External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power: Better Realisation and Low YoY Base to Boost PAT

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>SK Hynix leads in next-gen HBM innovation, setting pace with Indian startup FermionIC aiming for market domination.</li><li>AMD releases new processors for data centers and PCs promising improved performance and efficiency with Instinct, Ryzen, and EPYC.</li><li>India partners with Taiwan for semiconductor ecosystem development, while Russia plans to produce 350nm chips with self-developed EUV machines in 2024.</li></ul>

SK Hynix leads in next-gen HBM innovation, setting pace with Indian startup FermionIC aiming for market domination.AMD releases new processors for data centers and PCs promising improved performance and efficiency with Instinct, Ryzen, and EPYC.India partners with Taiwan for semiconductor ecosystem development, while Russia plans to produce 350nm chips with self-developed EUV machines in 2024.

Tech Supply Chain Tracker (04-Jun-2024): Chinese semiconductors & tech.

<ul><li>In Q3FY23, Tata Power’s consolidated revenue increased 29.5% YoY to INR141bn, below our estimate of INR150bn (-5.5%)</li><li>Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinnings</li><li>EBITDA grew marginally by 42.9% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution business</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q3FY23, Tata Power’s consolidated revenue increased 29.5% YoY to INR141bn, below our estimate of INR150bn (-5.5%)Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinningsEBITDA grew marginally by 42.9% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution businessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Power - Continues to Deliver Strong Performance.

<ul><li>In Q2FY23, Tata Power’s consolidated revenue increased 43% YoY to INR140bn, above our estimate of INR132bn</li><li>Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinnings</li><li>EBITDA grew marginally 5.8% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution business</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY23, Tata Power’s consolidated revenue increased 43% YoY to INR140bn, above our estimate of INR132bnStrong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinningsEBITDA grew marginally 5.8% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution businessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Power (Q2FY23): Stable All-Round Performance. Upgrade to ADD

<ul><li>In Q1FY23, Tata Power’s consolidated revenue increased 43% YoY to INR145bn, led by strong operational performance across its regulated, standalone (including Mundra plant) and renewable business, which was offset by lower execution in the solar EPC segment</li><li>EBITDA, however, declined 28% YoY, led by higher coal prices, margin contraction across the solar EPC business due to increased module prices, and higher Q1FY22 base on favourable tariff order for Mundra</li><li>Accordingly, margin deteriorated to 11.6% in Q1FY23 vs 23.1% YoY</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY23, Tata Power’s consolidated revenue increased 43% YoY to INR145bn, led by strong operational performance across its regulated, standalone (including Mundra plant) and renewable business, which was offset by lower execution in the solar EPC segmentEBITDA, however, declined 28% YoY, led by higher coal prices, margin contraction across the solar EPC business due to increased module prices, and higher Q1FY22 base on favourable tariff order for MundraAccordingly, margin deteriorated to 11.6% in Q1FY23 vs 23.1% YoYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Power - Higher Profitability in Coal SPV Offsets Losses at EPC

India

Tata Power is an Indian electric utility company that generates, transmits, and distributes electricity. It offers a range of energy solutions including solar, wind, hydro, and thermal power, along with EV charging infrastructure and home automation. The company is headquartered in Mumbai, India, and was founded in 1919.

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Tata Power (TPWR IN)

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

Tech Supply Chain Tracker (04-Jun-2024): Chinese semiconductors & tech.

China's semiconductor industry advances as SK Hynix leads in innovation, AMD releases new processors, Indian startup FermionIC aims for market...

Tech Supply Chain Tracker

Tata Power - Continues to Deliver Strong Performance.

Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinnings

HDFC Securities

Tata Power (Q2FY23): Stable All-Round Performance. Upgrade to ADD

Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinnings

HDFC Securities

Tata Power - Higher Profitability in Coal SPV Offsets Losses at EPC

Profit improved significantly in the Indonesian coal business, led by high coal prices but earnings from Tata projects were impacted on higher...

HDFC Securities

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