TATA POWER ANNOUNCES Q3 FY20 RESULTS

MAINTAINS STEADY EBITDA GROWTH FOR THE LAST THREE QUARTERS, CONSOLIDATED PAT UP 12% AT ₹246 CRORE AS COMPARED TO ₹220 CRORE in Q3FY19; MAINLY DRIVEN BY LOWER LOSSES IN MUNDRA AND STEADY OPERATIONAL PERFORMANCE ACROSS ALL BUSINESSES.

• Q3 Consolidated EBDITA was up 8% at ₹1,970 crore (Excluding one-off item in Q3FY19, EBITDA grew by 27%) as compared to ₹1,820 crore in Q3FY19. Q3 Consolidated PAT is up 12% and stood at ₹246 crore as compared to the corresponding quarter last year at ₹220 crore. This is mainly due to lower losses in Mundra and better operational performance across all businesses. Q3FY19 included one-off deferred tax benefit of ₹272 Crore on PPA extension in Mumbai Licenses area.
• Renewables business (400 MW added in YTD FY 20) continues to grow with EBITDA increasing from ₹436 crore in Q3 FY20 to ₹515 crore up by 18% despite lower solar PLFs due to extended monsoon.
• YTD FY20 Consolidated EBITDA stood at ₹6,313 crore up by 18% over previous year mainly driven by lower losses in Mundra, capacity addition in Renewables and better operational performance across all the businesses.
• YTD FY20 Consolidated PAT before exceptional item stood at ₹850 crore (as compared to ₹895 crore in the previous year. Consolidated Revenue* stood at ₹22,067 crore as compared to ₹22,388 crore in the same period last year.

EDITORIAL SYNOPSIS

Consolidated Q3 FY20:
• Consolidated PAT stood at ₹246 crore, as against ₹220 crore in Q3 FY 19.
• Consolidated Revenue* for the quarter stood at ₹7171 crore, down by 9% from ₹7,911 crore Q3 FY19.
Standalone Q3 FY20:
• Q3 FY20 standalone Profit after Tax stood at ₹7 crore, down by 97% as compared to ₹271 crore Q3 FY19 mainly due to one-off deferred tax benefit of the PPA extension in Mumbai Licensed area in PY.

• Revenue* for the quarter stood at ₹1,756 crore, down by 17% as compared to ₹2,119 crore in Q3 FY19 mainly due to one-off deferred tax benefit of the PPA extension in Mumbai Licensed area.

Key Business Highlights:

• The Company was awarded the Letter of Intent (LOI) by Odisha Electricity Regulatory Commission & was selected as the successful bidder to own the license for the distribution and retail supply of electricity in Odisha’s five circles, together constituting Central Electricity Supply Utility of Odisha.
• Renascent Power Ventures Pvt. Ltd., a 100% subsidiary of Resurgent Power Ventures Pte Ltd, completed the acquisition of 75.01% ownership in Prayagraj Power Generation Company Limited (PPGCL) and settled the loans through a mix of new bank loans and equity from Resurgent.
• NTPC awarded a Letter of Award to Tata Power Solar for a 250MW solar project under the CPSU scheme. The total value of the order is ₹1,505 crore and the completion period is 20 months.
• TPREL received a Letter of Award(LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 7th Nov 2019 to develop a 50 MW solar project in Dholera Solar Park of Gujarat. This LOA is in addition to the 250 MW Solar Project being set up by the Company at Dholera Solar Park.
• Robust growth in Solar EPC business with large project order pipeline of ₹ 7,700 crore out of which ₹ 4,900 crore of order is from outside the group. TPSSL won projects worth ₹ 4,000 crore since September 2019.
• Tata Power announced setting up of TP Renewable Microgrid Ltd. In collaboration with the Rockefeller Foundation to become the world’s largest microgrid developer & operator. TPRM anticipated setting up of 10,000 microgrids through 2026 to provide power to 800 million people across India and help eradicate energy poverty.

National, January 29th, 2020: Tata Power, India’s largest integrated power company, today announced its results for the quarter ended 31st December 2019.

PERFORMANCE HIGHLIGHTS Q3 FY20: CONSOLIDATED

• Q3 FY20 Consolidated Revenue revenue* stood at ₹7,171 crore as compared to ₹7,911 crore in the corresponding quarter last year mainly due to deferred tax benefit on PPA extension in Mumbai Licensed area in Q3FY19, lower demand and lower FOB coal price.
• Q3 FY20 PAT stood at ₹246 crore as compared to ₹220 crore in Q3 FY19 mainly due to lower fuel under recovery in Mundra and better operational performance by all businesses. Q3FY19 includes one-off deferred tax benefit of ₹272 Crore on PPA extension in Mumbai Licenses area.

PERFORMANCE HIGHLIGHTS Q3 FY20: STANDALONE

• Standalone revenue* stood at ₹1,756 crore as against ₹2,119 crore in Q3 FY19 mainly due to deferred tax benefit of ₹272 crore on PPA extension in Mumbai Licensed area in the same period last year.
• Standalone PAT for Q3 FY20 stood at ₹7 crore as compared to ₹271 crore in corresponding quarter last year mainly due to deferred tax benefit of ₹272 crore on PPA extension in Mumbai Licensed area in the corresponding period last year.

Commenting on the Company’s performance, Mr. Praveer Sinha, CEO & Managing Director, Tata Power said, “All our operations have performed well. We have reported a strong growth trajectory in renewable business and other consumer centric businesses. We are happy to share the recent Public-Private-Partnership (PPP) with CESU which has doubled our customer base to 50 lakhs. We hope to serve Odisha’s consumers with 24×7 reliable power and unmatched customer services. Tata Power Solar’s order book stands tall at an approximate ₹7,700 crore, marking a major business accomplishment for the company. Our collaboration with the Rockefeller Foundation to set up 10,000 micro-grids in India by 2026, is a testament of our commitment to provide affordable, reliable electricity for millions of rural homes and enterprises.

Our new consumer-centric businesses including Rooftop solar projects for residential consumers have reached 60 cities with 100 EV charging points across 4 cities. We aim to continue this trend and create smart consumers for tomorrow by providing a range of next-gen power solutions.”

Awards:

• Powerlinks Transmission, a joint venture of Tata Power and Power Grid Corporation of India, was awarded by National Abilympics Association of India (NAAI) with ‘Catalyst of Change’ award second time in a row at the 6th National Conference on Disability.
• PETA India honored Tata Power with the ‘Compassionate Business Award’ for bringing Humane Education to students across 250 schools in India under its ‘Club Enerji’ programme.