TATA POWER CO (IN), a company active in the Conventional Electricity industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 25, 2022, the closing pr...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Tata Power Co Ltd bought 500,000 shares at 65.500INR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
Q3FY20 consolidated result highlights Mundra reported a fuel under recovery of Rs0.32per unit in Q3FY20 (vs Rs0.91 per unit in Q3FY19). Mundra availability was 87% in Q3FY20 (vs 85%). As a result, Mundra UMPP’s reported a loss of Rs1.6bn in Q3FY20 (vs loss of Rs4.6bn in Q3FY19). Volume of Coal sold from Indonesia Mines came in at 16.4mt (+12.3% yoy). However, lower coal prices led to reduction in profit from mines to Rs1bn in Q3FY20 (vs Rs2bn in Q3FY19). Gross spread decreased to USD9.6/ton...
TATA POWER: Mundra-Coal JV hedge fares better; Mundra PPA renegotiation can provide relief; Maintain Neutral (TPWR IN, Mkt Cap USD2.3b, CMP INR60, TP INR66, 11% Upside, Neutral) 2QFY20 consol. adj. PAT was up 27% YoY to INR3.5b (in-line) on better performance of the Mundra-Coal JV hedge. PAT has been adjusted for INR1.6b impact of taxes on KPC and coal SPVs, INR0.7b of dividend from Cennergi (held for sale) and INR0.5b of one-time gains on other income. Operational performance (EBITDA and P...
Q1FY20 consolidated result highlights Mundra reported a fuel under recovery of Rs0.55per unit in Q1FY20 (vs Rs0.92 per unit in Q1FY19). Mundra availability was 87% in Q1FY20. As a result, Mundra UMPP’s reported a loss of Rs2.5bn in Q1FY20 (vs loss of Rs4.3bn in Q1FY20). Volume of Coal sold from Indonesia Mines came in at 15mt (+7.5% yoy). Profit contribution from mines declined to Rs1.6bn in Q1FY20 (vs Rs2.5bn in Q1FY19) led by lower coal prices. Gross spread decreased to USD14/ton in Q1FY2...
TATA POWER: Debt remains elevated; Mundra PPA renegotiation can provide relief; Maintain Neutral (TPWR IN, Mkt Cap USD2.3b, CMP INR60, TP INR64, 7% Upside, Neutral) Tata Power's (TPWR) 1QFY20 consol. operational performance (EBITDA and PAT of JVs) increased 19% YoY to INR23.4b, led by a better performance of the Mundra-Coal JV hedge and Maithon. Adj. PAT increased 19% YoY to INR2.6b (in-line). Mundra (EBITDA) and coal JVs (PAT) increased 27% YoY to INR4.2b. Given the decline in coal pric...
Q4FY19 consolidated result highlights Mundra reported a fuel under recovery of Rs0.64per unit in Q4FY19 (vs Rs0.93 per unit in Q4FY18). Mundra availability was 97% in Q4FY19 (9m PAF of 75%). As a result, Mundra UMPP’s reported a loss of Rs2.9bn in Q4FY19 (vs loss of Rs6.0bn in Q4FY18). Volume of Coal sold came in at 15mt (+10.3% yoy). Profit contribution from mines declined to Rs1.2bn in Q4FY19 (vs Rs3.0bn in Q4FY18) led by lower coal prices. Gross spread decreased to USD12/ton in Q4FY19 (v...
Event update Central Electricity Regulatory Commission (CERC), the apex regulator, has provided huge relief for Mundra power projects, while a similar case of Tata Power Mundra awaits approval from all procurers except Gujarat Details Mundra power plant (4GW), operating under a subsidiary, is facing huge under recovery due to increase in coal prices as the Indonesian government directed aligning the price of coal with international prices under existing coal supply agreement since September...
Q3FY19 consolidated result highlights Mundra reported an under recovery of Rs0.95 per unit in Q3FY19 (vs Rs0.79 per unit in Q3FY18). Mundra availability was 85% in Q3FY19 (normative of 80%). As a result, Mundra UMPP’s reported a loss of Rs4.7bn in Q3FY19 (vs loss of Rs2.1bn in Q3FY18). Volume of Coal sold came in at 14.6mt (+1.2% yoy). The Indonesia’s domestic coal obligation and rise in diesel prices have impacted the profits of coal mines adversely. As a result, profit contribution from m...
Tata Power: Hit by higher cost at coal JVs and Mundra; HPC recommendations can provide relief; Maintain Neutral (TPWR IN, Mkt Cap USD2.7b, CMP INR71, TP INR69, 3% Downside, Neutral) Tata Power (TPWR) reported a loss of INR1.1b on a consolidated basis in 3QFY19, as against a profit of INR2.7b in the previous quarter and our estimate of INR2.9b. The performance was dragged by a higher-than-expected cost increase, lower realization at the coal JV, and a rise in under-recoveries at Mundra. PAT ...
