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ICICI Securities Report
Tata Power Company Ltd. reported another strong quarterly performance in Q2 FY23 buoyed by higher profits from coal and Mundra businesses, recovery in profits of Tata Power Solar Systems Ltd. and Tata Projects, and strong performance of distribution businesses.
On consolidated basis, the company's reported revenue for the quarter, at Rs 141.5 billion, was up 49% YoY mainly due to higher power sales across discoms and higher revenue from coal businesses.
Reported profit after tax was up 85% YoY at Rs 9.4 billion (Tata Power's share of profit was Rs 8.2 billion, up 94% YoY).
As per our computations, main delta in profits, both QoQ and YoY, came from the performance of coal and Mundra businesses, while the Rs 2.3 billion QoQ recovery in bottomline for Tata Projects was negated by a similar amount of deferred tax provision.
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