In This Article:
-
PAT (Profit After Tax) Before Exceptional Items: Increased by 51% to INR 1,533 Crore.
-
EBITDA: Up 23% to INR 3,808 Crore for the quarter.
-
First Half EBITDA: Increased by 17% to INR 7,158 Crore.
-
First Half PAT: Up 41% to INR 2,721 Crore.
-
Manufacturing Plant Capacity: Module plant operating at full capacity of 4.3 gigawatts; cell plant's first 2 gigawatts started production.
-
Transmission Projects: Four projects under implementation, with two to be commissioned by 2025 and the remaining by 2026.
-
New Transmission Project: 765 KV transmission line in Odisha recently won.
-
Pump Hydro Project: 1,000 megawatt project approved, work to start January 2025.
-
Bhutan Project: 600 megawatt project with shareholder agreement signed, work starting January 2025.
-
Credit Rating: Upgraded by S&P Global to BBB- from BB+.
Release Date: October 30, 2024
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 51% increase in PAT before exceptional items, reaching INR1,533 Crore.
-
The company's EBITDA rose by 23% to INR3,808 Crore for the quarter.
-
Tata Power's 4.3-gigawatt manufacturing plant is operating at full capacity, with high efficiency in cell production.
-
The company has significant traction in rooftop solar projects, with large commitments in states like Odisha, UP, and Rajasthan.
-
Tata Power's transmission and distribution businesses are performing well, with multiple projects under implementation and new projects secured.
Negative Points
-
Power consumption was muted due to an extended monsoon, impacting overall demand.
-
The Mundra plant faced operational challenges due to damage from heavy rains, affecting availability.
-
There is a delay in concluding the supplementary PPA discussions for the Mundra plant.
-
The company's solar order book accretion is on the lower side, with competitive intensity affecting third-party orders.
-
Regulatory asset approvals in Delhi have increased, requiring a liquidation plan over the next 2-3 years.
Q & A Highlights
Q: Can you provide an update on Tata Power's solar system manufacturing capacity and plans for expansion? A: We are currently focused on stabilizing our cell line and improving efficiency. Our immediate task is to optimize operational and financial parameters before considering any expansion plans.
Q: How is Tata Power planning to utilize its pump storage power projects? A: We aim to bundle pump storage power, which provides eight hours of peaking power, with solar and wind energy. This will cater to both DISCOMs under the FDRE and RTC projects, as well as industrial and commercial consumers seeking clean energy solutions.