Tata Power declared its financial results for FY 2021 and recorded a 14% growth in consolidated revenues at ₹330.79 billion (~$4.49 billion) compared to ₹ 289 billion (~$3.9 billion) in FY2020.

The figures reportedly rose mainly due to the acquisition of all four Odisha distribution companies (DISCOMs) and higher execution of solar engineering procurement and construction (EPC) projects.

In the first nine months of FY21, the company’s revenue stood at ₹220.6 billion (~$3 billion), up 2.6% from ₹215 billion (~$2.9 billion) during the same period in 2020.

With the acquisition of Odisha DISCOMs, Tata Power’s customer base stands at around 12 million. In January this year, Tata Power had announced its takeover of Western Electricity Supply Company of Odisha and Southern Electricity Supply Company of Orissa.

Meanwhile, the company registered a strong solar EPC order book of ₹87.42 billion (~$1.18 billion). However, standalone revenue stood at ₹64.80 billion (~$880 million) compared to ₹70.75 billion (~$961 million) last year.

The company’s annual consolidated profit after tax (PAT) before exceptional items was up by 16% at ₹14.24 billion (~$193 million) against ₹12.31 billion (~$167 million).

The company registered the growth despite pressure due to high international coal prices and saving in finance cost coupled with higher execution of solar EPC projects.

Meanwhile, standalone PAT for FY21 before exceptional items was up by 89% at ₹9.07 billion (~$123 million) compared to ₹4.79 billion (~$65 million) in FY20, mainly due to a higher dividend.

However, consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year were marginally down. The figures stood at ₹79.78 billion (~$1.08 billion) as compared to ₹83.17 billion (~$1.13 billion) in FY20, mainly due to higher losses in Coastal Gujarat Power Limited  (a 100% owned subsidy of Tata Power) due to higher coal price.

The standalone EBITDA for FY21 stood at ₹33.66 billion (~$457 million) as against ₹28.53 billion (~$387 million) in the previous year.

The company saw a significant revenue jump in solar EPC business with all three segments – utility EPC, rooftop solar, and solar pumps registering growth. Revenue from the solar EPC segment stood at ₹51.19 billion ($695.2 million) in FY 2021 compared to ₹21.41 billion ($290.8 million) in FY2020. Revenue from utility-scale solar EPC business was ₹40.69 billion ($552.6 million) up from ₹13.37 billion ($181.6 million) in the previous year.

The company installed 175 MW of rooftop solar amounting to ₹6.29 billion ($85.43 million) in FY2021 as compared to 114 MW (₹4.04 billion ($54.87 million)) in FY2020.

About 12,928 solar pumps were sold against 12,896 in the previous year.

Dr. Praveer Sinha, Chief Executive Officer, and Managing Director, Tata Power, said, “All our businesses and operations have performed exceptionally well. This can be attributed to the overall excellent performance of the generation, transmission, distribution, and renewable businesses. Our consumer base in Odisha has expanded to 9 million with the recent acquisition of the retail power distribution for the entire state. With this, we have steadily grown to around 12 million consumers across the country, continuing to build our business in line with our strategy to become a highly consumer-focused power utility.”

He further added that Tata Power Solar Systems – a wholly-owned subsidiary – recently inaugurated a state-of-the-art expansion of its manufacturing facility in Bengaluru, thereby taking up the total production capacity of cells and modules to 1,100 MW.