Tata Power Company Limited · NSE:TATAPOWER
Tata Power — Q1 FY2025 Earnings Presentation
61 slides from Tata Power's earnings presentation, Aug 6, 2024
Slide 1: Financial Results – Q1 FY25
F I N A N C I A L R E S U LT S – Q 1 F Y 2 5 6 AUGUST 2024 100MW AC with 120MWh BESS in, Chhattisgarh
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
Agenda 04 About Tata Power 10 Sustainability: Manifesting a Greener Tomorrow 19 Industry Highlights 26 Business Highlights 39 Operational & Financial Highlights 43 Annexures 58 What sets us Apart
Slide 4: About Tata Power
About Tata Power tatapower.com 4 55MW AC Palaswadi, Maharashtra
Slide 5: India's largest vertically-integrated power company
India’s largest vertically-integrated power company New-age Energy Solutions Generation 11.4+ GW 8.8+ GW 6,668 Ckm Clean & Green Energy Thermal energy generation Transmission capacity (Including 5.3 GW in pipeline) (Installed capacity) (Including 2,035 Ckm in pipeline) 12.5 Mn 2.8 GW >₹15,640 Cr Sol
Slide 6: Generation, Transmission and Distribution assets spread across India
Generation, Transmission and Distribution assets spread across India Capacity Mix 8,860 MW 1,034 MW 880 MW (Domestic + Thermal Wind Hydro International) 14,960 MW 443 MW Waste Heat 3,743 MW Solar 5,291* MW Renewable capacity Total Recovery /BFG under construction Distribution of installed capacity (
Slide 7: Assets located outside India
Assets located outside India Georgia, Adjaristsqali 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% 78 MT Zambia, Itezhi Tezhi (ITPC) Baramulti Suksessarana (BSSR) 26% 12
Slide 8: Financial performance consistently improving over the years
Financial performance consistently improving over the years Revenue (in ₹ Cr) EBITDA (in ₹ Cr) Underlying EBITDA (in ₹ Cr) 16,810 3,350* 3,639** Q1 FY25 Q1 FY25 Q1 FY25 FY24 61,542 FY24 12,701 FY24 13,878 FY23 56,033 FY23 10,068 FY23 13,268 FY22 42,576 FY22 8,192 FY22 10,134 FY21 33,239 FY21 7,978 F
Slide 9: Clean & Green to account for ~56% capacity post project completions
Clean & Green to account for ~56% capacity post project completions Tata Power Capacity Current Operational Capacity share (IN MW ) (IN %) 33 Thermal Hydro 23 Wind 59 Solar 6 6 Hybrid WHRS/BFG* Capacity share post completion of projects (IN %) 2 Thermal 24 Hydro 44 Wind Total Solar Thermal Hydro Win
Slide 10: Carbon Net Zero, Water Neutral, Zero Waste to Landfill
Carbon Water Zero Waste Net Zero Neutral to Landfill By 2045 By 2030 By 2030 tatapower.com 10
Slide 11: First Integrated Power Company in India with Approved SBTi targets
Tata Power becomes the FIRST Integrated Power Company in India with Approved Science-Based Target Initiatives (SBTi) Ambitious Goals SBTi Collaboration SBTi collaboration drives ambitious corporate climate action globally Achievement Reduce scope 1 GHG Tata Power's near- emissions by 70.5% per Leade
Slide 12: Our sustainability aspirations
E Our sustainability aspirations Become carbon net Become water Zero waste to landfill No Net Loss to Leverage technology to zero by 2045 neutral by 2030 by 2030 Biodiversity by 2030 create the 'Utility of the Future’ (IOT, Smart Grids, BESS, S Green H2, robotic panel cleaning etc.) Education : Empl
