Tata Power Company Limited · NSE:TATAPOWER
Tata Power — Q2 FY2024 Earnings Presentation
51 slides from Tata Power's earnings presentation, Nov 8, 2023
Slide 1: Financial Results – Q2 FY24
F I N A N C I A L R E S U LT S – Q 2 F Y 2 4 8 NOV 2023
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: Agenda
04 About Tata Power Agenda 10 Sustainability: Manifesting a Greener Tomorrow 16 Industry Highlights 20 Business Highlights 27 Operational & Financial Highlights 33 Annexures tatapower.com 3
Slide 4: About Tata Power
About Tata Power tatapower.com 4
Slide 5: Glorious history of over 100 years
Glorious history of over 100 years... Calendar Year Basis • TPREL received second • 2001:Commissioned first wind tranche of ₹2,000 Cr and asset of 17 MW at Supa issued compulsorily convertible • 1910: Company Maharashtra • Commissioned first solar • 2014: Entered into • Resurgent Power Ventures • Ta
Slide 6: India's most Vertically Integrated Power Company
… to become India’s most Vertically Integrated Power Company ₹ Crore unless stated TATA POWER COMPANY LIMITED (TPCL) H1FY24 Revenue EBITDA Net Debt PAT*** 30,446 6,092 36,609 2,158 THERMAL GENERATION, COAL & HYDRO RENEWABLES^ TRANSMISSION & DISTRIBUTION ELIMINATIONS/OTHERS (INCL. CORPORATE TAXES , E
Slide 7: Generation assets located across India
Generation assets located across India… Capacity Mix (Domestic + International) DOMESTIC PARTICULARS CAPACITY (MW) 14,381 MW 8,860 MW Total Thermal 1. Gujarat 5,013.5 14 2. Maharashtra 2,252.8 16 17 3. Uttar Pradesh 12 4. Jharkhand 2,082.1 1,736.4 880 MW 443 MW Hydro Waste Heat Recovery /BFG 5. Raja
Slide 8: … as well as a few Global locations
… as well as a few Global locations 2 1 3 P AR T I C U L A R S SUM OF PRESENT C AP AC I T Y ( M W ) 4 1. Dagachhu, Bhutan (Hydro) 126 2. Adjaristsqali, Georgia (Hydro) 187 3. PT CKP, Indonesia (Thermal) 54 4. Itezhi Tezhi (ITPC), Zambia (Hydro) 120 Grand Total 487 tatapower.com 8
Slide 9: Clean & Green to account for ~51% capacity post project completion
Clean & Green to account for ~51% capacity post project completion Tata Power Capacity Current Operational Capacity share (IN MW ) (IN %) 3 3 Thermal 20 Hydro Wind 6 62 Solar 6 WHRS/BFG* Hybrid Capacity share post completion of projects (IN %) 2 15 Thermal Hydro 49 Wind Total 24 Solar Thermal Hydro
Slide 10: Sustainability: Manifesting a Greener Tomorrow
Sustainability: Manifesting a Greener Tomorrow Carbon Water Zero Waste Net Zero Neutral to Landfill BEFORE 2045 BEFORE 2030 BEFORE 2030 tatapower.com 10
Slide 11: Tata Power's Sustainability Aspirations
Tata Power’s Sustainability Aspirations Meaningful improvement in ESG ratings REPORT / 2022 2021 2020 2019 2018 FINANCI AL YEAR • Become carbon net zero • Education – Train • Improve Sustainability CDP – Climate 35 lakh+ youth as B C C D D before 2045 Disclosures and get Change conservation and STEM
Slide 12: ESG Performance @Tata Power
ESG Performance @Tata Power BAS ELI NE T ARG ET PART IC U L AR S DESCRIPT ION ON GOING ACT IONS VAL UE Y EAR VALU E Y EAR Clean & Green Portfolio 16%* 2015 70% 2030 • 38% RE portfolio as on 30th September 2023 • SBTi Commitment under validation Net Zero • Clean and Green Portfolio Growth 38.9 Millio
Slide 13: Strong Governance Framework
Strong Governance Framework CSR & Sustainability Committee Strengthened sustainability governance structure by including Board-level Committee to oversee ESG Issues, Strategy and implementation Apex Leadership Oversight on and endorsement of sustainability strategy Sustainability Framework- Governan
Slide 14: Transitioning to non-fossil fuel-based generation by FY 2045
Transitioning to non-fossil fuel-based generation by FY 2045 Leading utility transition Leading utility transition to clean to clean energy by Evolving energy by evolving generation mix generation mix • Over 38% of Tata Power’s 16% generating capacity comes from 38% clean and green energy sources 20
Slide 15: Empowering Communities
