt (LT + ST) Company Quarterly movement Remarks Q3 FY24 Q2 FY24 QoQ Q3 FY23 YoY Tata Power (Standalone) 20,296 21,385 (1,089) 21,200 (904) Maithon 1,440 1,640 (200) 1,638 (197) Coal SPVs + TPIPL 4,263 4,442 (179) 5,275 (1,013) TPREL & S
Slide 55: Tata Power - Debt Profile
Tata power - Debt Profile ₹ Crore unless stated Consolidated Particulars Q3 FY24 Q2 FY24 Q3 FY23 Rupee Forex Total Total Total Long term 32,003 2,649 34,652 33,129 28,592 Short term 6,052 852 6,904 7,859 12,289 Current Maturity of LT 5,711 832 6,543 7,370 8,603 Total Debt 48,099 48,358 49,484 Less:
Slide 56: Investor Relations Team
www.tatapower.com I N V E S T O R R E L AT I O N S T E A M : Mr. Soundararajan Kasturi Mr. Rajesh Lachhani Chief – Treasury & Investor Relations Head – Investor Relations Email: kasturis@tatapower.com Email: rajesh.lachhani@tatapower.com