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 ( FY24) Yea r Va l ue Yea r • 41% Clean & Green portfolio with 56% Clean & Green capacity post Clean & Green Portfolio 16%* 2015 70% 2030 completion of projects in pipeline • SBTi Comm
Slide 14: Gradually improving our ESG ratings
Gradually improving our ESG ratings 2024 2023 2022 2021 2020 2019 B B B C C D CDP – Climate Change B B B B C F CDP – Water 67 67 67 67 - 48 DJSI A BBB BBB BB BB BB MSCI 37.4 38.5 41.2 38.6 - - Sustainalytics 14
Slide 15: Achieving 100% Clean & Green Power generation by FY 2045
Achieving 100% Clean & Green Power generation by FY 2045 2015 2024 2030 2045 Largely a coal-based company, Transitioning towards a Clean & Green Capacity will Phasing out thermal portfolio having capacities to fulfil the clean and green portfolio account for 70% of our overall before 2045* as Power
Slide 16: Empowering Communities
Empowering Communities 62.67 4.62 lakhs lakhs (FY24) Outreach FY25(Q1) Reaching out by Strengthening Public Private Improving Far Community Institutions Partnerships access Reaching (Collaboration & & creating Impact on Leverage) opportunities Community and Co- 100+ ownership Optimal Green Technolog
Slide 17: Well-established 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 Sustainability Advocacy 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 19 Chengmari, West Bengal
Slide 20: Power Demand is up 11% Y-o-Y in Q1 FY25
Power Demand is up 11% Y-o-Y in Q1 FY25 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 583bps Y-o-Y to 76% in Q1FY25 (IN KW H) increased in the past 5 years (IN %) 30,
Slide 21: RE accounted for 100% of Capacity additions in India during Q1FY25
RE accounted for 100% of Capacity additions in India during Q1FY25 Total Installed Capacity in India 1.4GW added in Jun-24 4.4GW added in Q1FY25* Renewables (incl. Hydro) accounted for currently stands at ~446GW* (IN GW ) (IN GW ) ~100% of Q1FY25 capacity additions (IN %) 1.4 0.1 0.1 7.0 3% 3% 6% 2%
Slide 22: Cell and Module prices continue to decline; Coal has stabilized
Cell and Module prices continue to decline; Coal has stabilized Price Movement of Polysilicon & Wafer Price Movement* of Solar Cell & Module Thermal Coal Prices (US$/t) 40 450 35 1.1 0.28 400 30 0.9 0.23 350 25 300 0.7 0.18 20 250 15 0.5 200 0.13 0.10 150 134.03 10 5.59 0.3 0.08 5 100 109.35 0.04 0.
Slide 23: RE auctions at a record 21.7GW in Q1 FY2025
RE auctions at a record 21.7GW in Q1 FY2025; tariff’s have risen Minimum e-reverse auction tariff’s have risen in Q1FY25 Renewable energy auction volumes (GW) 9.7 4.3 4.4 5 3.9 3.8 3.6 1.2 1.4 2.2 3.3 3.3 3.3 1.7 3.4 3.3 3.2 1.2 3.2 1.7 0.8 3.2 2.8 2.8 3.1 3.1 5.6 2.5 4.3 2.9 2.7 2.7 0.32 1.7 2.5 2.
Slide 24: Transmission auction bids have risen significantly since FY24
Transmission auction bids have risen significantly since FY24 USD30 Bn transmission Capex Transmission Auction bids in Q1FY25 accounted for anticipated between FY24-30E (USD Bn) 80% of the bids in FY24 (in ₹ bn) 70 Renewables 40 Thermal Distribution 474 30 140 Transmission 378 212 148 132 107 100 10
Slide 25: India Distribution: On the mend but concerns remain
India Distribution: On the mend but concerns remain All India AT&C losses (%) have declined but still RDSS and LPS have helped reduce DISCOM dues (in ₹ Cr) high at 15.4% in FY23 1,05,330 1,02,780 All India basis 83,716 26.6 59,127 25.7 25.5 23.7 23.7 22.6 22.3 21.6 21.5 25,016 26,242 24,613 20.7 16.