Empowering Communities CSR Mission To work with communities in the vicinity 3.7 Mn TOUCHING LIVES 85+ DISTRICTS IN of our operations or as specially identified, to gain their acceptance of co-existence by 1 7 S TAT E S addressing salient development imperatives **Tata Power has made a major leap in
Slide 16: Industry Highlights
Industry Highlights tatapower.com 16
Slide 17: Power Demand has surged in Q2FY24 (up 13% Y-o-Y)
Power Demand has surged in Q2FY24 (up 13% Y-o-Y) India has one of the lowest Ratio of Power Growth to GDP Monthly Energy Requirement India Coal-Based Generation power consumption per capita growth has increased in the (IN BUs) Plants’ PLF at 70% in Sep’23 past 5 years (IN %) (IN UNITS) 30,000 6% 1.1
Slide 18: RE continues to account for bulk of the Capacity additions in India
RE continues to account for bulk of the Capacity additions in India Total Installed Capacity in India 1.1GW added in Sep-23; 9.3GW added in H1 FY24 Renewable (incl. Hydro) accounted for currently stands at ~425GW (IN GW ) (IN MW ) ~71% of H1FY24 capacity additions (IN %) 543 368 Thousands 4.0 120 3%
Slide 19: Cell and Module prices continue to correct; Coal has stabilised
Cell and Module prices continue to correct; Coal has stabilised Price Movement of Polysilicon & Wafer Price Movement of Solar Cell & Module Thermal Coal Prices (US$/t) 40 1.2 450 0.28 35 1 400 30 0.23 350 0.8 25 300 0.18 20 0.6 250 15 0.3 0.14 0.13 200 0.4 159 10 10.5 150 0.2 0.08 5 100 0.07 100 0 0
Slide 20: Business Highlights
Business Highlights tatapower.com 20
Slide 21: Q2 FY24 Highlights
Q2 FY24 Highlights Tata Power signs MoU with TPREL signed Power Delivery Moody’s has the Government of TPSSL signed a MoU with SIDBI upgraded Tata Agreement (PDA) with Maharashtra for Development to offer an easy financing option Power’s Credit Rating Mukand Limited (Bajaj Group), of 2800 MW of Pump
Slide 22: 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) • Terminated ₹ 1,158 Crore of projects due to Tata Power Group 6,655 unfavourable economics SJVN 3,662 • New orders of 30MW won in Q2 worth ₹
Slide 23: Solar Rooftop and Group Captive – Q2 FY24 Highlights
Solar Rooftop and Group Captive – Q2 FY24 Highlights GROUP CAPTIVE* ORDER BOOK Revenue (In ₹ Crore) Q2 FY24 314 460 Q1 FY24 341 208 Order book at Q2 FY23 420 157 Order book at Orders Q2 the end received Revenue the end of Q1 FY24 in Q2 of Q2 FY24 GROUP CAPTIVE* Rooftop Group Captive* • Order book as
Slide 24: Tata Power – EZ Charge
Tata Power – EZ Charge OPERATIONAL EV CHARGING PLATFORM BUSINESS HIGHLIGHTS HIGHLIGHTS STATISTICS 4,932 Public & Captive Chargers (energized) till date 170k+ Registered Users • Collaborated with Kolkata Airport Authority to install 4,371 561 150 27 EV chargers. 442 Cities and tow ns covered till dat
Slide 25: Odisha Discoms – Q2 FY24 Highlights
Odisha Discoms –Q2 FY24 Highlights STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS TH E F T M E TE R S SUBSTATIONS PRE-TAKEO VER L O AD R E P L AC E D AU TO M A T E D AR R E AR S (MW)P (in lakhs) (No’s) C O L L E C TE D ( ₹ C r s ) REDUCING AT&C LOSSES => PROM ISING GROWTH Q2 Upto Q2 Upto Q2 Upto
Slide 26: 4.3 GW Cell and Module Plant - Project Update
4.3 GW Cell and Module Plant - Project Update First Module out in October 2023 First Cell production scheduled in Q4FY24 First Module Out (FMO)* Pre-Lamination Area Completed- Under Trial Run* Post Lamination Area Installation & Commissioning Completed* *Actual site photos tatapower.com 26
Slide 27: Operational & Financial Highlights
Operational & Financial Highlights tatapower.com 27
Slide 28: Q2 FY24 Operational Highlights
Q2 FY24 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 99 100 100 99 98 98 99 100 100 76.8 77.6 93 93 92 76.8 91 8.9 8.9 9.0 60.4 73 7.2 7.1 53.0 45.3 5.7 54 45.0 41.4 37.5 32.0 27.6 24.9 23.2 19.9 20.9 0.8 0.5 0.0
Slide 29: H1 FY24 Operational Highlights
