Tata Power Company Limited · NSE:TATAPOWER
Tata Power — The Tata Power Company — Investor Presentation (May 2017)
75 slides from Tata Power's investor presentation, May 19, 2017
Slide 1: The Tata Power Company Limited Analyst Meet, 19th May 2017
Presentation Title The Tata Power Company ( Arial, Font Limited size 28 ) Analyst..(Meet, 19 Arial, Font Date, Venue, etc th May size 18 ) 2017 …Message Box ( Arial, Font size 18 Bold)
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 …Message Box ( Arial, Font size 18 Bold)
Slide 4: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 5: The Indian Power Sector is under lot of stress
The Indian Power Sector is under lot of stress • India added over 100 GW of generation capacity post 2012, however, demand growth (as reported by discoms) did not keep pace with such capacity addition • New capacities have reduced power deficit, but lower energy demand of discoms is hitting PLFs (PL
Slide 6: The real reason behind reduction in energy deficit is slow demand growth
The real reason behind reduction in energy deficit is slow demand growth E N E R GY S H O R TAGE ( % ) 10% 8% 8% 1% End of 9th Plan End of 10th Plan End of 11th Plan 12th Plan 1200000 1000000 800000 600000 400000 200000 0 End of 9th Plan End of 10th Plan End of 11th Plan End of 12th Plan Requirement
Slide 7: Thermal Power Plant PLFs shows a declining trend worldwide
Thermal Power Plant PLFs shows a declining trend worldwide • Due to falling use of existing coal plants India combined with aggressive building of new ones, plant US utilization rates have fallen to 49.4% (2015) in China, the lowest level since 1969 China • Thermal PLFs in India were ~60% in 2017, a
Slide 8: Drivers for slower than expected growth in electricity demand
Drivers for slower than expected growth in electricity demand Elasticity for spending a larger amount on electricity does not exist anymore with today’s consumer No impetus to fresh demand, especially industrial demand Poor financial health of discoms constraining demand DISCOM …Message Box ( Arial,
Slide 9: Industry in India has been experiencing a slow growth
Industry in India has been experiencing a slow growth over the last 2-3 years India GDP (2011-17) Agriculture Industry Services • Amongst the three sectors, industry has 18% 18% 18% 18% 16% 16% 15% the highest elasticity with power demand 23% 23% 23% 27% 27% 26% 25% • Share of industry is reducing (
Slide 10: Industrial, Domestic and Commercial sectors comprise ~75% of electricity demand
Industrial, Domestic and Commercial sectors comprise ~75% of the electricity demand Total 785 1,001 Insights Consumption 6.3% BUs BUs • Growth in electricity demand for 7% 8% 9.4% Others Industrial Segment has reduced significantly (8% p.a. from 2002-12 18% 17% 5.3% vs. 4.7% in 12-16) Agriculture •
Slide 11: India has a long way to go in line with developed economies
India has a long way to go in line with electricity economies of developed countries Particulars Source U.S.A Source India Electricity Market Size – EIA 391 PFC 100 2015-16 (USD billion) 9 1200 8 1031 960 1000 911 7 857 788 6 800 5.0 5.2 5.2 5 4.6 4.6 4.4 4.0 4.2 600 4 3.7 3.3 3 400 2 200 1 0 0 FY11
Slide 12: Consumers in India spend higher portion of income on electricity & fuel
Consumers in India spend higher portion of their income on Electricity & Fuel compared to developed economies Indian Urban & Rural Household already spend significantly higher portion of their income on Electricity (Light) & Fuel than their counterpart in developed economies Share of expenditure on
Slide 13: Reduction of distribution losses is a pre-requisite for demand growth
