Feb. 6 -- Tata Power Company Limited has released its Quarterly Report for the quarter ended 31 December 2022
Excerpts of the report:
1.The results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 3rd February, 2023.
2. On 5th May, 2022, Ministry of Power ("MoP") issued directions under Section 11 of the Electricity Act, 2003 to all imported coal-based power plants including Mundra Power plant to operate and generate power to their full capacity. Accordingly, the Company has declared availability and supplied power as per the MoP directions from 6th May, 2022 to 31st December, 2022 and recognized revenue based on the tariff notified by MoP. On 13th September 2022 and 3rd January, 2023, Central Electricity Regulatory Commission ("CERC") passed favourable orders to compensate adverse financial impact to the Company for power supplied under MoP directions and accordingly, the Company has recognized revenue based on these CERC orders. Revenue for the quarter ended 30th September, 2022 and 31st December, 2022 includes an amount of t151 crore and ~439 crore relating to earlier quarters respectively.
3. Pursuant to the agreements signed on 14th April 2022 with Green Forest New Energies Bidco Ltd. (UK) ("Investor") for investment in Tata Power Renewable Energy Limited (TPREL) by the Investor, during the quarter ended 30th September 2022, the Company has sold its wind assets, rooftop projects, Electric Vehicle (EV) charging business and equity investment in Tata Power Solar Systems Ltd., Tata Power Green Energy Ltd., TP Saurya Ltd., TP Kirnali Solar Ltd., TP Solapur Solar Ltd., TP Akkalkot Renewable Ltd., TP Solapur Saurya Ltd., TP Roofurja Renewable Ltd. and Supa Windfarm Ltd to TPREL and its subsidiary at a consideration of ~1 ,257 crore. The said transactions have resulted in net profit of ~688 crore which has been disclosed as exceptional items in the financial results.
4. During the quarter ended 30th June, 2022, the Company has reassessed recoverability of unabsorbed depreciation and has recognized deferred tax asset amounting to ~111 crore.
5. On 31st March, 2022, the Hon'ble National Company Law Tribunal ("NCL T") had approved the composite scheme of arrangement for merger of Coastal Gujarat Power Limited ("CGPL") and the scheme of arrangement for merger of Af-taab Investment Company Limited with the Holding Company. The appointed date of merger was 1st April, 2020 and accordingly, the financial results for the quarter and period ended 31st December, 2021 have been restated.
6. Figures for the previous periods/year are re-classified/re-arranged/re-grouped, wherever necessary
For and on behalf of the Board of
THE TATA POWER COMPANY LIMITED
CEO & Managing Director
The full text of the report can be found at: https://www.tatapower.com/PressRelease/Release_q3Results-fy23_28b1032ef3.pdf
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About Tata Power Company Limited
Tata Power (NSE: TATAPOWER; BSE:500400) is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,101 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution and trading.
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Source: Tata Power Company Limited