H1 FY24 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 99 100 98 98 99 100 77.5 77.2 9.0 8.9 90 92 83 7.2 7.1 64 50.9 45.7 45.4 41.7 26.8 27.8 22.0 22.9 0.5 0.0 Thermal Mundra MO Hydro WIND SOLAR SOLAR MO- Thermal
Slide 30: Financial Highlights
Financial Highlights Q2 FY24 PAT increased (+9%) for the 16th consecutive time to 1,017 Cr Revenue EBITDA* Underlying EBITDA 9% 3% 51% 3% (including share of JVs and Associates) 2% -0.5% Q2 FY24 15,442 Q2 FY24 3,087 Q2 FY24 3,338 Q1 FY24 15,003 Q1 FY24 3,005 Q1 FY24 3,356 Q2 FY23 14,163 Q2 FY23 2,04
Slide 31: Financial Highlights
Financial Highlights Robust fundamentals as core businesses reported highest ever EBITDA in H1FY24 Revenue EBITDA* Underlying EBITDA 5% 47% (including share of JVs and Associates) 8% H1 FY24 30,446 H1 FY24 6,092 H1 FY24 6,694 H1 FY23 28,939 H1 FY23 4,150 H1 FY23 6,172 *Reported EBITDA includes other
Slide 32: Comfortable Debt Position For Sustainable Growth
Comfortable Debt Position For Sustainable Growth Net Debt Net Debt fell Q-o-Q driven by strong operational cash flows and Working Capital release (IN ₹ CRORE) (IN ₹ CRORE) Q2 FY24 36,609 Q1 FY24 37,749 Q2 FY23 39,486 Balance Sheet Continues to Strengthen Q1 FY24 Cash from Income Others Interest Busi
Slide 33: Annexures
Annexures tatapower.com 33
Slide 34: Entity-wise Consolidated Performance – Q2 FY24
Entity-wise Consolidated Performance – Q2 FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Consolidated before exceptional items 15,442 14,163 3,087 2,043 1,017 935 Standalone & Key Subsidiaries Tata Power (Standalone) 5,095 4,888 1,336 1,
Slide 35: Entity-wise Consolidated Performance – H1 FY24
Entity-wise Consolidated Performance – H1 FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT H1 FY24 H1 FY23 H1 FY24 H1 FY23 H1 FY24 H1 FY23 Consolidated before exceptional items 30,446 28,939 6,092 4,150 1,924 1,819 Standalone & Key Subsidiaries Tata Power (Standalone) 10,101 10,158 2,82
Slide 36: Cluster-wise Consolidated Performance – Q2 FY24
Cluster-wise Consolidated Performance – Q2 FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Consolidated before exceptional items 15,442 14,163 3,087 2,043 1,017 935 Thermal Generation, Coal and Hydro 4,973 4,833 1,119 394 681 906 Maithon
Slide 37: Cluster-wise Consolidated Performance – H1 FY24
Cluster-wise Consolidated Performance – H1 FY24 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT H1 FY24 H1 FY23 H1 FY24 H1 FY23 H1 FY24 H1 FY23 Consolidated before exceptional items 30,446 28,939 6,092 4,150 1,924 1,819 Thermal Generation, Coal and Hydro 9,800 9,959 2,107 853 1,370 1,748 Ma
Slide 38: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Higher projects execution, higher PLF in Mundra, Operating Income 15,442 14,163 1,279 30,446 28,939 1,507 higher sales across Odisha Discoms Operating Expenses 12,
Slide 39: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Higher PLF in Mundra and higher Operating Income 5,095 4,888 207 10,101 10,158 (57) merchant tariffs in Haldia Operating Expenses 3,994 4,356 362 7,957 9,0
Slide 40: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Generation (MUs) 2,051 2,031 20 4,049 4,030 19 Sales (MUs) 2,026 2,030 (4) 4,039 3,989 50 Availability (%) (Plant) 94% 99% -5% 95% 97% -2% PLF % 89% 88% 1% 88% 87% 1%
Slide 41: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Generation (MUs) 3,334 3,353 (19) 6,568 6,376 192 Sales (MUs) 3,144 3,161 (17) 6,195 6,008 187 Availability (%) 84% 85% -1% 86% 80% 6% PLF % 76% 77% -1%
Slide 42: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Purchase (MUs) 3,427 3,258 169 6,222 6,446 (224) Sales (MUs) 3,225 3,049 176 5,851 6,031 (180) Revenue Per Unit 8.30 9.60 (1.30) 9.70 9.96 (0.3) PPC Per
Slide 43: Q2 FY24 Odisha Discoms – Highlights
Q2 FY24 Odisha Discoms – Highlights ₹ Crore unless stated Particulars TPCODL TPSODL TPWODL TPNODL Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Purchase (MUs) 3,090 2,723 1,128 1,097 3,206 3,404 1,938 1,677 Sales (MUs) 2,423 2,063 847 828 2,638 2,792 1,666 1,337 Revenue per unit 5.
