TATAPOWER · Power
Tata Power Co. Ltd. reported revenue of ₹15,738 cr for July to September 2023, — on the year and +3.5% on the quarter.
Operating profit (EBITDA) was ₹2,771 cr, a margin of 17.6%, — on the year and −23 bps on the quarter.
Net profit was ₹1,017 cr, — on the year and −10.9% on the quarter, with earnings per share of ₹2.74.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹15,738 cr | ₹14,651 cr | ₹15,847 cr | ₹17,294 cr | ₹15,698 cr | ₹15,391 cr | ₹17,096 cr | ₹18,035 cr | ₹15,545 cr | ₹13,948 cr | ₹14,900 cr | ₹19,051 cr |
| YoY | — | — | — | +14% | −0% | +5% | +8% | +4% | −1% | −9% | −13% | +6% |
| EBITDA margin | 17.6% | 16.5% | 14.6% | 17.7% | 20.8% | 20.0% | 19.0% | 19.8% | 21.2% | 21.9% | 17.4% | 20.3% |
| Other income, % of PBT | 46% | 73% | 92% | 39% | 36% | 40% | 43% | 31% | 51% | 69% | 99% | 35% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 17% | 28% | 32% | 20% | 38% | 18% | 18% | 22% | 26% | 22% | 21% | 23% |
| Net profit | ₹1,017 cr | ₹1,076 cr | ₹1,046 cr | ₹1,189 cr | ₹1,093 cr | ₹1,188 cr | ₹1,306 cr | ₹1,262 cr | ₹1,245 cr | ₹1,194 cr | ₹1,416 cr | ₹1,401 cr |
| YoY | — | — | — | +4% | +7% | +10% | +25% | +6% | +14% | +1% | +8% | +11% |
| Core profit YoY | — | — | — | +52% | +72% | +119% | +605% | +23% | −28% | −44% | −97% | +6% |
| EPS | ₹2.74 | ₹2.98 | ₹2.80 | ₹3.04 | ₹2.90 | ₹3.23 | ₹3.26 | ₹3.32 | ₹2.88 | ₹2.42 | ₹3.12 | ₹3.68 |
| Flags | 1 | 1 | 1 | ✓ | ✓ | 1 | ✓ | ✓ | 2 | 2 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Power Co. Ltd. reported revenue of ₹15,738 cr (— on the year) and net profit of ₹1,017 cr (— on the year) for July to September 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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