Reduction of distribution losses is a pre-requisite for increase in growth of power demand Impact of reduction in AT&C losses on Consumer’s Elasticity & Consumption 35.0% 1400 30.6% 30.0% 1200 26.6% 25.4% 24.6% 28.7% 25.0% 22.6% 1000 23.7% 23.0% 22.8% 20.0% 21.5% 800 15.0% 600 10.0% 400 5.0% 200 672
Slide 14: Renewable – Changing Land Scape
Renewable – Changing Land Scape …Message Box ( Arial, Font size 18 Bold)
Slide 15: Renewable power becoming increasingly cost competitive
Renewable power becoming increasingly cost competitive Fixed Charge 5.25 5 SECI Bhadla Bid Rajasthan 3.75 3.2 3 3.5 Rs/kWh 1.2 2 3.46 3 2.4 2 2 1.75 1.75 Domestic Coal Int'l Coal fired Gas fired (RLNG) Gas fired (APM) Hydro Wind Solar fired • Solar power tariffs across the world declined to $24MWh (
Slide 16: Grid balancing
Grid balancing Storage Solutions – Pumped Storage Hydro capacity or Battery Storage • Utility scale solar solutions could be resolve variability issues of renewables • Currently, India has around 5000 MW of pumped storage hydro power plants, but it is largely non- operational due to unviable cost st
Slide 17: Improvement in battery technology
Improvement in battery technology • Battery prices have been declining at a rapid pace with technological advancements making it feasible to use batteries to provide utility scale energy storage solution • Batteries can be combined with renewables to offer grid linked stable power supply • Improveme
Slide 18: Potential Drivers for the sector
Potential Drivers for the sector • Latent demand to materialise due to “Power for All” • “Make in India” to provide boost to manufacturing activity • GDP growth to remain buoyant in wake of the favourable factors like political stability, thrust of the Government on reforms • Real demand growth and
Slide 19: Emerging opportunities for the power sector
Emerging opportunities for the power sector DDG Storage technologies Charging infrastructure for electric vehicles Smart homes, smart grids, smart cities Data analytics …Message Box ( Arial, Font size 18 Bold) 18
Slide 20: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 21: Tata Power - Overview
Tata Power - Overview 100+ years presence in the Indian Power Sector and pioneer with a number of firsts 10,577 MW Gross Capacity with presence across value chain ~ 3,000 MW Non-fossil fuel based power Over US$ 3 billion Market Cap Largest Integrated Private Power Player …Message Box ( Arial, Font s
Slide 22: Pan India footprint
Pan India footprint Operational: Thermal 7436 MW Hydro 447 MW Wind 911 MW Solar 933 MW Waste Heat 375 MW Transmission Distribution 10102 MW of generation across states …Message Box ( Arial, Font size 18 Bold) 13
Slide 23: International Presence
International Presence Hydro Project - Hydro Projects Bhutan - Georgia Distribution Consultancy Logistics Assignment - Nigeria Office - Singapore Hydro Project- Coal Mines Zambia - Indonesia Wind Project – South Africa Projects under execution / Commissioned in FY17 Existing Projects and Representat
Slide 24: Diversified across value chain
Diversified across value chain Non- Core Thermal Investment Wind Generation Hydro Transmission Solar Power Business • Transmission Assets in Mumbai Distribution Coal & Infra Fuel & Logistics Defence EPC Integrated Power portfolio …Message Box ( Arial, Font size 18 Bold) 23
Slide 25: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 26: Financials – Tata Power - Consolidated
Financials – Tata Power - Consolidated Consolidated P&L Advertisement ₹ Cr STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017 Quarter ended Year ended Particulars 31-Mar-17 31-Dec-16 31-Mar-16 31-Mar-17 31-Mar-16 1. Income i) Revenue from Operations 7,166.79
Slide 27: Consolidated Performance Quarter on Quarter