Slide 44: H1 FY24 Odisha Discoms – Highlights
H1 FY24 Odisha Discoms – Highlights ₹ Crore unless stated Particulars TPCODL TPSODL TPWODL TPNODL H1 FY24 H2 FY23 H1 FY24 H2 FY23 H1 FY24 H2 FY23 H1 FY24 H2 FY23 Purchase (MUs) 6,292 5,615 2,298 2,266 6,370 6,344 3,846 3,343 Sales (MUs) 4,867 4,264 1,731 1,720 5,235 5,072 3,296 2,683 Revenue per uni
Slide 45: RE Generation
RE Generation* ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Capacity - Total (MW) 4,190 3,860 330 4,190 3,860 330 Capacity - Wind (MW) 1,003 928 76 1,003 928 76 Capacity - Solar (MW) 3,186 2,932 254 3,186 2,932 254 Generation (MUs) 2,152 1,813 33
Slide 46: Tata Power Solar Systems Limited – Highlights
Tata Power Solar Systems Limited – Highlights ₹ Crore unless stated Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance Remarks Higher execution of group captive and Operating Income 1,910 1,135 775 3,402 2,488 914 large projects Operating expenses 1,783 1,011 (772) 3,235 2,351 (884
Slide 47: Renewables – Consolidated View
Renewables – Consolidated View ₹ Crore unless stated Key Parameters - Renewables Q2 FY24 Q2 FY23 H1 FY24 H1 FY23 Revenue 2,146 1,603 4,235 3,693 EBITDA 813 736 1,720 1,515 PAT 186 128 426 309 Gross Debt 16,321 17,193 16,321 17,193 Net Debt 13,585 15,153 13,585 15,153 Net Worth 12,685 11,841 12,685 1
Slide 48: Regulated - Equity And Assets
Regulated - Equity And Assets ₹ Crore unless stated Particulars Q2 FY24 Q1 FY 24 Q4 FY 23 Q3 FY 23 Q2 FY 23 Regulated Equity Mumbai Operation 4,661 4,642 4,639 4,394 4,380 Jojobera 548 548 542 542 522 Tata Power Delhi Distribution (100%) 1,953 1,945 1,931 1,861 1,846 TP Central Odisha Dist Ltd (100%
Slide 49: Key Segments - Debt Profile
Key Segments - Debt Profile ₹ Crore unless stated Total Gross Debt (LT + ST) Company Quarterly movement Remarks Q2 FY24 Q1 FY24 QoQ Q2 FY23 YoY Coal SPVs + TPIPL 4,442 4,610 (168) 5,189 (747) TPDDL 2,175 2,245 (70) 2,721 (546) TPREL & Subsidiaries 12,470 12,178 291 11,606 864 Capex for additional ca
Slide 50: Tata Power - Debt Profile
Tata power - Debt Profile ₹ Crore unless stated Consolidated Particulars Q2 FY24 Q1 FY24 Q2 FY23 Rupee Forex Total Total Total Long term 30,487 2,642 33,129 29,144 29,597 Short term 6,800 1,059 7,859 12,087 11,808 Current Maturity of LT 6,546 824 7,370 9,167 8,130 Total Debt 48,358 50,398 49,535 Les
Slide 51: Investor Relations
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 M: +91 82912 04022 M: +91 9742947821