#1TATA POWER ΤΑΤΑ TATA POWER + ** 查看 The Tata Power Company Limited Financial Results - Q4 FY22 6th May 2022 ΤΑΤΑ Lighting up Lives!#2TATA POWER Disclaimer TATA This document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice. This presentation should not be considered as a recommendation to any investor to subscribe for, or purchase, any securities of the Company and should not be used as a basis for any investment decision. 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Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company's business, its competitive environment, information, technology and political, economic, legal and social conditions in India. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward- looking statements. In addition to statements which are forward looking by reason of context, the words 'anticipates', 'believes', 'estimates', 'may', 'expects', 'plans', 'intends', 'predicts', or 'continue' and similar expressions identify forward looking statements. 2#3S ® Q4 FY22 Business Highlights#4TATA POWER 書 U Q4 FY22 Highlights TATA TPREL enters into binding agreement with Blackrock & Mubadala to raise ₹4,000 crore for future growth TPREL commissions 300 MW Dholera project - India's largest single-axis solar tracker system ➤ TPSSL commissions 555 MW (AC) utility scale projects in Q4; wins LOA for 1 GW Solar Project from SJVN CGPL merged into Tata Power effective 1st April 2020 KPC secures mining license renewal for 10 years till Dec 2031 ➤ Resurgent Power issued Letter of Intent to take over 100% share of South East UP Power Transmission Company Limited (SEUPPTCL) under the IBC process. SEUPPTCL has approx. 1500 Km of Transmission Line (765 KV and 400 KV) and 5 nos of 400 KV substation (AIS & GIS). ➤ Resurgent Power takes over 100% shares of NRSS XXXVI Transmission Ltd on 4th April 2022 Collaboration with Rustomjee Group to set up 28 EV Charging points across Rustomjee's Mumbai Projects MoU signed with Enviro to set up 59 EV charging points across Vatika's Gurugram Projects ➤ Tata Power signs MoU with NAREDCO to install 5,000 EV charging points across its member's properties in Maharashtra Ranked among the top 20 Most Sustainable Companies in India by BW Business World for second year in a row ➤ Awarded Bronze in Asia's Best Integrated Report (Design) category at Asia Integrated Reporting Awards 2021 4#5TATA POWER RE Large scale Capacity Partnership for the future BlackRock ΤΑΤΑ TATA POWER MUBADALA To create a unique and comprehensive: Rooftop Solar RE EPC Utility scale Green Platform Consumer Centric Solar Pumps Manufacturing EV Charging Business ΤΑΤΑ 5#6TATA POWER Transaction contours Prior to the equity infusion, all businesses will be consolidated under TPREL through transfer of SPVs and certain assets to TPREL. First tranche for 2,000 crore equity infusion to be effected post the transfer and approvals. Second tranche of 2,000 crore to be infused within 6 months after the first infusion. Post infusion of both tranches, equity stake of Blackrock & Mubadala will be 9.76%-11.43% depending on FY23 EBITDA TATA The first tranche is expected by June 2022. CCI approval and approvals under the PPAs are being sought prior to this infusion Tata Power Company Limited TPREL (Utility + Rooftop) BlackRock Real Assets + Mubadala TPSSL (EPC + Solar Pumps) SPVS (Utility Scale Generation) EV Charging Captive Cos. SPV (Manufacturing) 60#7TATA POWER Mundra & Coal - Strengthening the fundamentals Fuel Under- recovery Merger KPC Mining License • • Discussions in advanced stages with GUVNL for a supplementary PPA (SPPA) GUVNL has requested continuation of power supply under the draft SPPA effective 1st Jan 2022 Discussions with other states underway based on above SPPA TATA . Merger has become effective since 1st April 2020 pursuant to NCLT Order and filing with Registrar of Companies The Merger provides