Consolidated Performance Quarter on Quarter ( QoQ) Fig in ₹ Cr Op. Income EBITDA PAT Particulars Q4 Q4 Q4 Q4 Q4 Q4 FY17 FY16 FY17 FY16 FY17 FY16 Tata Power-Consolidated @ 6984 7574 1390 1784 -262 22 Standalone & Key Subsidiaries Tata Power (Standalone) 1950 2019 677 795 -593 371 CGPL (Mundra UMPP) 1
Slide 28: Consolidated Performance Year on Year
Consolidated Performance Year on Year ( YoY) Fig in ₹ Cr PARTICULAR OP. INCOME EBITDA PAT FY17 FY16 FY17 FY16 FY17 FY16 Tata Power-Consolidated @ 27288 28526 5440 6264 746 662 Standalone & Key Subsidiaries Tata Power (Standalone) 7282 8316 3088 3485 284 1355 CGPL (Mundra UMPP)# 6112 5908 558 1273 -8
Slide 29: Revenue profile for FY17 – IndAS Reporting Vs All Business
Revenue* profile for FY 17– IndAS Reporting Vs All Business IND AS All Business Transmission, Coal SPV, 2% Defence, 1% Transmission, Defence, 2% 2% Others, 2% Services, 1% Coal SPV, 2% Coal Logistics 2% Services, 2% Business, 2% Coal Logistics Business, 3% EPC EPC Business, Business, Generation, 38%
Slide 30: EBITDA profile for FY17 – IndAS Reporting Vs All Business
EBITDA* profile for FY17 – IndAS Reporting Vs All Business IND AS All Business Coal Defence Logistics Others 1% Business 2% Coal Logistics Defence Services EPC Business 3% EPC Services Business 1% 1% 4% Business 1% 5% Transmission 3% 6% Transmission 7% Coal SPV 7% Generation Coal SPV 46% 10% Distrib
Slide 31: Underlying Consolidated EBITDA
Underlying Consolidated EBITDA Q4FY!7 Q4FY16 Q3FY17 FY17 FY16 106 208 91 Profit Before Tax And Rate Regulated Activities (Line Item 3 in Adv) 946 2,354 -183 276 152 Add: Rate Regulated Activities (Line Item 4 in Adv) -609 -975 570 441 532 Add: Depreciation (Under Expenses in Adv) 1,989 1,649 897 859
Slide 32: Returns based portfolio view
Returns based portfolio view Assured Returns / BID / Market Regulated / FIT Linked returns Non- Core Investment Non-Core Investments Thermal - 3286 MW Thermal - 4150 MW Wind - 1140 MW Power Business • Transmission Assets in Mumbai Hydro - 693 MW Solar - 933 MW Waste Heat/ BFG - 375 MW Coal & Infra T
Slide 33: Earning profile for FY17 based on Return Predictability
Earning profile* for FY17- based on Return Predictability REVENUE Rs Crs EBIDTA - Rs Crs 15373, 41% 4186, 44% 5248, 56% 22405, 59% Market Linked Assured Returns Returns Assured Business contribute significantly to the total revenue and EBIDTA * Including all businesses without eliminations …Message
Slide 34: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 35: The Supreme Court Verdict on Mundra - Way Forward
The Supreme Court Verdict on Mundra - Way Forward • Legal Options – Legal advise is being sought whether to seek advise/clarification from the Court or CERC that commission has the general regulatory powers under Section 79(1)(b) even incase tariff is determined under section 63 • Other Options for
Slide 36: Coal to Generation - An integrated view
Coal to Generation- An integrated view Coal & Freight & Infra Cos logistics 4150 MW UMPP, Generation …Message Box ( Arial, Font size 18 Bold)
Slide 37: CGPL: Key highlights - Quarterly
CGPL: Key highlights- Quarterly Item Q4 FY17 Q4 FY16 Variance Remarks Generation (MUs) 7995 6919 Sales (MU) 7383 6394 Availability (%) 93% 87% FOB price of coal (USD/T) 47.59 42.69 Revenue (₹ /Unit) 2.36 2.49 Under Recovery ((₹ /Unit) (0.86) (0.25) Financials (Fig in ₹ Cr) Operating Income 1795 1603
Slide 38: CGPL: Key highlights - Yearly
CGPL: Key highlights- Yearly Item FY17 FY16 Variance Remarks Generation (MUs) 27460 25681 Sales (MU) 25302 23679 Availability (%) 80% 80% FOB price of coal (USD/Tonne) 49.51 46.73 Revenue (₹ /Unit) 2.39 2.51 Under Recovery ((₹ /Unit) (0.60) (0.30) Financials (₹ in crs ) Operating Income 6112 5908 3%
