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Thematic (Sector/Industry)

<ul><li>We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts</li><li>The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector</li><li>While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target</li></ul><p><em>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.</em></p>

We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral expertsThe crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sectorWhile PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this targetContent 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.

Indian Power Sector - Renewable Solar Summit July 2022

Equity Bottom-Up

<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><p><em>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.</em></p>

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

<div><div><div><ul><li>NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.</li><li>Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.</li><li><span style="font-size: var(--content-font-size);">Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.</span></li></ul></div></div></div><p><em>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.</em></p>

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.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.

Power - Better Realisation and Low YoY Base to Boost PAT

<div><div><div><ul><li>Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).</li></ul><div><div><div><ul><li>Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.</li></ul><div><div><div><ul><li>Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.</li></ul></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.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.

Power - Shifting Energy Landscape: Grey to Green Gains Pace

<div><div><div><ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,825/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses.</li></ul><div><div><div><ul><li>Tata Power: During Q4FY22, Tata Power completed the merger of Mundra into its standalone business and also secured the extension of mining lease in KPC for 10 years.</li></ul><div><div><div><ul><li>Federal Bank: Federal Bank’s (FB) Q4FY22 earnings missed our estimates, largely on account of accelerated absorption of family pension expenses, but these were partly offset by multi-quarter low credit costs (20bps).</li></ul></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,825/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses.Tata Power: During Q4FY22, Tata Power completed the merger of Mundra into its standalone business and also secured the extension of mining lease in KPC for 10 years.Federal Bank: Federal Bank’s (FB) Q4FY22 earnings missed our estimates, largely on account of accelerated absorption of family pension expenses, but these were partly offset by multi-quarter low credit costs (20bps).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.

HSIE Results Daily: Reliance Industries, Tata Power, Federal Bank, DCB Bank

India

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

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Tata Power (TPWR IN)

Indian Power Sector - Renewable Solar Summit July 2022

The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the...

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

Power - Better Realisation and Low YoY Base to Boost PAT

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.

HDFC Securities

Power - Shifting Energy Landscape: Grey to Green Gains Pace

Renewables are poised to play a huge role in India’s energy sector, with capacity increasing fourfold by 2030, aided by stringent Renewable Power...

HDFC Securities

HSIE Results Daily: Reliance Industries, Tata Power, Federal Bank, DCB Bank

RIL reported standalone revenue of INR 1,295bn (+61% YoY; +16% QoQ) and EBITDA of INR 146bn, (+43% YoY; +11% QoQ), 3% below our estimates in Q4.

HDFC Securities

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