several administrative and financial synergies Carried forward depreciation & business losses are 12,690 crores & 3,822 crores resp Secured extension of license for 10 years; further extendable as per extant regulations Mining license area 61,543 Ha - reserves of around 886 Million tons • Royalty: Domestic PLN sales - 14%; Exports - Graded basis (Note 1) Corporate Tax reduced from 45% to 22% • 10% of Profit to be shared with Government Note 1: Royalty is based on sales price - 14% for <USD 70; 17% for USD 70-80; 23% for USD 80-90; 25% for USD 90-100 and 28% for >USD 100. Reference rate is for 6,322 gar (GCV) coal and will be adjusted for the GCV of the exports 7#8ΤΑΤΑ TATA POWER Tata Power Renewables Commissions 300 MW Solar plant in Dholera, Gujarat with India's largest single axis solar tracker system.#9TATA POWER Solar Utility Scale EPC - Execution at fore in Q4 WELL DIVERSIFIED UTILITY SCALE ORDER BOOK Customer - Utility Scale Tata Power Group NTPC SECI GSECL NHPC Total Capacity as on 31st March 22 Order Book as on 31st March 22 (₹ Cr) TPSSL-UTILITY ORDER BOOK (CRORE) AC Capacity (MW) 10,026 965 770 140 95 40 2,010 7,275 ➤ Q4 focus was on execution with 555 MW AC capacity projects (761 MWp DC capacity projects) executed during the quarter ➤ Awarded LoA in April for 1 GW from SJVN under CPSU Scheme approx 5,000 crore (without taxes) which is not included in the order book above ➤ To hedge against commodity prices, contract manufacturing and long-term contracts for supply have been tied up 7,275 (2,752) ΤΑΤΑ Order book at end of Q3 Q4 Utility EPC Revenue Order book at end of Q4 9#10TATA POWER Pioneering India's rooftop installation ΤΑΤΑ#11TATA POWER Consumer centric Solar Businesses - Quarter Highlights Achieved ~2x growth in FY22 revenue Achieved highest ever quarterly revenue of ₹687 crores Rooftop Solar Solar Pump >2X Revenue growth over Q4 FY21 312 Revenue (in Crore) 687 1 378 Q4 FY21 Q4 FY22 Q3 FY22 205 Revenue (in crore) 243 98 86 Q4 FY21 Q4 FY22 Q3 FY22 TATA Highest billing in a month till date - 460 crore in March Received new orders for 172MW in Q4FY22 Channel sales increased 4x Unexecuted order book as of 31st March 2022 184MW worth 516 crore Rs 250 cr order won in Q4 FY22 9,240 pump orders booked in Q4 - highest quarterly order ➤ Achieved 113% growth in number of pumps sold and 83% growth in Revenue over FY21 150 orders received in Retail business (outside PM-KUSUM scheme) in Q4 FY22 11#12TATA POWER Tata Power EZ Charge Deal for the future of green mobility Exchange of MOU between 田 T ☑ Phi Tata Power signs MoU with NAREDCO to install 5,000 EV charging points across Maharashtra As per MoU, the company will set up EV charging points across NAREDCO's member developer properties The move will give boost to faster EV adoption in the state ➤ EV owners across members' properties to have 24x7 vehicle charging, monitoring and e-payments facilities through Tata Power's EZ Charge mobile app Business Highlights 5340 home chargers installed in Q4. Cumulative installation - 13,107 Cumulative installation of E-bus charging points till Mar 22 - 212. M Audi 700 EV charging points installed in Q4. 2000+ cumulative installation till Mar 22 Spread Across 352 Cities (+100 cities in Q4) TATA Note: Data as on 31-Mar-22 Our partnership across all sectors DECATHLON TAJ vatika EXOTICA RESORT & SPA GROUP GOA 12#13TATA POWER TPCODL 30.4% TPSODL Odisha Discoms: Multi pronged efforts to reduce losses 969 MW HT/theft load added in FY22 across all 4 discoms 12 lac meter replaced till date across all 4 discoms 505 crore past arrear collected in FY22; My Tata Power App launched to digitize billing & payment TATA TPCODL 29.0% 36.3% GROWTH RELIABILITY COLLECTION TPSODL 32.5% TPWODL 28.6% TPWODL 29.7% Category TPCODL TPSODL TPWODL TPNODL TPNODL 25.3% New & theft load (YTD) - MW 401 187 123 258 Meters replaced (till date) – Lakhs 6.12 