Slide 39: Coal Business: Key highlights
Coal Business: Key highlights Coal Company - KPC Q4 FY17 Q4 FY16 QoQ- Coal Mined (MT) 14.26 13.94 Coal Sold (MT) 14.12 14.68 FOB Revenue (USD/T) 63.92 47.21 Royalty (USD/T) 9.05 6.52 Net Revenue after royalty (USD/T) 54.87 40.69 Cost of Production (USD/T) 31.76 29.86 COGS ($/T) - Includes Inv Moveme
Slide 40: Coal to Power Generation – An Integrated view
Coal to Power Generation – An Integrated view Generation at Mundra Coal mining & Coal Infra Cos Fig in ₹ Cr CGPL FY17 FY16 Variance % Coal & FY17 FY16 Variance % Infrastructure Revenue 6112 5908 204 3% Business EBITDA 535 1243 (708) -57% Revenue 7862 7850 12 0% PAT (849) (999) 150 -15% EBITDA 1958 1
Slide 41: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 42: Renewable Portfolio - Overview
Renewable Portfolio - Overview Company Overview (Fig in ₹ Cr) Financial Overview ( Rs in Crs) TPREL is the largest renewable energy player in India with more than 9 years of experience having an operating portfolio of 2 GW FY 17 and is held 100% by experienced Tata Power Tata Power, Balanced portf
Slide 43: Renewables - Way forward
Renewables- Way forward Non-Fossil based capacities to be 30-40% of the total portfolio 326 MW of projects in pipeline to be commissioned in FY18 Adequate potential capacity still available to be tapped Renewable Portfolio to be 2500 MW taking the non fossil fuel based capacities to 3500 MW Growth p
Slide 44: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 45: International Presence
International Presence Hydro Project - Hydro Projects Bhutan - Georgia Distribution Consultancy Logistics Assignment - Nigeria Office - Singapore Hydro Project- Coal Mines Zambia - Indonesia Wind Project – South Africa Projects under execution / Commissioned in FY17 Existing Projects and Representat
Slide 46: Power Projects - Summary
Power Projects - Summary Domestic International Particular Unit Projects Total projects* Capacity MW 9917 660 10577 Equity Investment Rs. Cr. 12795 963 13755 660 MW of assets added in the last three years at an Investment of Rs. 963 Cr …Message Box ( Arial, Font size 18 Bold)
Slide 47: Itezhi Tezhi Power Plant, Zambia
Itezhi Tezhi Power Plant, Zambia Capacity & 120 MW (2 units of 60 MW each), type Hydro Power plant on Itezhi Tezhi dam on the Kafue River Project Cost Project Cost: US$ 234.4 million Funding Debt – US$ 169.87 million, Equity – US$ 64.58 million (Tata Power & Zesco hold 50 % each) Power off
Slide 48: Cennergi Wind Projects
Cennergi Wind Projects Capacity & 134 MW Amakhala Emoyeni & 95 MW Tsitsikamma Wind Farm Project in the type Eastern Cape, South Africa Project Cost Projects based in the Eastern Cape, 134 MW Amakhala Emoyeni & 95 MW Tsitsikamma Wind Farm Project Funding Project Cost: ZAR Mio 6634 ( USD 474 Mio
Slide 49: Shuakhevi Hydro Power Project, Georgia
Shuakhevi Hydro Power Project, Georgia Capacity & type Phase-I: Shuakhevi (187 MW) & Phase-II: Koromkheti (115 MW) in South West Georgia. Project Cost US$ 420 Million Funding Debt – US$ 250 Million, Equity – US$ 170 million (Tata Power 40% , Clean Energy Invest AS, Norway 40% IFC 20% each) Pow
Slide 50: Dagachu Power Project, Bhutan
Dagachu Power Project, Bhutan Capacity & Dagachu 126 MW, run of the river hydro power plant on dagachhu river in Bhutan type Project Cost US$ 200 Million Funding Debt – US$ 120 Million , Equity – US$ 80 million (Druk Green Power 59% , Tata Power 26%, National Pension fund & PF of Bhutan, 15%
Slide 51: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 52: Inorganic growth potential through Platform
