Financials Tata Power Company Limited NSE India S.E.

Equities

TATAPOWER

INE245A01021

Electric Utilities

Market Closed - NSE India S.E. Other stock markets 07:43:49 2024-04-26 am EDT			5-day change	1st Jan Change
436.9 ^INR	+1.26%		+2.06%	+31.54%

Apr. 23	Tata Power Arm Ties Up with Indian Bank to Offer Solar Financing Options	MT
Apr. 13	India asks companies to fire-up power plants to meet rising electricity demand	RE

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	199,612	88,852	329,759	763,207	607,754	1,395,565	-	-
Enterprise Value (EV) ¹	637,798	527,788	680,721	1,199,631	985,433	1,907,013	1,960,806	2,004,581
P/E ratio	9.6 x	10.5 x	32.6 x	44.6 x	18.2 x	36.9 x	32.9 x	28.1 x
Yield	1.76%	4.72%	1.5%	0.73%	1.05%	0.46%	0.5%	0.57%
Capitalization / Revenue	0.67 x	0.3 x	1 x	1.75 x	1.07 x	2.28 x	2.04 x	1.89 x
EV / Revenue	2.13 x	1.78 x	2.07 x	2.74 x	1.74 x	3.11 x	2.87 x	2.72 x
EV / EBITDA	10 x	6.81 x	9.03 x	16.5 x	11.4 x	17.9 x	15.8 x	14.1 x
EV / FCF	63.9 x	10.2 x	13.3 x	-209 x	-198 x	-36.7 x	-93.5 x	-86.3 x
FCF Yield	1.56%	9.76%	7.52%	-0.48%	-0.5%	-2.73%	-1.07%	-1.16%
Price to Book	1.1 x	0.45 x	1.48 x	3.4 x	2.11 x	4.29 x	3.87 x	3.47 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	436.8	436.8	436.8
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: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	299,545	296,990	329,073	437,356	565,471	613,213	684,132	738,158
EBITDA ¹	63,568	77,541	75,387	72,717	86,304	106,809	123,869	142,135
EBIT ¹	43,595	56,832	47,938	41,495	51,912	72,942	86,048	100,798
Operating Margin	14.55%	19.14%	14.57%	9.49%	9.18%	11.9%	12.58%	13.66%
Earnings before Tax (EBT) ¹	19,353	14,156	19,867	30,030	54,570	46,004	54,322	66,017
Net income ¹	21,909	10,174	11,274	17,415	33,364	36,993	42,963	50,996
Net margin	7.31%	3.43%	3.43%	3.98%	5.9%	6.03%	6.28%	6.91%
EPS ²	7.690	3.120	3.170	5.360	10.43	11.83	13.27	15.55
Free Cash Flow ¹	9,976	51,495	51,222	-5,751	-4,969	-52,028	-20,975	-23,236
FCF margin	3.33%	17.34%	15.57%	-1.32%	-0.88%	-8.48%	-3.07%	-3.15%
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	2.014	2.169	2.496
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	153,808
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	26,958
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%	9.52%
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	10,070
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%	6.55%
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	511,448	565,241	609,017
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.893 x	5.661 x	4.655 x	6.002 x	4.376 x	4.788 x	4.563 x	4.285 x
Free Cash Flow ¹	9,976	51,495	51,222	-5,751	-4,969	-52,028	-20,975	-23,236
ROE (net income / shareholders' equity)	3.3%	4.73%	5.96%	7.78%	13%	11.8%	12.8%	13.3%
ROA (Net income/ Total Assets)	2.64%	1.17%	1.2%	1.65%	2.77%	3.53%	4.18%	4.99%
Assets ¹	830,861	869,556	939,483	1,058,638	1,206,189	1,046,689	1,028,459	1,022,779
Book Value Per Share ²	67.40	72.30	69.90	70.20	90.10	102.0	113.0	126.0
Cash Flow per Share ²	16.90	27.30	28.00	20.90	22.40	34.70	39.60	49.20
Capex ¹	35,762	22,258	33,358	72,679	76,560	104,153	119,428	130,326
Capex / Sales	11.94%	7.49%	10.14%	16.62%	13.54%	16.98%	17.46%	17.66%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

436.8 INR

Average target price

341.4 INR

Spread / Average Target

-21.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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