3.12 1.38 1.54 TPNODL 23.1% Sub-stations automated (till date) - Nos 169 83 13 (another 30 (another 80 ready) FY 20 AT&C Loss Pre takeover arrears collected (YTD) - cr 113 89 112 8 ready) 191 FY 22 Actual AT&C Loss CITI TPCODL wins 'CII Eastern Region Annual Productivity Award 2022'; bags 'National Winner 2022 with Par Excellence Confederation of Indian Industry Award' of '34th CII National Quality Circle Competition' TPNODL wins The Original Business Leader of the Year Award for Innovative Project of the Year - "Aerial meter reading for Rural & Lift Irrigation Customer" BUSINESS EADE 13#14TATA POWER Q4 FY22 Financial Highlights ΤΑΤΑ#15TATA POWER Fig in Cr Q4 FY22 Financial Highlights. Strong all round operational performance; despite lower coal profits, PAT up by 76% YoY Reported EBITDA Underlying EBITDA (Including Share of JVs & Associates) TATA PAT (before exceptional items) Q3 FY22 Q4 FY22 1,841 2,253 Q4 FY21 1,668 Q3 FY22 Q4 FY22 2,499 2,549 Q4 FY21 2,016 Q3 FY22 552 Q4 FY22 775 Q4 FY21 440 22% 35% 2% 26% 40% 76% CGPL & Coal Cluster Net Profit - before one offs GreenCo EBITDA Q3 FY22 Q4 FY22 Q4 FY21 130 Q3 FY22 (178) (27) 576 Q4 FY22 962 Q4 FY21 636 67% 51% Receivables Net External Debt Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 6,963 6,666 5,805 39,536 Q4 FY22 39,708 Q4 FY21 36,187 15#16SUSTAINABLE DEBT PROFILE TATA POWER Comfortable debt position for sustainable growth NET DEBT MAINTAINED AT Q3 LEVELS 36,187 Q4 FY21 ☐ 39,536 Q3 FY22 39,708 Q4 FY22 TATA BUS AS USUAL DEBT DOWN WITH ROBUST CF FROM OPERATIONS 39,536 (1,348) (602) (1,467) (42) 899 36,977 2,732 39,708 1.53 Net Debt to Equity v 1.43 in Q4 21 Net Debt to Underlying 3.92 EBITDA (on rolling 12 month basis) v 4.09 in Q4 21 Average Borrowing Cost v 7.18% in Q4 21 6.82% Q3FY22 Net Debt Cash from operations Income from JVs & assoc WC changes Others Interest Payment Business as usual debt Capex Q4FY22 Net Debt 16#17TATA POWER Installed Generation Capacity as on 31st Mar 22 GENERATION PORTFOLIO ~ 34% CLEAN & GREEN Clean and Green Break-up ΤΑΤΑ Clean & Waste Heat Business Model MW % Thermal Green Hydro Recovery/ Wind Solar Total BFG Captive 429 3.7% 174 255 255 Merchant 246 2.1% 246 126 120 PPA/ Fixed Tariff (Bid/ Others) 4,645 40.3% 4,338 307 307 PPA/ Fixed Tariff (Renewables) 3,400 29.5% 3,400 932 2.468 Regulated tariff 2,775 24.1% 2,328 447 447 Tolling/Fixed Tariff 40 0.3% 40 Total Capacity w/o Platform 11,535 100.0% 6,880 4,655 880 375 932 2,468 1,980 13,515 Thermal under Platform - PPA based Total Capacity incl Platform 120 MW GUVNL Solar Project, commissioned post 31st March 2022, has been included in the pipeline. 0.0% 1,980 8,860 4,655 880 375 932 2,468 17#18TATA POWER T&D Portfolio and RE Pipeline as on 31st Mar 22 CURRENT T&D PORTFOLIO LARGE SOLAR PROJECT DEVELOPMENT PIPELINE TATA Transmission Business Model CKM Customer State Capacity (MW) Mumbai Transmission Powerlinks (JV) Regulated Regulated 1,224 GUVNL GJ 120 2,328 Total 3,552 MSEDCL MH 100 TPC-D (Hybrid) RJ 225 Consumers Distribution Mumbai Business Model KSEB RJ 110 in Million Tata Steel JH 15 Dist License 0.7 Tata Power Delhi Dist Ltd Dist License 1.9 GUVNL GJ 60 TP Central Odisha Dist Ltd Dist License 2.9 CEAT ΜΗ 10 TP Southern Odisha Dist Ltd Dist License 2.4 RUMSL MP 330 TP Western Odisha Dist Ltd Dist License 2.1 MAHAGENCO MH 250 TP Northern Odisha Dist Ltd Dist License 2.1 TP Ajmer Dist Ltd Total Dist Franchisee 0.2 MSEDCL Hybrid ΜΗ 300 12.3 Total 1,520 18#19TATA POWER 91 Generation - Availability Q4 Operational Highlights Transmission - Availability I 100 98 98 98 98 98 100 100 100 81 80 79 40 27 100 Powerlinks 100 100 100 MO- 100 Transmission Thermal (excl. CGPL) CGPL MO - Hydro Wind Solar 100 Plant Load or Capacity Utilization factor 74 74 67 68 40 39 39 31 25 MO - Distribution TPDDL 19 24 23 12 12 12 Thermal (excl. CGPL) CGPL MO - Hydro Wind Solar TPADL Q3 FY22 ■Q4 FY22 Q4 