Tata Power Platform • To acquire Thermal, Hydel and Transmission Assets in India • Platform incorporated with the following sponsors / Investors: – Tata Power (26%) – ICICI Bank (10%) – CDPQ (30%) – KIA (18%) – SGRF (16%) • Tata Power will provide strategic, operational and financial advise • Five t
Slide 53: Ajmer Distribution Franchise
Ajmer Distribution Franchise Franchise for the distribution of electricity in Ajmer, Rajasthan Operate, maintain, billing and collection in Ajmer circle for a period of 20 years Experience of Delhi, where the losses reduced from a whopping 53 per cent to 8.8 per cent, to be replicated through
Slide 54: Tata Power – Mumbai Operations Generation
Tata Power – Mumbai Operations Generation Current Power Tie up with Mumbai DISCOMs till 31st March 2018 Tata Power – DISCOMs Generation Tata Power – D U5 (500 MW) U6 (500 MW) ~49% U7 (180 MW) ~51% Hydro (447 MW) BEST Tata Power – D 60% U8 (250 MW) 40% BEST Company is working with key stakeholders fo
Slide 55: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 56: Leverage Management - Debt Profile
Leverage Management- Debt Profile Fig in ₹ Cr Standalone Consolidated Includes NCD of Rs Rupee Forex Total Rupee Forex Total 3500 crore raised for Welspun Acquisition Long term 8,848 - 8,848 17,502 7,641 25,143 Short term 1,983 409 2,392 8,475 7,804 16,280 Includes debt of Current WREPL debt of Rs M
Slide 57: Leverage Management - Net Debt / Equity
Leverage Management- Debt Profile Net Debt / Equity (x) Upper Limit 3.25 3.09 2.68 2.57 Target 2.0 FY15 FY16 FY17 Leverage has gone up primarily due to Welspun acquisition debt and deterioration in CGPL net worth Leverage to be improved through various options including monetization of non core asse
Slide 58: Summary
SUMMARY An Integrated player across the value chain, well positioned to withstand sectoral challenges and capitalize on opportunities Existing “Assured returns” business contribute significantly to the Profitability Integrated Power and Coal Business providing a hedge from further losses; other init
Slide 59: Agenda
Agenda …Message Box ( Arial, Font size 18 Bold)
Slide 60: Major Impact Areas
Major Impact Areas Erstwhile subsidiaries Coal & Infra Companies, Overseas Joint Ventures, IEL, Powerlinks and Dugar Hydro have been reclassified as Joint Ventures and not consolidated now on line by line basis . Fair valuation of forward and option contracts and IRS De-recognition of Interest
Slide 61: First Time Adoption Choices Exercised
First Time Adoption Choices Exercised Gain or loss arising out of fair value of the long term investment to be taken into Other Comprehensive Income and of trade investment to Profit & Loss Account. Property Plant & Equipment (PPE) of Regulated assets unchanged. For others it is Ind - AS cost or
Slide 62: Consolidation and Joint Arrangement – Change in status of Joint Ventures
Consolidation and Joint Arrangement – Change in status & consolidation of Joint Ventures Name of the I-GAAP Ind AS Impact on Conso Companies Accounting as Accounting as JVs Balance Sheet Subsidiaries and Profit & Loss Powerlinks Transmission Ltd Subsidiaries in Industrial Energy Converted as a I-GAA
Slide 63: Consolidation and Joint Venture – Change in method for major JVs
Consolidation and Joint Venture – Change in Consolidation method for major Joint Ventures Joint Venture Existing GAAP IND-AS Accounting Impact on Conso accounting Balance Sheet & Profit & Loss Account Arutmin KPC Indocoal Candice OTP Geothermal Yes Kalimantan Prima Power Equity Accounting Proportion
Slide 64: How does INDAS affect accounting of Derivative Instruments
How does INDAS affect accounting of Derivative Instruments – Mark To Market (MTM) on loan is now taken to P & L instead of being capitalised. – MTM on hedge will now be taken to P & L. Earlier, the impact on translation of hedge (forwards) was taken to Fixed assets. – Realignment of options taken fo