Tata Power: BEST extends Trombay 676MW PPA by five years; Maintain Neutral (TPWR IN, Mkt Cap USD2.9b, CMP INR74, TP INR72, 3% Downside, Neutral) BEST extends Trombay PPA by five years, removes uncertainty After about a year-long competitive bidding process, BEST DISCOM found it economical to extend the existing PPA with Tata Power’s Trombay and hydro power plants due to transmission constraints in Mumbai. Mumbai distribution circle relies heavily on embedded generation. There are limitat...
Tata Power: Higher interest cost drags PAT; HPC recommendations can provide relief; Maintain Neutral (TPWR IN, Mkt Cap USD2.9b, CMP INR78, TP INR72, 7% Downside, Neutral) Tata Power’s (TPWR) 2QFY19 consol. adj. PAT declined 28% YoY (+25% QoQ) to NR2.8b (our estimate: INR4.7b), driven by higher interest cost. The PAT is adjusted prior-period revenue of ~INR0.9b, net of loss on discontinued operations of ~INR0.3b. Operational performance (EBITDA and PAT of JV companies) was in line. Mundr...
Tata power| Annual Report Update: FCF -ve on shrinking WC release, rising finance cost; Asset monetization should help; maintain Neutral (TPWR IN,Mkt Cap USD2.8b, CMP INR72, TP INR75, 4% Upside, Neutral) We analyzed Tata Power’s (TPWR) FY18 annual report. Our key takeaways: Underlying earnings (that is, PBT before exceptional and other income, but including PAT of JVs and associates) grew ~8% in FY18. The benefit of higher coal prices (net) and almost doubling of renewable energy (RE) bu...
Q1FY19 consolidated result highlights Tata Power’s non-core assets sale has gained momentum. During 1QFY19, it concluded the share purchase agreement with Tata Sons for selling its stake in Tata Communications at a value of Rs21.5bn. Board has also approved the sale of Strategic Engineering Division. In addition, Tata Projects sale is likely to be concluded over next six to eight quarters. Further, Arutmin sale proceeds of USD280m are likely to be realised over next few quarters. The proceeds...
Tata Power: Higher interest cost and FX drive miss; Proceeds from non-core asset sale driving de-leveraging; Maintain Neutral (TPWR IN, Mkt Cap USD2.8b, CMP INR71, TP INR75, 6% Upside, Neutral) Tata Power's (TPWR) 1QFY19 consol. adj. PAT increased 35% YoY to NR2.2b. This was below our estimate of INR4.4b, primarily due to higher interest cost and FX loss. PAT is adjusted for gain on sale of investment of INR18.9b net of tax of INR4.1b. Net debt was down ~INR12.2b on proceeds from sale of in...
TATA POWER: New MD identifies growth areas in RE and T&D; Deleveraging and coal prices driving earnings; upgrading to Neutral (TPWR IN, Mkt Cap USD3.5b, CMP INR79, TP INR77, 2% Downside, Upgrade to Neutral) Tata Power (TPWR) hosted its annual analyst meet on 5th June 2018. We are enthused with the new MD Praveer Sinha’s focus on deleveraging, prudent capital allocation and identifying new areas of growth that are less capital intensive. We, thus, upgrade our rating on the stock to Neutral. ...
Q4FY18 consolidated result highlights Mundra reported an under recovery of Rs0.93/0.84 per unit in Q4FY18/FY18 (vs Rs0.85/0.60 per unit in Q4FY17/FY17. Mundra availability was 91%/79% in Q4FY18/FY18 (normative of 80%). As a result, Mundra UMPP’s reported a loss of Rs4.9bn/Rs14bn in Q4FY18/FY18 (vs loss of Rs1.4bn/Rs9bn in Q4FY17/FY17). Increase in coal prices led to increase in Coal mines (Excl Arutmin mines) profit contribution to Rs3bn/Rs12bn in Q4FY18/FY18 (vs Rs2.4bn/Rs5.1 in Q4FY17/FY1...
TATA POWER: Higher loss at Mundra and lower coal production lead to PAT miss; Cutting estimate by 12%/1% for FY19/20; Maintain Sell (TPWR IN, Mkt Cap USD3.5b, CMP INR87, TP INR77, 11% Downside, Sell) Tata Power's 4QFY18 consol. adj. PAT declined 8% QoQ/30% YoY to INR2.7b (below our estimate of INR4.5b) due to higher losses at Mundra, lower coal production, and losses at some of the overseas JV companies. PAT is adjusted for (a) impairment reversal of INR18.8b, (b) impairment at Georgia Hydr...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.