FY21 ΤΑΤΑ AT&C Losses - Distribution (0.1) 0.4 0.7 5.7 6.8 7.3 8.7 9.0 10.2 19#20ΤΑΤΑ POWER Financial Results ΤΑΤΑ 20#21TATA POWER Consolidated Performance - Q4 FY22 Fig in Cr Particulars Consolidated before exceptional items Standalone & Key Subsidiaries Tata Power (Standalone) MPL (Maithon Power)* TPDDL (Delhi Discom)** Q4 FY22 12,085 Op Income Q4 FY21 10,379 EBITDA^^ PAT Q4 FY22 2,253 Q4 FY21 1,668 Q4 FY22 Q4 FY21 775 440 3,214 635 3,355 2,243 757 1,770 (159) 561 172 160 72 115 2,159 1,896 352 252 112 121 TPTCL (Power Trading) 120 31 16 11 12 7 Tata Power Solar (Solar Mfg) 3,481 2,777 77 185 28 136 TPREL Standalone (Renewable Power) 470 245 525 204 131 5 WREL (Renewable Power) 391 313 377 277 155 88 Coal SPVs (Investment Companies) (1) (1) (66) (49) TERPL (Shipping Co) 192 193 48 66 14 34 TP Central Odisha Dist Ltd (CESU)** 962 874 85 (37) 9 (30) TP Southern Odisha Dist Ltd (SOUTHCO)** 465 310 49 25 31 22 TP Western Odisha Dist Ltd (WESCO)** 1,072 823 85 26 38 (1) TP Northern Odisha Dist Ltd (NESCO)** TPIPL (Overseas Investment Co) 774 78 31 34 (10) 22 (12) Others 205 192 40 39 (7) (2) TOTAL TOTAL - B Eliminations# Exceptional Items A Joint Venture and Associates 14,139 11,570 4,180 1,954 2,351 275 296 348 14,139 11,570 4,180 1,954 2,647 623 (2,053) (1,191) (1,927) (286) (1,873) (142) (184) 42 Discontinued operations TOTAL - C Previous year numbers are restated 12,085 10,379 2,253 1,668 632 481 *TPCL stake-74%; **TPCL stake-51%; # Eliminations include inter-company transactions; ^^ including other income TATA 21#22TATA POWER Consolidated Performance - FY22 TATA Op Income EBITDA^^ Particulars Consolidated before exceptional items Standalone & Key Subsidiaries Tata Power (Standalone) MPL (Maithon Power)* FY 22 42,576 FY 21 33,239 FY 22 FY 21 FY 22 PAT Fig in Cr FY 21 8,192 7,978 2,298 1,424 11,242 13,469 4,669 4,282 1,346 299 2,782 2,503 TPDDL (Delhi Discom) ** 8,849 7,627 702 1,330 699 281 311 1,255 439 428 TPTCL (Power Trading) 377 265 79 53 55 33 Tata Power Solar (Solar Mfg) 8,506 5,119 432 330 161 208 TPREL Standalone (Renewable Power) 1,385 960 1,290 828 182 WREL (Renewable Power) 1,277 1,189 1,204 1,093 441 320 Coal SPVs (Investment Companies) (3) 11 (232) (199) TERPL (Shipping Co) 538 1,003 363 413 241 287 TP Central Odisha Dist Ltd (CESU)** 4,059 3,046 243 118 29 7 TP Southern Odisha Dist Ltd (SOUTHCO)** 1,689 310 157 25 69 22 TP Western Odisha Dist Ltd (WESCO)** 4,243 823 209 26 64 (1) TP Northern Odisha Dist Ltd (NESCO)** TPIPL (Overseas Investment Co) 2,722 233 - 74 64 10 9 O Others 901 768 213 TOTAL - A Joint Venture and Associates 48,572 37,082 11,187 130 9,273 21 (31) 3,178 1,685 1,943 873 TOTAL - B Eliminations# Exceptional Items 48,572 37,082 11,187 9,273 5,121 2,558 (5,996) (3,843) (2,995) (1,295) (2,823) (142) (1,125) 14 Discontinued operations TOTAL - C Previous year numbers are restated (20) 42,576 33,239 8,192 7,978 2,156 1,439 22 *TPCL stake-74%; **TPCL stake-51%; # Eliminations include inter-company transactions; ^^ including other income#23TATA POWER Share of JVs and Associates TATA Fig in Cr Op Income EBITDA PAT Op Income EBITDA PAT Particulars % Share Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 FY 22 FY 21 FY 22 FY 21 FY 22 FY 21 Coal & Infra Companies 30% / 2,594 2,073 549 572 397 223 11,914 7,492 3,886 1,691 1,951 526 (KPC, BSSR, AGM & NTP) 26% Powerlinks Trans Ltd 51% 19 15 17 14 13 15 70 60 65 58 47 52 Industrial Energy Ltd 74% 61 55 32 36 19 21 222 222 145 149 90 83 Resurgent Power 26% 237 243 81 58 28 27 1,022 1,005 329 302 122 100 Tata Projects 48% 2,031 2,304 (81) 162 (166) 46 6,536 5,823 13 429 (297) 60 Others JVs (including 30 49 20 64 5 17 102 144 86 147 30 54 adjustments) Total-Joint Ventures 4,972 4,738 617 906 296 348 19,867 14,746 4,523 2,775 1,943 873 23#24TATA POWER Underlying Consolidated EBITDA TATA Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 Fig in