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• Reported PAT (Profit After Tax): INR 1,306 crores, a 25% increase in the March quarter.

• Adjusted PAT: INR 1,288 crores, a 16% increase compared to last year's INR 1,109 crores.

• Q4 EBITDA: INR 3,829 crores, a 14% increase from last year's INR 3,358 crores.

• Full Year PAT: Exceeded INR 5,000 crores for the first time.

• Full Year EBITDA: Over INR 15,000 crores.

• Reported Revenue: Increased by 5% to INR 64,502 crores.

• PAT Before Exceptional: INR 5,197 crores, a 26% year-on-year increase.

• Renewable Capacity Addition: 1,026 megawatts in FY25.

• Solar Rooftop Revenue: Increased by 40% to INR 865 crores in the quarter.

• Solar Rooftop EBITDA: Increased by 72% to INR 132 crores.

• TP Solar Full Year Revenue: INR 5,337 crores.

• TP Solar EBITDA: INR 875 crores.

• TP Solar PAT: INR 422 crores.

• T&D Business Quarterly Revenue: INR 9,590 crores.

• T&D Business Quarterly PAT: INR 616 crores.

• T&D Business Full Year Revenue: INR 39,122 crores.

• T&D Business Full Year PAT: INR 2,000 crores.

• Odisha Discoms PAT: Increased to INR 439 crores from INR 307 crores.

• CapEx in Last Quarter: INR 4,100 crores.

• Full Year CapEx: INR 16,200 crores.

• Planned CapEx for Next Year: INR 25,000 crores.

• Net Debt: INR 44,700 crores.

• Net Debt to Underlying EBITDA: 2.93.

• Net Debt-to-Equity: 1.0, improved from 1.1 in the previous quarter.

• Warning! GuruFocus has detected 4 Warning Signs with BOM:500400.

Release Date: May 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Tata Power Co Ltd (BOM:500400) reported a 25% increase in PAT for the March quarter, reaching INR1,306 crores.

• The company achieved a historic PAT exceeding INR5,000 crores for FY25, with an underlying EBITDA surpassing INR15,000 crores.

• Renewable business capacity addition reached 1,026 megawatts, marking the first time the company added over 1 gigawatt in a year.

• The solar rooftop business saw a 40% increase in revenue and a 72% rise in EBITDA for the quarter.

• Tata Power Co Ltd (BOM:500400) maintains a strong balance sheet with a net debt to underlying EBITDA ratio of 2.93 and a net debt-to-equity ratio of 1.0.

Negative Points

• CapEx for the full year fell short of the target, with delays in project execution due to transmission evacuation issues and right-of-way challenges.

• The company faced challenges in achieving its renewable capacity addition targets, with only 166 megawatts commissioned against a target of 588 megawatts for Q4.

• There are ongoing concerns about the volatility in the solar module business margins due to internal requirements and third-party sales.

• Wind power performance struggled with PLF not crossing 20%, attributed to lower wind speeds in certain areas.

• The EPC segment, excluding rooftop, continues to face margin pressures, with margins remaining in the 5% to 6% range.