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HDFC Securities Institutional Equities
In Q3 FY23, Tata Power Company Ltd.'s consolidated revenue increased 29.5% YoY to Rs 141 billion, below our estimate of Rs 150 billion (down 5.5%). Strong operational performance across its regulated, standalone (including Mundra), coal special purpose vehicle and renewable business were the key underpinnings.
Tata Power's Ebitda grew marginally by 42.9% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution business.
Profit improved significantly in the Indonesian coal business (up 53.3% YoY), led by high coal prices. Accordingly, consolidated profit after tax increased 121.9% YoY to Rs 9.5 billion, which was below our estimate of Rs 10.8 billion.
As Sec 11 was not extended beyond Dec-22, Coastal Gujarat Power Ltd. operated only one unit in January. However, management is confident about signing a supplementary power purchase agreement with Gujarat Urja Vikas Nigam Ltd. as the discussion is in the advanced stages.
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