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Tata Power Q3 Results 2022

14 March 2022
3 minutes

Power generation company Tata Power posted its quarterly results for Q3 FY22 on February 9, 2022. The company reported a 42.2% YoY jump in its consolidated PAT which came in at Rs 551 crore from Rs 318 crore in Q3 FY21. On a sequential basis, the PAT increased by 9.1% QoQ from Rs 505 crore in Q2 FY22.

The company’s revenue from operations saw a 43.6% YoY from Rs 10,913 crore from Rs 7,597 crore in the year ago period. On a sequential basis, the PAT jumped by 11.2% QoQ from Rs 9,810 crore in the previous quarter. However, the company’s other income was largely flat on a YoY basis at Rs 105 crore, while it reported a decline of 72% on a sequential basis from Rs 377 crore in the previous quarter.

More importantly, the cost of power purchased increased by 101% YoY to Rs 3,631 crore from Rs 1,802 crore in the year ago period. However, the revenue from the power transmission and distribution business saw a growth of 83.5% YoY growth which came in at Rs 7,125 crore from Rs 3,881 crore in the year ago period.

The stock of Tata Power Limited closed in the green at Rs 238.00 per share after rising by 1.34% at the end of the intraday trading session ahead of its quarterly results on February 9, 2022.

Hits of Tata Power Q3 Results 2022

  • PAT up 42.2% YoY at Rs 551 crore from Rs 318 crore in Q3 FY21
  • PAT up 9.1% QoQ at Rs 551 crore from Rs 505 crore in Q2 FY22.
  • Total income up by 43% YoY to Rs 11,018 crore in the quarter under review from Rs 7,702 crore in the year ago period
  • Total income up by 8% QoQ to Rs 11,018 crore from Rs 10,187 crore in the previous quarter
  • Orders worth over Rs 375 crore won this quarter leading to YoY and QoQ revenue growth and higher order book
  • Tata Power Solar won total 320 MW of Utility scale EPC orders including India’s largest Solar and Battery Storage Project of 100 MW in Chhattisgarh

Misses

  • Net Profit Margin stagnant at 5% while Operating Margin down to 15% from 17% in the year ago period
  • Cost of power up by 101% YoY to Rs 3,631 crore from Rs 1,802 crore in the year ago period
  • Other income down by 72% QoQ to 105 crore Rs from Rs 377 crore in the previous quarter

Segment-wise revenue

  • Power generation: Revenue down by 8% YoY to Rs 3,128 crore from Rs 3,407 crore in Q3 FY22
  • Renewables: Revenue up by 47% YoY to Rs 1,822 crore from Rs 1,494 crore in Q3 FY22
  • Transmission and Distribution: Revenue up by 83.5% YoY to Rs 7,125 crore from Rs 3,881 in Q3 FY22
  • Others: Revenue up by 29% YoY to Rs 84 crore from Rs 65 crore in Q3 FY22

Other things to know about Tata Power Company

  • LoA received for development of 300 MW of hybrid wind and solar project from MSEDCL
  • 4 GW of Cell & Module manufacturing capacity to be set up
  • 100 MW Solar PV projects commissioned in January – 50 MW each at Prayagraj and Banda
  • Tata Power signed an MoU with TVS Motor Company to collaborate on electric two-wheeler charging eco-system in India
  • The company has partnered with Apollo Tyres to deploy charging stations at its Vehicle Zones across India
  • Tata Power is the second largest power transmission and distribution company in the country with a market capitalization of Rs 75,000 crore (as of February 9, 2022).
  • The company’s P/E ratio is at 66.56 which is the highest amongst its peers and the industry average of 28.91. Tata Power’s P/B ratio is at 2.97 against the industry average of 3.20 (as of February 9, 2022). 
  • Tata Power’s dividend yield is at 0.66% against the industry average of 1.36% (as of February 9, 2022).

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Research Analyst: Bavadharini KS

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