Full Year 2025 Tata Power Company Ltd Earnings Call Transcript
Key Points
- Tata Power Co Ltd (BOM:500400) reported a 25% increase in PAT for the March quarter, reaching INR1,306 crores.
- The company achieved a historic PAT exceeding INR5,000 crores for FY25, with an underlying EBITDA surpassing INR15,000 crores.
- Renewable business capacity addition reached 1,026 megawatts, marking the first time the company added over 1 gigawatt in a year.
- The solar rooftop business saw a 40% increase in revenue and a 72% rise in EBITDA for the quarter.
- Tata Power Co Ltd (BOM:500400) maintains a strong balance sheet with a net debt to underlying EBITDA ratio of 2.93 and a net debt-to-equity ratio of 1.0.
- CapEx for the full year fell short of the target, with delays in project execution due to transmission evacuation issues and right-of-way challenges.
- The company faced challenges in achieving its renewable capacity addition targets, with only 166 megawatts commissioned against a target of 588 megawatts for Q4.
- There are ongoing concerns about the volatility in the solar module business margins due to internal requirements and third-party sales.
- Wind power performance struggled with PLF not crossing 20%, attributed to lower wind speeds in certain areas.
- The EPC segment, excluding rooftop, continues to face margin pressures, with margins remaining in the 5% to 6% range.
Ladies and gentlemen, good day, and welcome to the Tata Power Q4 FY25 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Dr. Praveer Sinha, MD and CEO of Tata Power. Thank you, and over to you.
Thank you, Yayashvi. Good evening, everyone, and thank you for joining for the analyst call. I am joined today by my colleagues, CFO, Mr. Sanjeev Churiwala; Financial Controller, Mr. J.V. Patil; Mr. Rajesh Lachhani and Mr. Kasturi Saar Rajan from the Investor Relations and a few other members from our finance team.
Let me first put the perspective of the power sector. Last year, the growth of power demand for the whole year has been nearly 5%. And in the March quarter, it was a 4%. And we expect that this year also, the growth will be in the range of about 5%.
Though, in the month of April, we have only seen 2% growth. We do expect that this year, the deep
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