Slide 26: Business Highlights
Business Highlights tatapower.com 26
Slide 27: Q1 FY25 Highlights
Q1 FY25 Highlights Tata Power surpasses ₹1.46 Tata Power Discoms Tata Power has energized 81 Tata Power Mumbai Achieves a milestone trillion Market Capitalization installed 12.36 lakhs Smart public EV charging points in Transmission won an award at of One Lakh rooftop Meters across Mumbai, Delhi Q1
Slide 28: Solar Utility Scale EPC Update
Solar Utility Scale EPC Update BUSINESS UPDATES WELL DIVERSIFIED UTILITY Utility Scale EPC Order Book SCALE ORDER BOOK (IN ₹ CRORE) • Utility Scale Solar EPC CUSTOMER ORDER BOOK (₹ CR) business has won orders of 225MW worth ₹931Cr in Tata Power Group 6,813 Q1FY25 SJVN 3,266 • Executed 203MW of NTPC
Slide 29: Solar Rooftop and Group Captive – Q1 FY25 Highlights
Solar Rooftop and Group Captive – Q1 FY25 Highlights 3 rd PARTY ROOFTOP ORDER BOOK (₹ cr.) Revenue of 3 rd Party Rooftop (In ₹ Crore) Order book at Orders received Q1 Order book at the end in Q1 Revenue the end Q1 FY25 399 of Q4 FY24 of Q1 FY25 GROUP CAPTIVE* • Order book as at Q1 FY25 end stands at
Slide 30: Tata Power – EZ Charge
Tata Power – EZ Charge OPERATIONAL EV CHARGING PLATFORM HIGHLIGHTS STATISTICS BUSINESS HIGHLIGHTS 5,569 Public & Captive Charging Points (energized) till date 258k+ Registered Users • Strengthening of Bus 5,488 81 228 30 Charging Network and highest number of 553 Cities and tow ns covered 2,200k+ Ch
Slide 31: Odisha Discoms – Q1 FY25 Highlights
Odisha Discoms – Q1 FY25 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 (MWp) (in lakhs) COLLECTED Smart M eters REDUCING AT&C LOSSES => (₹Crs) Installed till PROM
Slide 32: 4.3 GW Cell and Module Manufacturing Plant - Update
4.3 GW Cell and Module Manufacturing Plant - Update Module Commercial All four cell line Dispatch 614 MW Modules commissioning by produced as of Q1FY25 Mar’24 Q2FY25* *Subject to necessary approvals tatapower.com 32
Slide 33: PM Surya Ghar Yojna: focus area for coming years
PM Surya Ghar Yojna (PMSGY): Will be the focus area for coming years Salient features of PMSGY Scheme Why The Scheme Works Central Sr. Type of Residential Financial Cost to Customer 1 Cr No. Segment Assistance (CFA) • Attractive subsidies till 3 kW • Program beneficial for developers also as Househo
Slide 34: Tata Power is the market leader in Solar Rooftop EPC
Tata Power is the market leader in Solar Rooftop EPC Rooftop Solar has grown at 17% CAGR in the India has 14.5GW of installed Tata Power has 13.1% market share in Solar past 4 years (in MW) solar rooftop capacity (In MW) Rooftop EPC Market Size = 2,855 MW in CY23 2,855 3,669 2,640 Tata Power Roofsol
Slide 35: Notable Utility Scale FDRE Tender wins recently
Notable Utility Scale FDRE Tender wins recently Key Highlights: SJVN FDRE & NTPC FDRE SJVN 460MW* FDRE NTPC 200MW* FDRE Tariff (₹/unit) 4.38 4.71 e-RA date 7 Nov 2023 22 Mar 2024 Total capacity (MW) 1,317 MW 585 MW Tender type FDRE FDRE Capacity sizing (x) ~3x ~3x Execution timeline 2 years from dat
Slide 36: Pumped Storage Hydro Plants (PSP)
Pumped Storage Hydro Plants (PSP) SHIRWATA PSP BHIVPURI PSP Key Highlights Key Highlights 1,000 MW 1,800 MW Type Type Existing Off-stream Off-stream Upper Reservoir Upper Reservoir Thokarwadi – 352 MCM New -15 MCM (million cubic meters) Lower Reservoir Lower Reservoir Existing Shirwata Dam New – 5 M
Slide 37: Tata Power proposes to invest 40% in Khorlochhu Hydro Project in Bhutan
Tata Power proposes to invest 40% in the ₹6,900Cr Khorlochhu Hydro Project in Bhutan 400 KV Line 220 KV Line Proposed Hydro Existing Hydro station / Future station potential NIkachhu 118 MW Mangdechhu Semtokha 720MW Khorlochhu Hydro Project Basochhu 600 MW 64 MW Kurichhu 60 Chukkha Dagachhu MW 336 M
Slide 38: Transmission- Recent wins of ₹4,600cr.