Cr YTD Var Reported EBITDA 2,253 1,668 585 8,192 7,978 214 Add: PAT of JV Companies 296 348 (52) 1,943 873 1,069 KPC & BSSR 389 175 600 1,811 330 1,268 Coal Infra Powerlinks IEL Tata Projects Resurgent Others Adjusted Business EBITDA 8 48 (40) 140 196 (56) 13 15 (2) 47 52 (5) 19 21 (2) 90 83 7 (166) 46 (212) (297) 60 (356) 28 27 1 122 100 22 4 16 (12) 30 54 (23) 2,549 2,016 533 10,134 8,851 1,283 Less: Depreciation 846 663 (182) 3,122 2,745 (377) Less: Finance Cost 1,015 890 (124) 3,859 4,010 151 PBT as per line item no.7 in Adv 689 463 226 3,153 2,096 1,057 24#25TATA POWER Tata Power (Consolidated) Financial Performance TATA Fig in Cr Particulars Operating Income Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks 12,085 10,379 1,706 42,576 33,239 9,337 Acquisition of Odisha discoms and higher revenue from renewables Operating Expenses 10,091 8,806 (1,285) 35,305 25,701 (9,604) Operating Profit 1,994 1,573 421 7,272 7,539 (267) Other Income 259 95 164 920 439 481 Order impact in renewable generation companies EBITDA 2,253 1,668 585 8,192 7,978 214 Interest cost 1,015 890 (124) 3,859 4,010 151 Higher borrowings for Odisha and capacity commissioned in renewables Depreciation 846 663 (182) 3,122 2,745 (377) PBT before share of Assoc & JVs 393 114 278 1,210 1,223 (12) Share of Associates & JV's results 296 348 (52) 1,943 873 1,069 PBT after share of JV 689 463 226 3,153 2,096 1,057 Tax Expenses (86) 23 109 855 652 (204) Reversal of Tax booked in earlier quarter in Standalone pursuant to merger Net profit before discontinued ops 775 440 335 2,298 1,444 854 Discontinued ops (Defence) Results (20) 20 Net Profit for the Period 775 440 335 2,298 1,424 874 Exceptional item (net of tax) (142) 42 (184) (142) 14 (157) SED & Georgia impairment offset by deferred tax asset from merger Net Profit for the Period * 632 481 151 2,156 1,439 717 * As per line item 13 in the SEBI Advt 25 25#26TATA POWER Tata Power (Standalone) Financial Performance TATA Fig in Cr Particulars Operating Income Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks 3,214 3,355 (141) 11,242 13,469 (2,227) Lower revenue in Mundra because of lower PLF Operating Expenses 2.868 2,832 (36) 9,561 10,448 887 Operating Profit 346 523 (177) 1,682 3,022 (1,340) Other Income 1,896 234 1,662 2,987 1,260 1,727 Dividend income from overseas subsidiary EBITDA 2,243 757 1,485 4,669 4,282 387 Interest cost 528 551 23 2,189 2,497 308 Depreciation 287 303 15 1,134 1,235 100 PBT 1.428 (96) 1,524 1,346 550 795 Tax Expenses (343) 63 405 0 251 251 MAT credit written off in Q1 reversed in Q4 due to merger PAT (before exceptional items) 1.770 (159) 1,929 1,346 299 1,047 Exceptional item (net of tax) 50 42 8 1,437 15 1,422 PAT for the period 1,820 (117) 1,937 2,783 314 2469 Discontinued ops (Defence) Results 0 (0) 0 0 (20) 20 PAT for the period after 1,820 (117) 1,938 2,783 294 2489 discontinued operations * Line no.11 of advertisement 26#27TATA POWER Mundra Proforma P&L TATA Fig in Cr Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 Generation (MUs) 2,239 6,635 (4,396) 9,088 26,572 YTD Var Quarter Variance Remark (17,483) Lower generation Sales (MU) 2,044 6,134 (4,090) 8,361 24,536 (16,175) Availability (%) 27% 79% (52%) 29% 80% (51%) PLF (%) HBA Coal Index 25% 74% (49%) 25% 73% (48%) 183.5 82.7 (100.8) 146.7 62.2 (84.5) FOB price of coal (USD/T) 112.2 55.2 (56.9) 83.5 47.6 (35.9) Average GCV of Coal (kcal/kg) 5,306 5,478 (172) 5,358 5,458 (100) Revenue (/Unit) 4.52 2.69 1.83 3.72 2.85 FOB Fuel under recovery (*/Unit) (1.00) (0.72) (0.27) (0.63) (0.42) 0.87 Higher revenue pursuant to the draft agreement with GUVNL (0.22) Under-recovery from mining profit sharing and lender's haircut Financials Operating Income 925 1,653 (728) 3,109 6,990 Fuel Expenses 980 1,511 531 3,144 5,656 (3,881) Fixed charges reduced due to lower generation and penalty 2,511 Other Operating Expenses 116 