Tata Power’s Revenue Jumps 42% YoY to ₹110.15 Billion in Q3 FY 2022

Tata Power has recorded a revenue of ₹110.15 billion (~$1.47 billion) in the third quarter (Q3) of the financial year (FY) 2022, a 42% year-over-year (YoY) increase compared to ₹77.56 billion (~$1.03 billion) in the same period last year.

The company attributed the rise in revenue to the expanded operation of Odisha distribution companies (DISCOMs), higher project execution by Tata Power Solar Systems, and all other businesses’ strong performance.

Its consolidated profit after tax (PAT) jumped 74% YoY to ₹5.52 billion (~$73.78 million) in Q3 FY 2022 from ₹3.18 billion (~$42.50 million) in the same period last year.

In Q3 FY 2022, the company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹24.99 billion (~$334.04 million), a 16% growth compared to ₹21.49 billion (~$287.26 million) in Q3 FY 2021. The growth was due to higher profit from coal mines offset by higher losses in Coastal Gujarat Power Limited due to increasing coal prices.


In the first nine months (9M) of FY 2022, the company’s revenue stood at ₹304.91 billion (~$4.07 billion) in Q3 FY 2022, a 33.38% YoY growth compared to ₹228.6 billion (~$3.05 billion) in the same period last year.

Its PAT was ₹15.23 billion (~$203.56 million) in 9M FY 2022, a 59% YoY increase compared to ₹9.57 billion (~$127.91 million) in 9M FY 2021.

Renewables

According to the company’s financial statement, its renewable portfolio grew by 107% in Q3 2022 compared to the same period last year, adding 289 MW capacity and strong execution of utility-scale and rooftop solar projects.

Revenues from the renewables business reached ₹18.23 billion (~$243 million), up 47% from ₹12.4 billion (~$165.3 million) in Q3 FY21.

In Q3 FY22, the company’s EBITDA for the renewables business was ₹5.84 billion (~$77.88 million), a 12% growth compared to ₹5.22 billion (~$69.6 million) in Q3 FY21.

Profit after tax increased by 106% YoY to ₹970 million (~$12.9 million) in Q3 from ₹470 million (~$6.3 million) in the same period last year.

Tata Power Solar System also plans to set up 4 GW of solar cell and module manufacturing capacity with an investment of ₹34 billion (~$454.47 million). It has won 320 MW of utility-scale EPC orders, including the solar plus battery storage project of 100 MW in Chhattisgarh.

The company has received a letter of award to develop 300 MW of wind and solar hybrid project from Maharashtra State Electricity Distribution Company Limited. Tata Power Solar also secured an order worth ₹5.38 billion (~$77.92 million) from Energy Efficiency Services Limited to set up 100 MW of ground-mounted solar projects.

Its cumulative rooftop solar portfolio crossed 900 MW, and its FY 2022 order book crossed ₹10 billion (~$133.68 million) with orders of over ₹3.75 billion (~$50.12) won in Q3. The company also installed 118 MW of rooftop solar projects during the quarter.

Tata Power Renewables Consolidated YTD FY22

The company also signed a memorandum of understanding with TVS Motors to collaborate for electric two-wheelers charging eco-system in India. It also partnered with Apollo Tyres to deploy electric vehicle charging stations at its commercial and passenger vehicle zones across India.

In Q2 FY 2022, Tata Power recorded revenue of ₹95.02 billion (~$1.26 billion), a 13% growth from ₹84.28 billion (~$1.12 billion) in the same period last year.