Transmission- Recent wins of ₹4,600cr. to expand transmission portfolio Received LOA* Received LOA* Received LOI** Project: Project: Transmission Capacity (Ckt Km) Project: Jalpura Khurja Power Rajasthan Phase IV Part C Paradeep Transmission Transmission Limited (682 Ckm) (384 Ckm) (160 Ckm) Project
Slide 39: Operational & Financial Highlights
Operational & Financial Highlights tatapower.com 39
Slide 40: Q1 FY25 Operational Highlights
Q1 FY25 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 100 99 98 98 98 100 100 100 98 83 93 94 8.9 88 77 8.6 74 81 71 7.6 7.4 75 60 5.9 5.6 54 45 46 41 36 25 24 26 23 22 14 0.4 0.8 0.2 (0.2) Thermal Mundra MO Hydro
Slide 41: Financial Highlights – Q1 FY25
Financial Highlights – Q1 FY25 (In ₹ Cr) Posted Y-o-Y PAT growth for the 19th consecutive quarter Revenue EBITDA* Underlying EBITDA 12% 3% 11% 0% (including share of JVs and Associates) 8% -1% Q1 FY25 16,810 Q1 FY25 3,350 Q1 FY25 3,639 Q4 FY24 16,256 Q4 FY24 3,358 Q4 FY24 3,675 Q1 FY24 15,003 Q1 FY2
Slide 42: Comfortable Debt Position For Sustainable Growth
Comfortable Debt Position For Sustainable Growth Net Debt Net Debt has increased Q-o-Q due to higher capex and working capital requirements (In ₹ Cr) (In ₹ Cr) Q1 FY25 42,467 Q4 FY24 38,125 Q1 FY24 37,749 Balance Sheet continues to be strong Q4 FY24 Cash from Income Others WC Changes Interest Busine
Slide 43: Annexures
Annexures tatapower.com 43 88MW Floating Solar Omkareshwar, Madhya Pradesh
Slide 44: Entity-wise Consolidated Performance – Q1 FY25
Entity-wise Consolidated Performance – Q1 FY25 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Consolidated before exceptional items 16,810 15,003 3,350 3,005 1,189 906 Standalone & Key Subsidiaries Tata Power (Standalone) 5,493 5,006 1,798 1,
Slide 45: Cluster-wise Consolidated Performance – Q1 FY25
Cluster-wise Consolidated Performance – Q1 FY25 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Consolidated before exceptional items 16,810 15,003 3,350 3,005 1,189 906 Thermal Generation, Coal and Hydro 5,217 4,827 947 988 548 689 Maithon Po
Slide 46: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Higher sales across Discoms and higher PLF & Operating Income 16,810 15,003 1,807 availability in Mundra Operating Expenses 13,707 12,270 (1,437) Operating Profit 3,103 2,734 369 P.Y.
Slide 47: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Operating Income 5,493 5,006 487 Higher PLF & Availability in Mundra Operating Expenses 4,460 3,963 (497) Operating Profit 1,033 1,043 (9) Higher dividend income & Gain on Sal
Slide 48: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Generation (MUs) 2,067 1,998 69 Sales (MUs) 2,042 2,013 29 Availability (%) (Plant) 99% 96% 3% PLF (%) 90% 87% 3% Financials Favorable order in PY offset by higher Operating Income 819 8
Slide 49: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Generation (MUs) 3,549 3,235 314 Sales (MUs) 3,354 3,051 303 Availability (%) 90% 88% 2% PLF % 82% 75% 7% Financials Operating Income 1,358 1,195 163 Higher PPA & Merchant
Slide 50: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Purchase (MUs) 3,362 2,795 567 Sales (MUs) 3,165 2,626 539 Revenue Per Unit 9.45 9.70 (0.2) PPC Per Unit 6.61 8.09 1.5 AT&C losses (%) 7% 6% (1%) Higher demand and lower col
Slide 51: Q1 FY25 Odisha Discoms – Highlights
Q1 FY25 Odisha Discoms – Highlights ₹ Crore unless stated Particulars TPCODL TPSODL TPWODL TPNODL Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Purchase (MUs) 3,622 3,202 1,286 1,170 3,320 3,165 2,141 1,908 Sales (MUs) 2,860 2,444 971 884 2,750 2,597 1,838 1,631 Revenue per unit 5.
