Tata Power Q3FY24 PAT grows to Rs. 1,076 crore; EBITDA jumps 15% YoY to Rs. 3,250 crore

~ Delivers record 17^th consecutive quarter of PAT growth ~

• Q3FY24 Revenue grows to Rs. 14,841 crore; 9MFY24 Revenue at all-time-high of Rs. 45,286 crore
• Q3FY24 EBITDA jumps to Rs. 3,250 crore; 9MFY24 EBITDA at all-time-high of Rs. 9,342 crore.
• Q3FY24 PAT increases to Rs.1076 crore with 9MFY24 PAT at Rs.3235 crore
• Core businesses of Generation, Transmission & Distribution and Renewables contribute more than 71% of the PAT before exceptional items in 9MFY24 vis a vis 40% in FY23; During Q3FY24 quarter, the share of core business stands at 71% as compared to 39% YoY
• Odisha Distribution Business reports PAT of Rs. 63 crore in Q3FY24 and Rs. 217 crore in 9MFY24, higher by 75% and 103% respectively.
• T&D segment aids growth; Company wins two transmission projects worth Rs.2,300 Cr in Bikaner-Neemrana & Jalpura-Khurja Transmission Project, under TBCB regime.
• Solar rooftop portfolio (incl. Group Captive) surpasses 2,000MW, one of the highest portfolio in the country; Adds146 MW During Q3FY24, up by 15% YoY
• Mainstreaming adoption of solar energy in the country, facilitates over Rs. 3,500 crore worth of customer financing for solar projects

Bangalore, February 13^th, 2024: Tata Power, one of the largest integrated utilities in the country, continues its growth momentum with the Company reporting its 17^th consecutive quarter of PAT growth.

Better realisation in the core business segments consisting of Generation, Transmission & Distribution and Renewables, helped the Company to grow its Q3FY24 reported PAT to Rs. 1,076 crore as compared to Rs. 1,052 crore of the corresponding quarter last fiscal. The 9MFY24 PAT grew to Rs. 3235 crore as against Rs.2871 crore for the 9MFY23 PAT.

During the October-December 2023 quarter, Tata Power’s revenue rose to Rs. 14,841 crore as compared to Rs. 14,339 crore in the last financial year. EBITDA for the quarter grew by 15% YoY to Rs. 3,250 crore.

For 9MFY24, the Company’s revenue grew to Rs. 45,286 crore, an all-time high for the said period. At Rs. 9,342 crore, the company’s EBITDA for the same period is also at a record high. The contribution of core businesses now stands at 71% for 9MFY24 PAT compared to 40% in FY23.

The strong momentum in the core business segment also shows the Company’s contribution to the energy transition that the country is witnessing..The Company has been working in various ways, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of ~ Rs 13,000 crore, to offer firm and 24×7 dispatchable renewable energy to all segments of consumers.

In its effort to mainstream the adoption of solar energy in the country, Tata Power has facilitated over Rs. 3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.

Tata Power is developing a green energy transmission corridor as the Company won its first-ever project under the Tariff Based Competitive Bidding (TBCB) process during the quarter. The Company Tata Power won the bid to develop an Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission Ltd that will be developed in 24 months. This prestigious Rs. 1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan.

The Company has also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh that will be developed under project SPV “Jalpura Khurja Power Transmission Ltd”.

Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said, “Our core businesses continue to perform well and have helped the Company clock its 17^th consecutive PAT growth quarter. Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability. As the country witnesses a surge in power demand, Tata Power is well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions.”

Consolidated financial performance (in Rs. crore)

Consolidated	Q3 FY24	Q3 FY23	% YoY Growth	9M FY24	9M FY23	% YoY Growth
Revenue	14,841	14,339	3%	45,286	43,278	5%
EBITDA	3,250	2,818	15%	9,342	6,968	34%
Reported PAT	1,076	1,052	2%	3,235	2,871	13%

As on 31st December 2023, the Company’s operational capacity is 4270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4752 MW of projects under TPREL and 4120 MW of projects under TPSSL are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12-24 months.  The Company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030

Highlights:

Driving Green Energy transition through Renewables:

• The Company’s clean energy portfolio now stands at ~ 5,600 MW, accounting for 39% of our overall capacity with another 4752 MW under construction taking the clean energy portfolio over 10000 MW in the next 12–24 months.

• TPREL wins 612MW Utility Scale Solar EPC orders worth Rs.2,849 crore in Q3FY24, the highest ever in a quarter.
• Tata Power’s solar rooftop portfolio (incl. group captive) surpasses 2,000 MW, retaining the highest market share in the segment for the ninth year in the row.
• Commissions a pioneering 1,040 KW Bifacial Solar System project at Asia’s largest tea estate, Chengmari in West Bengal
• TPREL bags its first Firm and Dispatchable Renewable Energy (FDRE) Project from SJVN Limited. This 1,316.5 MW of RTC project has 460 MW of solar, 799 MW of wind and 57.5 MW of battery storage and will provide round the clock power supply.
• Tata Power Solar Systems Ltd (TPSSL) signs a contract with NTPC to supply 152 MWp DCR solar PV modules for its Nokh Solar Park in Rajasthan
• TPREL commissions a 110 MW solar power project for the Kerala State Electricity Board; 25 MW solar power project for GUVNL and 91.8 MW Hybrid Wind power project for MSEDCL
• TPSSL crosses a milestone of facilitating over Rs. 3,500 crore of customer financing for solar projects helping to mainstream the adoption of Solar Energy in the country; Over 2,200 C&I customer supported with customized financing solutions till date; The extensive network of more than 20 active financing partner includes SBI, SIDBI, UBI, Bank of Baroda, Tata Capital

Powering E-Mobility

• Tata Power ties-up with Indian Oil Corporation to install 500+ fast and ultra-fast EV charging points across its multiple retail outlets.
• TPREL energizes 412 public EV charging points in Q3 FY24 taking the total charging points to 5,300+ public/ semipublic chargers across 480 cities. Additionally, the company added 226 bus chargers and 11,400+ home chargers in Q3FY24 taking our bus chargers count to 690 and home chargers to over 73,000

Transmission & Distribution

• Tata Power acquires Bikaner-III Neemrana-II Transmission Limited to evacuate 7.7 GW of renewable energy from the Bikaner complex in Rajasthan
• Reaches milestone of ~9 lakh smart meter installation across its Discoms in Mumbai, Delhi and Odisha

Sustainability & CSR

• To promote biodiversity in the Western Ghats, Tata Power joined hands with ICICI Foundation to launch ‘Project GhanVan’ – a visionary tree plantation programme; Over the next three years, the two organisations will plant 2.5 lakh indigenous trees
• In December, Tata Power joined hands with the Government of Odisha signed an MoU to make local youths industry-ready through skill development programmes at 20 ITIs in the state
• To celebrate National Energy Conservation Day, Tata Power organised Urja Mela 2023 in Delhi which saw participation of 700 students and teachers from 15 States; The Mela aims to groom young leaders as climate champion