TATAPOWER · Power
Tata Power Co. Ltd. reported revenue of ₹15,698 cr for July to September 2024, −0.3% on the year and −9.2% on the quarter.
Operating profit (EBITDA) was ₹3,271 cr, a margin of 20.8%, +323 bps on the year and +313 bps on the quarter. It is the widest margin of the last 6 quarters (range 14.6% to 20.8%). Operating costs grew −4.2% against revenue growth of −0.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,093 cr, +7.5% on the year and −8.1% on the quarter, with earnings per share of ₹2.90. Profit before other income, one-offs and tax grew faster, at +71.8%; other income, one-offs or tax held the headline back. The tax rate was 38% against an average of 24% over the previous 5 quarters, which weighed on profit this quarter.
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.
On earnings per share of ₹11.72 over the last four quarters, the stock at ₹360.00 trades at 30.7 times trailing earnings.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
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 ₹15,698 cr (−0.3% on the year) and net profit of ₹1,093 cr (+7.5% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +71.8% on the year, against +7.5% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.