Slide 52: RE Generation
RE Generation* ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Capacity - Total (MW) 4,768 4,102 666 Capacity - Wind (MW) 1,030 965 65 Capacity - Solar (MW) 3,737 3,136 601 Generation (MUs) 2,515 2,146 369 Sales (MUs) 2,449 2,123 326 Avg PLF (%) - Solar 25.8% 25.2% 1%
Slide 53: Tata Power Solar Systems Limited – Highlights
Tata Power Solar Systems Limited – Highlights ₹ Crore unless stated Particulars Q1 FY25 Q1 FY24 Var Quarter Variance Remarks Operating Income 2,171 1,492 679 Higher execution of EPC projects Operating expenses 2,095 1,452 (643) Operating profit 76 40 35 P.Y. includes upfront loss reversal due to Oth
Slide 54: Renewables – Consolidated View
Renewables – Consolidated View ₹ Crore unless stated Key Parameters - Renewables Q1 FY25 Q1 FY24 Var Revenue 2,382 2,089 14% EBITDA 954 907 5% PAT (before exceptional items) 273 239 14% Gross Debt 22,881 16,374 40% Net Debt 22,607 12,592 80% Net Worth 13,190 12,444 6% tatapower.com 54
Slide 55: Regulated - Equity And Assets
Regulated - Equity And Assets ₹ Crore unless stated Particulars Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY 24 Regulated Equity Mumbai Operation 4,935 4,914 4,673 4,661 4,642 Jojobera 551 554 548 548 548 Tata Power Delhi Distribution (100%) 2,018 2,008 1,961 1,953 1,945 TP Central Odisha Dist Ltd (100%) 7
Slide 56: Key Segments - Debt Profile
Key Segments - Debt Profile ₹ Crore unless stated Total Gross Debt (LT + ST) Company Quarterly movement Remarks Q1 FY25 Q4 FY24 QoQ Q1 FY24 YoY Tata Power (Standalone) 19,072 19,526 (454) 23,368 (4,296) Maithon 1,402 1,600 (199) 1,626 (224) Coal SPVs + TPIPL 4,177 4,161 16 4,610 (433) TPREL & Subsid
Slide 57: Tata power - Debt Profile
Tata power - Debt Profile ₹ Crore unless stated Consolidated Particulars Q1 FY25 Q4 FY24 Q1 FY24 Rupee Forex Total Total Total Long term 34,937 3,487 38,424 37,622 29,144 Short term 5,810 719 6,529 5,000 12,087 Current Maturity of LT 7,444 - 7,444 6,858 9,167 Total Debt 52,397 49,480 50,398 Less: Ca
Slide 58: What sets us apart
What sets us apart
Slide 59: Deeply entrenched Power company with history of more than 100 Years
Deeply entrenched Power company with history of more than 100 Years 1910-1955 2007 2011 2018-2019 2020 2024 • 1910: Incorporated as • Completed acquisition of • Commissioned first solar • Resurgent Power Ventures • Sold 3 ships for US$ 213Mn • TPREL received a Letter of Award Tata Hydroelectric 30%
Slide 60: Most vertically integrated and diversified power portfolio in India
Most vertically integrated and diversified power portfolio in India Revenue (in ₹ Cr) EBITDA (in ₹ Cr) Net Debt (in ₹ Cr) PAT*** (in ₹ Cr) Tata Power Company Limited (TPCL) Q1FY25 16,810 3,350 42,467 1,189 Thermal Generation, Coal & Renewables^ Transmission & distribution Eliminations/ Others Hydro
Slide 61: 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