Financials Tata Power Company Limited

Equities

TATAPOWER

INE245A01021

Electric Utilities

Market Closed - Bombay S.E. Other stock markets 06:29:26 2024-05-09 am EDT			5-day change	1st Jan Change
413.6 ^INR	-5.01%		-9.62%	+24.57%

06:49am	Tata Power Posts Gains in Fiscal Q4 Consolidated Net Profit	MT
05:58am	Tata Power's Consolidated Profit Climbs in Fiscal Q4; EPS, Revenue Top Estimates	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	199,612	88,852	329,759	763,207	607,754	1,391,411	-	-
Enterprise Value (EV) ¹	637,798	527,788	680,721	1,199,631	985,433	1,900,609	1,952,813	1,996,271
P/E ratio	9.6 x	10.5 x	32.6 x	44.6 x	18.2 x	37.1 x	32.9 x	28.3 x
Yield	1.76%	4.72%	1.5%	0.73%	1.05%	0.46%	0.5%	0.58%
Capitalization / Revenue	0.67 x	0.3 x	1 x	1.75 x	1.07 x	2.26 x	2.02 x	1.88 x
EV / Revenue	2.13 x	1.78 x	2.07 x	2.74 x	1.74 x	3.09 x	2.84 x	2.69 x
EV / EBITDA	10 x	6.81 x	9.03 x	16.5 x	11.4 x	17.8 x	15.7 x	14 x
EV / FCF	63.9 x	10.2 x	13.3 x	-209 x	-198 x	-34.2 x	-63 x	-66.7 x
FCF Yield	1.56%	9.76%	7.52%	-0.48%	-0.5%	-2.93%	-1.59%	-1.5%
Price to Book	1.1 x	0.45 x	1.48 x	3.4 x	2.11 x	4.29 x	3.86 x	3.45 x
Nbr of stocks (in thousands)	2,704,774	2,704,774	3,195,340	3,195,340	3,195,340	3,195,340	-	-
Reference price ²	73.80	32.85	103.2	238.8	190.2	435.4	435.4	435.4
Announcement Date	5/2/19	5/19/20	5/12/21	5/6/22	5/4/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	299,545	296,990	329,073	437,356	565,471	614,527	687,493	742,070
EBITDA ¹	63,568	77,541	75,387	72,717	86,304	106,959	124,499	142,146
EBIT ¹	43,595	56,832	47,938	41,495	51,912	71,978	85,223	99,313
Operating Margin	14.55%	19.14%	14.57%	9.49%	9.18%	11.71%	12.4%	13.38%
Earnings before Tax (EBT) ¹	19,353	14,156	19,867	30,030	54,570	50,688	56,993	66,725
Net income ¹	21,909	10,174	11,274	17,415	33,364	36,885	42,960	50,612
Net margin	7.31%	3.43%	3.43%	3.98%	5.9%	6%	6.25%	6.82%
EPS ²	7.690	3.120	3.170	5.360	10.43	11.74	13.25	15.38
Free Cash Flow ¹	9,976	51,495	51,222	-5,751	-4,969	-55,608	-31,006	-29,921
FCF margin	3.33%	17.34%	15.57%	-1.32%	-0.88%	-9.05%	-4.51%	-4.03%
FCF Conversion (EBITDA)	15.69%	66.41%	67.95%	-	-	-	-	-
FCF Conversion (Net income)	45.53%	506.15%	454.35%	-	-	-	-	-
Dividend per Share ²	1.300	1.550	1.550	1.750	2.000	2.012	2.191	2.519
Announcement Date	5/2/19	5/19/20	5/12/21	5/6/22	5/4/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	77,028	102,225	101,459	101,873	204,975	110,187	122,194	146,388	141,811	288,198	144,020	133,253	154,847	151,569	315,142	154,634	154,411
EBITDA ¹	18,918	15,732	21,870	16,636	40,088	17,356	19,938	19,638	18,925	38,563	25,448	22,293	27,336	28,377	55,290	29,055	26,554
EBIT ¹	11,536	9,099	14,398	-	-	9,774	11,481	11,418	10,549	-	-	13,030	18,402	19,240	-	15,904	14,644
Operating Margin	14.98%	8.9%	14.19%	-	-	8.87%	9.4%	7.8%	7.44%	-	-	9.78%	11.88%	12.69%	-	10.28%	9.48%
Earnings before Tax (EBT) ¹	3,360	4,626	6,722	6,377	-	7,885	5,386	10,621	1,534	-	-	11,581	14,756	11,512	-	9,836	11,874
Net income ¹	2,482	3,929	3,910	5,057	9,714	4,258	5,031	7,946	8,191	16,137	9,450	7,777	9,725	9,788	-	9,246	10,143
Net margin	3.22%	3.84%	3.85%	4.96%	4.74%	3.86%	4.12%	5.43%	5.78%	5.6%	6.56%	5.84%	6.28%	6.46%	-	5.98%	6.57%
EPS ²	0.6500	1.100	1.130	-	-	1.330	1.580	2.480	2.570	-	-	2.430	3.040	3.250	-	3.133	3.005
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/4/21	5/12/21	8/6/21	10/28/21	10/28/21	2/9/22	5/6/22	7/26/22	10/28/22	10/28/22	2/3/23	5/4/23	8/9/23	-	11/8/23	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	438,186	438,936	350,962	436,425	377,679	509,198	561,403	604,860
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.893 x	5.661 x	4.655 x	6.002 x	4.376 x	4.761 x	4.509 x	4.255 x
Free Cash Flow ¹	9,976	51,495	51,222	-5,751	-4,969	-55,608	-31,006	-29,921
ROE (net income / shareholders' equity)	3.3%	4.73%	5.96%	7.78%	13%	12.1%	13%	13.3%
ROA (Net income/ Total Assets)	2.64%	1.17%	1.2%	1.65%	2.77%	3.63%	4.54%	5.1%
Assets ¹	830,861	869,556	939,483	1,058,638	1,206,189	1,015,282	946,365	992,620
Book Value Per Share ²	67.40	72.30	69.90	70.20	90.10	101.0	113.0	126.0
Cash Flow per Share ²	16.90	27.30	28.00	20.90	22.40	35.00	40.10	49.10
Capex ¹	35,762	22,258	33,358	72,679	76,560	108,463	121,751	134,123
Capex / Sales	11.94%	7.49%	10.14%	16.62%	13.54%	17.65%	17.71%	18.07%
Announcement Date	5/2/19	5/19/20	5/12/21	5/6/22	5/4/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tata Power Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

435.4 INR

Average target price

343.9 INR

Spread / Average Target

-21.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
TATA POWER COMPANY LIMITED	+24.65%	16.67B
NEXTERA ENERGY	+19.94%	150B
SOUTHERN COMPANY	+10.71%	84.88B
IBERDROLA, S.A.	+0.17%	80.94B
DUKE ENERGY CORPORATION	+5.50%	79.01B
ENEL S.P.A.	-4.43%	70.36B
CONSTELLATION ENERGY CORPORATION	+77.95%	65.55B
AMERICAN ELECTRIC POWER COMPANY, INC.	+11.52%	47.75B
GE VERNOVA INC.	0.00%	44.95B
DOMINION ENERGY, INC.	+10.96%	43.71B

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