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Tata Power Q2 Results Review

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Tata Power Company Ltd. reported another good quarterly performance in 2QFY23, driven by profit growth from coal and Mundra businesses, recovery in Tata Power Solar Systems Ltd. and Tata Projects, as well as strong results in the distribution business.

On a consolidated basis, the company’s revenue for the quarter was 141.5 billion rupiah, up 49% year-on-year mainly due to higher grid power sales and higher revenues from the coal business.

Reported profit after tax increased 85% YoY to Rs 9.4 billion (Tata Power’s share of profit was Rs 8.2 billion, up 94% YoY).

According to our calculations, the main delta in earnings both quarter-on-quarter and year-on-year came from the coal business and the Mundra businesses, while Tata Projects’ recovery of Rs 2.3 billion for the quarter was negated by a similar amount of deferred taxes.

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