Tata Power's Revenue from Renewables Business Up 48% YoY in Q1 FY23

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Tata Power has recorded consolidated revenues of ₹147.53 billion (~$1.84 billion) in the first quarter (Q1) of the financial year (FY) 2023, a 48% year-over-year (YoY) growth compared to ₹99.74 billion (~$1.24 million) in Q1 FY 2022.

The company’s consolidated earnings before interest, taxes, depreciation and amortization (EBIDTA) stood at ₹21.07 billion (~$263.81 million), a 10.9% YoY decrease compared to ₹23.65 billion (~$296.11 million) in the same period last year.

The company’s annual consolidated profit after tax (PAT) after exceptional items stood at ₹8.84 billion (~$110.68 million) in Q1 2023, a 90% YoY increase compared to ₹4.66 billion (~$58.34 million) in the same period last year.

The revenue from the renewables business stood at ₹20.89 billion (~$261.57 million). This is a 31.7% YoY increase compared to the ₹15.86 billion (~$198.53 million) recorded in the same period last year.

Praveer Sinha, CEO & MD at Tata Power, said, “We have started the new fiscal year on a solid note with all of our business clusters – Generation, Transmission, Distribution, including Odisha, and Renewables – performing very well. This is aptly reflected in our 11th consecutive quarter of PAT growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses. We are offering a wide range of energy services across the entire value chain, along with cutting-edge technologies and superior project execution capabilities. As a future-ready EaaS company, we are well poised to contribute towards India’s green energy transition.”

In Q1 FY 2023, the company’s standalone EBIDTA stood at ₹12.71 billion (~$159.14 million), a 10.5% YoY decrease compared to ₹14.05 billion (~$175.92 million) in the same period last year.

According to the financial statement, the company’s annual standalone PAT stood at ₹4.21 billion (~$52.7 million) in Q1, an 18.9% YoY increase compared to ₹3.54 billion (~$44.31 million) in the same period last year.

The company commissioned 600 MW large-scale engineering, procurement, and construction (EPC) projects. Tata power has a solar EPC order book of ₹146.26 billion (~$1.83 billion), winning 1.7 GW projects in Q1 FY 2023.

The total renewable capacity of Tata Power is 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation. Cumulative solar rooftop portfolio expanded to 1,000 + MW, with installations across rooftop spaces, floating solar, ground-mounted, and open access projects.

The company recorded a strong performance in its Odisha distribution companies.

Tata Power said it was powering green mobility through a network of 2,350+ public and semi-public electric vehicle chargers with another 1,400+ chargers in various stages of installation. It also installed 18,500+ home chargers (for private use) and 240+ bus charging points across India.

Tata Power has planned to spend over ₹750 billion (~$9.46 billion) in the next five years on renewables. The company is looking to scale its generation capacity to over 30 GW by the financial year 2027 from the current 13.5 GW. It aims to increase its clean energy portfolio from 34% to 80% by 2030.

Tata Power Solar was one of the top utility-scale solar EPC service providing companies in the calendar year 2021, according to Mercom’s recently released India Solar Market Leaderboard 2022.