115 (2) 422 428 6 Operating Profit (172) 27 (199) (458) 906 (1,364) Other Income 19 11 8 125 17 108 EBITDA (153) 38 (191) (333) 922 (1,256) Interest & Finance Cost 196 182 (14) 777 991 214 Depreciation 135 133 (2) 541 569 28 PBT (484) (277) (208) (1,651) (637) (1,014) Pursuant to merger of CGPL into Tata Power Standalone, we have prepared a proforma P&L for Mundra operations 27#28TATA POWER Coal Business (KPC): Key highlights Coal Company - KPC Coal Mined (MT) Q4 FY 22 Q3 FY 22 Q2 FY22 Q1 FY 22 Q4 FY 21 10.8 12.7 14.4 14.9 14.3 Coal Sold (MT) 10.4 13.1 14.3 15.5 14.1 HBA 183.5 178.8 132.1 92.3 82.7 FOB Revenue (USD/T) 98.0 99.4 84.2 65.5 59.4 Royalty (USD/T) 26.9 14.4 11.9 9.0 8.8 Net Revenue after royalty (USD/T) 71.1 85.0 72.3 56.5 50.7 Cost of Production (USD/T) 44.3 43.3 40.3 36.2 35.6 - COGS ($/T) Including Inv Movement 42.7 44.9 39.6 37.3 34.0 Gross Profit (USD/T) 28.3 40.1 32.6 19.3 16.6 Net Profit (USD/T) 14.5 14.6 12.5 6.5 5.1 In January sales were restricted to domestic customers capped at USD 70 per tonne (this sale would be adjusted against annual DMO obligations). In February exports were reinstated. However, during March sales were again impacted due to heavy rains flooding mines and disrupting logistics bringing mining to almost a standstill. The above reasons capped the FoB and the quantity of coal mine in this quarter. Pursuant to the extension terms, the Gross Profit per tonne reduced but the Net Profit per tonne remained at Q3 levels TATA 28#29TATA POWER Mundra and Coal companies - Integrated performance TATA Mundra Revenue Q4 FY22 925 Q4 FY21 Qtr Var FY 22 FY 21 Fig in Cr YTD Var 1,653 (728) 3,109 EBITDA PBT (196) (527) 38 (277) (234) (376) 6,990 922 (251) (1,694) (3,881) (1,299) (1,694) Coal & Infrastructure Business Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Revenue 2,619 2,115 504 12,024 7,693 4,331 EBITDA 612 688 (76) 4,293 2,179 2,114 PAT 355 250 105 1,980 639 1,341 Net PAT (172) (27) (145) 286 639 (353) Net PAT (w/o one-offs) (178) (27) (151) (35) 745 (780) One-offs: Q4 FY22 includes 5 crore - income from positive order impact offset by contractual provisions in Mundra 29#30TATA POWER Maithon Power Limited Highlights. - Fig in Cr Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Generation (MUs) 1,543 1,491 52 7,489 6,383 1,106 Sales (MUs) 1,453 1,405 48 7,215 5,819 1,395 Availability (%) (Plant) 77% 70% 7% 93% 90% 3% PLF % 68% 66% 2% 81% 69% 12% Financials Operating Income 635 561 74 2,782 2,503 279 Higher generation and fuel cost Fuel Costs 363 304 (59) 1,773 1,500 (273) Other Operating expenses 107 103 (4) 330 322 (8) Operating profit 164 154 10 680 682 (2) Other Income 7 6 2 22 17 5 EBITDA 172 160 12 702 699 3 Interest cost 33 28 (5) 137 136 (1) Depreciation 68 62 (6) 272 246 (26) PBT 71 71 1 293 316 (24) Tax (1) (44) (43) 12 5 PAT 72 115 (43) 281 311 (7) Reversal of defered tax liability in Q4 FY 21 (30) TATA 30#31TATA POWER Prayagraj Power Generation Co Ltd. (100%)- Highlights Fig in Cr Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Generation (MUs) 2,651 2,822 (171) 11,656 10,751 905 Sales (MU) 2,497 2,659 (162) 10,977 10,093 884 Availability (%) 72.2% 84.0% -11.8% 81.1% 83.2% -2.1% PLF % 62.0% 65.9% -4.0% 67.2% 61.9% 5.3% Financials Operating Income 906 933 (27) 3,863 3,860 Operating expenses 710 671 (40) 2,908 2,729 Operating profit 196 263 (67) 955 1,131 Other Income 140 15 124 347 50 EBITDA 336 278 58 1,302 1,181 3 Lower PPA sales (178) Higher fuel cost (175) 297 Receipt of late payment surcharge cess 122 Interest cost 174 196 22 708 818 110 Depreciation 46 56 9 182 177 (4) PBT 116 26 89 413 185 228 Taxes PAT 116 26 89 413 185 228 TATA 31#32TATA POWER Tata Power Delhi Distribution Ltd - Highlights TATA Fig in Cr Particulars Purchase (Mus) Sales (Mus) Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks 2,036 1,959 (76) 9,425 8,950 (475) 1,891 1,847 44 8,787 