Slide 65: Investor Relations contact
Website: www.tatapower.com Email ID: investorrelations@tatapower.com Investor Relations Team: Ajay Bagri / S Kasturi Contact : Tel : +91 22 6717 1305 / 1345 …Message Box 64 ( Arial, Font size 18 Bold) 64
Slide 66: Annexure
Annexure …Message Box ( Arial, Font size 18 Bold)
Slide 67: Tata Power (Standalone) - Quarterly Financial Performance
Tata Power (Standalone) - Quarterly Financial Performance Fig in ₹ Cr PARTICULAR Q4FY17 Q4FY16 VARIANCE REMARKS Operating Income 1950 2019 -3% ₹30 Cr. prov. for unit 6 Operating Expenses 1429 1454 -2% spares provision in this quarter Operating Profit 521 565 -8% PY had Interest income from Other Inc
Slide 68: Tata Power (Standalone) - Yearly Financial Performance
Tata Power (Standalone) - Yearly Financial Performance Fig in ₹ Cr PARTICULAR FY17 FY16 VARIANCE REMARKS Lower carrying cost Rs 79 Crs, Tax Rs 37 Crs, O&M Rs 67 Crs,, PY had a favorable MYT order Operating Income 7282 8315 12% Rs 137 Crs and reversal of disallowance for Rs 85 Crs and lower fuel and
Slide 69: Maithon - Key highlights
Maithon - Key highlights Quarterly Particular Q4 FY17 Q4 Fy16 Variance Remarks Generation (MUs) 1932 1,795 8% Sales (MU) 1826 1,698 8% Availability (%) 94% 88% Regulated Equity (Rs cr) 1444 1,444 Operating Income (Rs cr) 613 589 4% EBITDA (Rs cr) 195 224 -13% Due to Overhaul & Increase in O&M exp In
Slide 70: Welspun Renewable - Key highlights
Welspun Renewable - Key highlights 14 Sept'16 - 31 Operating and Planned Capacity Q4 FY17 Mar'17* Capacity - Wind 146 146 Capacity - Solar 995 995 Capacity - Total 1141 1141 Generation (MUs) 448 879 PLF (%) 23% 20% Revenue (Rs cr) 316 634 EBITDA (Rs cr) 287 583 Finance Cost 137 313 PAT (Rs cr) 122 1
Slide 71: Tata Power Renewable (Standalone) - Key highlights
Tata Power Renewable (Standalone)- Key highlights Financials Q4FY17 Q4 FY16 Remarks Fig in ₹ Cr Generation (MUs) 137 80 Sales (MU) 131 75 Standalone Performance Operating Income 83 68 Operating Expenses 9 9 Higher Generation Leading to Higher Operating Operating Profit 74 59 Profit Due to interest o
Slide 72: Tata Power Renewable (Standalone) - Key highlights
Tata Power Renewable (Standalone)- Key highlights Fig in ₹ Cr Financials FY 17 FY 16 Remarks Generation (MUs) 505 340 Sales (MU) 484 303 PLF - Wind% 17% PLF - Solar % 19% Standalone Performance Operating Income 318 240 Higher generation Operating Expenses 31 24 Operating Profit 287 216 Higher genera
Slide 73: Tata Power Delhi Distribution Limited – Key Highlights
Tata Power Delhi Distribution Limited – Key Highlights Fig in ₹ Cr Quarterly Particular Q4 FY17 Q4 FY16 Remarks Operating Income 1306 1640 Lower billing rate Higher O&M , lower carrying cost Rs EBITDA 84 295 60 Crs, prov for Rithala, past period Rs 50 crs and CY 40 Crs Interest cost 90 110 PAT -1 10
Slide 74: Share of JVs & Associates
Share of JVs & Associates* Fig in ₹ Cr Jv/Associates Particulars FY 17 FY 16 Coal & Infra companies 799 (8) International subsidiaries 14 42 JV PTL and IEL 123 91 Panatone Finvest Ltd 146 33 Tata Projects Ltd 65 31 Tata Communications Ltd 56 0 Dagachhu Hydro Power Corp 13 (6) Associates Other Associ
Slide 75: Regulated Equity & Regulated Asset
Regulated Equity & Regulated Asset Fig in ₹ Cr Regulated Equity Q4 FY17 Q4 FY16 Mumbai Operation 3778 3632 Tata Power Delhi Distribution 1163 1211 Maithon Power 1444 1444 Powerlinks Transmission 466 466 Total 6851 6753 Regulated Assets/ (Liability) Q4 FY17 Q4 FY16 Mumbai Operation 1518 1754 Tata Pow
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