External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>While we have maintained our earnings estimates for FY22/FY23, we have revised our TP upward to INR156 by assigining higher multiples to its EPC &amp; renewable businesses, reducing losses at Mundra and accruing benefits from the proposed merger. We retain our BUY rating. Tata Power reported a 54.5% YoY rise in consolidated revenue at INR99.8bn in Q1FY22, led by the acquisition of Odisha discoms and strong execution across the solar EPC segment. EBITDA increased 34.3% YoY due to integrated PAT at Mundra + coal mining business (from the rise in coal prices) and higher EPC revenue.</p><div class="content-highlight"><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></div>

While we have maintained our earnings estimates for FY22/FY23, we have revised our TP upward to INR156 by assigining higher multiples to its EPC &amp; renewable businesses, reducing losses at Mundra and accruing benefits from the proposed merger. We retain our BUY rating. Tata Power reported a 54.5% YoY rise in consolidated revenue at INR99.8bn in Q1FY22, led by the acquisition of Odisha discoms and strong execution across the solar EPC segment. EBITDA increased 34.3% YoY due to integrated PAT at Mundra + coal mining business (from the rise in coal prices) and higher EPC revenue.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.

Tata Power (1QFY22 Results Review): EPC ramp-up and Odisha discom boost aid growth. Maintain BUY