8,347 440 Revenue Per Unit 9.06 8.53 0.52 8.35 8.04 0.31 PPC Per Unit 6.81 6.35 0.45 6.32 5.93 0.39 AT&C losses (%) 6.80% 7.33% 0.53% 6.80% 7.33% 0.53% Financials Income from Operation 1,871 1,698 173 7,978 7,297 Power Purchase 1,385 1,244 (141) 5,957 5,306 682 Higher sales and power purchase cost (651) Other Operating Exp. 224 229 5 853 851 (1) Operating Exp. 1,609 1.473 (136) 6,810 6,158 (652) Operating Profit 262 225 37 1,169 1,139 29 Other Income 90 27 63 162 116 EBITDA 352 252 100 1,330 1,255 46 Reversal of provisions in CYQ 75 Interest cost 96 81 (15) 324 344 20 Interest payable on refundable security deposit Depreciation 93 90 (4) 371 354 (17) PBT 163 81 81 635 558 78 Tax 50 (40) (91) 196 129 (67) PYQ includes reversal of deferred tax PAT 112 121 (9) 439 428 10 32 32#33TATA POWER Odisha Discoms - Highlights. Fig in Cr Q4 Highlights TPCODL TPSODL TPWODL TPNODL Purchase (Mus) 1,945 980 2,296 1,286 Sales (Mus) 1,477 745 1,898 1,078 Revenue per unit 6.11 6.24 5.75 6.62 Power Cost per unit 3.08 2.34 3.62 3.44 Actual Technical losses YTD (%) 23.8% 23.4% 19.5% 17.6% Actual AT&C losses YTD (%) 29.0% 32.5% 29.7% 23.1% Vesting order Target AT&C losses (%) 23.7% 25.8% 20.4% 19.2% Income from Operation 962 465 1,136 773 EBITDA 85 49 85 77 PAT 9 31 38 31 Technical losses have come down and are in line with targets. Collections had lagged in Q1 and Q2 due to Covid related issues. However, there are signs of pick up in collections as significant arrears got collected. in Q4 TATA 33#34TATA POWER Tata Power Renewable Energy Ltd (Conso. excluding WREL) - Highlights Fig in Cr Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Capacity - Total (MW) 2,184 1,498 686 2,184 1,498 686 Capacity - Wind (MW) 655 655 655 655 Capacity - Solar (MW) 1,530 844 686 1,530 844 686 Generation (MUs) 848 667 181 3,302 2,749 553 Sales (MUs) 834 655 179 3,241 2,696 545 Avg PLF (%) - Solar 24% 27% -3% 23% 24% -1% Avg PLF (%) - Wind 12% 12% 0% 19% 17% 2% Financials Operating Income 505 298 207 1,497 1,179 318 Addition in solar capacity and revenue recognised for deemed generation, REC income & other matters Operating expenses 64 69 5 259 229 (30) Operating profit 441 229 213 1,237 949 288 Other income 94 9 85 133 52 EBITDA 535 237 297 1,371 1,001 Interest cost 183 121 (63) 551 520 81 Warranty claim received on solar modules 369 (31) Interest charged to P&L on capacity comissioning Depreciation 183 119 (64) 551 470 (81) PBT 168 (3) 171 269 11 257 Tax 46 0 (46) 77 7 (70) PAT 122 (3) 125 192 4 188 TATA 34#35TATA POWER - Walwhan Renewable Energy Ltd Highlights Fig in Cr Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks |Capacity - Total (MW) 1,010 1,010 1,010 1,010 Capacity - Wind (MW) 146 146 146 146 Capacity - Solar (MW) 864 864 864 864 Generation (MUs) 441 435 6 1,676 1,659 17 Higher generation from wind sites Sales (MUs) 437 432 5 1,663 1,645 18 Avg PLF (%) - Solar 21% 21% 0% 19% 19% 0% Avg PLF (%) - Wind 16% 15% 0% 20% 18% 2% Financials Operating Income 395 311 85 1,277 1,182 95 Higher generation and revenue recognised for deemed generation and tariff increase Operating expenses 30 49 19 129 134 LO 5 Operating profit 365 262 103 1,148 1,048 100 Other income 12 15 (3) 56 44 12 EBITDA 377 277 100 1,204 1,093 111 Interest cost Depreciation PBT Tax 78 87 9 343 391 47 69 72 3 284 288 4 230 118 112 577 414 163 75 30 (45) 136 95 (41) PAT 155 88 67 441 320 121 TATA 35#36TATA POWER Tata Power Solar Systems Limited - Highlights. Fig in Cr Particulars Q4 FY22 Q4 FY21 Qtr Var FY 22 FY 21 YTD Var Quarter Variance Remarks Operating Income 3,481 2,777 704 8,506 5,119 3,387 Higher execution in utility scale, rooftop and solar pump business Operating expenses 3,408 2,605 (803) 8,148 4,813 (3,335) Higher prices of materials Operating profit 73 172 (99) 357 306 52 Other income 4 13 (9) 75 24 51 EBITDA 77 185 (108) 432 330 102 Interest cost 24 29 5 157 81 (77) Depreciation 15 11 (5) 60 25 (35) PBT 37 145 (108) 215 225 (9) Tax 9 8 (1) 55 16 (39) PAT 28 136 (108) 161 208 (48) TATA 36#37TATA POWER Green Company - Consolidated View Fig in Cr Key Parameters - GreenCo Q4 FY22 Q4 FY21 FY22 FY21 Revenue 2,860 2,694 7,772 5,891 EBITDA 962 636 2,880 2,337 PAT 280 171 686 439 Gross Debt Net Debt Networth 15,247 12,051 15,247 12,051 14,817 11,678 14,817 11,678 7,856 6,580 7,856 6,580 Note: EBITDA includes other income TATA 37#38TATA POWER Regulated Equity and Assets - Fig in Cr Particulars Regulated Equity Mumbai Operation Jojobera Tata Power Delhi Distribution (100%) Q4 FY 22 Q3 FY 22 Q2 FY 22 Q1 FY 22 Q4 FY 21 4,377 522.00 4,243 4,212 522 522 4,212 522 4,204 522 1,831 1,769 1,764 1,748 1,679 TP Central Odisha Dist Ltd (100%) 504 300 300 300 300 TP Southern Odisha Dist Ltd (100%) 248 200 200 200 200 TP Western Odisha Dist Ltd (100%) 360 300 300 300 300 TP Northern Odisha Dist Ltd (100%) Maithon Power Limited (100%) 295 250 250 250 1,661 1,651 1,651 1,649 1,440 Industrial Energy Limited (100%) 690 716 716 716 716 Powerlinks Transmission (100%) 468 468 468 468 468 Total 10,956 10,419 10,382 10,365 9,828 Regulated Assets (As per financial books) Mumbai Operation 2,078 1,810 1,762 1,694 1,738 Tata Power Delhi Distribution (100%) 5,842 5,707 5,472 5.620 5,512 TP Central Odisha Dist Ltd (100%) TP Southern Odisha Dist Ltd (100%) TP Western Odisha Dist Ltd (100%) 126 31 (5) 313 345 94 56 50 111 48 (635) (511) (333) (203) (99) TP Northern Odisha Dist Ltd (100%) Maithon Power Limited (100%) Total 23 (96) (85) (33) (222) (300) (242) (235) (227) 7,306 6,696 6,618 7,268 7,316 TATA 38#39TATA POWER Leverage Management - Debt Profile Fig in Cr CONSOLIDATED PARTICULARS Q4 FY22 Q3 FY22 Q4 FY21 Rupee Forex Total Total Total Long term 32,344 384 32,729 28,346 30,045 Short term 6,146 830 6,976 10,838 8,436 Current Maturity of LT 5,093 2,793 7,885 8,179 4,690 Total Debt 43,582 4,008 47,590 47,363 43,171 Less: Cash 7,051 6,370 6,370 Less: Debt against dividend in Coal SPVs 830 1,457 613 , Net External Debt 39,708 39,536 36,187 Equity Net Debt to Equity 26,028 24,996 25,250 1.53 1.58 1.43 TATA 39#40TATA POWER Debt Profile Total Gross Debt (LT + ST) TATA Fig in Cr Company Coal SPVs 31st March 31st Dec Dec/(Inc) -3 31st March 2022 2021 months 2021 4,008 4,571 564 3,670 TPDDL 2,883 2,936 54 3,326 WREL 4,000 3,972 (28) 4,600 TPREL 8,326 7,453 (873) 5,229 TPSSL 927 1,579 653 464 Maithon 1.660 1,675 15 1,778 Mar / (Inc) - Quarterly movement Remarks 12 months (338) Repayment of debt from coal cos 444 600 (3,097) Increase in capex related borrowings (463) Repayment of WC borrowings. 119 Odisha DISCOMS 1,368 1,504 136 343 (1,025) TATA Power (w/o Mundra) 19,236 18,494 (742) 19,630 394 Additional borrowings for regulated capex Mundra 4,872 4,853 (20) 4,055 (818) Others 5.184 325 (4,859) 4,130 (1,054) Total Debt 47,590 47,363 (227) 43,171 (4,419) 40 40#41TATA POWER Latest Tata Power resources uploaded on website Sr. No. 1. 2. Resources Link Tata Power ESG Profile Tata Power Integrated Annual Report 3. TPCL Renewable Transaction- Analyst Presentation 4. TPCL Renewable Transaction- Analyst call recording https://esg.churchgatepartners.com/login/Company Profile?id =310038003100240024004100530048004F004B0041004E00 41004E00590041004100560041004E00490041005300480057 0049004E00490024002400 https://www.tatapower.com/pdf/investor- relations/102Annual-Report-2020-21.pdf https://www.tatapower.com/pdf/investor-relations/tpcl- renewable-analyst-presenation-14apr2022.pdf http://172.16.104.25:15871/cgi-bin/blockpage.cgi?ws- session=18446744071905376411 TATA 41#42TATA POWER Thank You! Website: www.tatapower.com Investor Relations Team: Mr. Soundararajan Kasturi Chief Treasury & Investor Relations - Email: [email protected] M: +91 82912 04022 Mr. Rahul Shah ― Head Investor Relations Email: [email protected] M: +91 91370 34304 ΤΑΤΑ 22 42