Tata Power Company Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2023

NOTES TO STANDALONE FINANCIAL RESULTS – Q2 FY24



1.The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 8th November, 2023.



2.During the quarter ended 30th September, 2023, the Company supplied power from the Mundra Plant based on the direction of Ministry of Power ("MoP") under Section 11 of the Electricity Act, 2003 from 16th April 2023 onwards. Accordingly, the Company has recognised revenue based on the Central Electricity Regulatory Commission (CERC) Order dated 3rd January 2023. Further on 23rd October, 2023 MOP has extended the term of said direction upto 30th June, 2024.



3.During the quarter ended 30th September 2023, the shareholders of the Company approved ‘The Tata Power Company Limited – Employee Stock Option Plan 2023’ (‘ESOP 2023’/ ‘Plan’) subject to other statutory approvals as may be necessary. Subsequent to the quarter, the Company has granted 64,82,940 (Sixty Four Lakh Eighty Two Thousand Nine Hundred and Forty) employee stock options at an exercise price of INR 249.80 (Rupees Two Hundred Forty Nine and Eighty Paise) per option exercisable into equivalent equity shares of INR 1 each subject to fulfilment of vesting conditions.



4.During the quarter ended 30th September, 2023, the Company has sold certain assets of an old Thermal Power Plant and has recognized a gain of INR 52 Crore as Other income in the standalone financial results.



5.Figures for the previous periods/year are re-classified/re-arranged/re-grouped, wherever necessary.





Debt Equity Ratio: Total Debt /Total Shareholder's Equity



Total Debts - Long term borrowings(including current maturities of long term borrowings), lease liabilities (current and non current), short term borrowings and interest accrued on these debts.



Total Shareholder's equity - Issued share capital and other equity



Debt Service Coverage Ratio(not annualised):



(Profit before exceptional items and tax + interest expenses + depreciation and amortisation-current tax expense)/

(Interest expense + scheduled principal repayment of long-term debt and lease liabilities during the period)



For the purpose of computation, scheduled principal repayment of long-term debt does not include prepayments(including prepayment by exercise of call / put option).



Interest Service Coverage Ratio:



(Profit before exceptional items and tax + interest expense) / Interest expense




NOTES TO STANDALONE FINANCIAL RESULTS – Q2 FY24



1.The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 8th November, 2023.



2.During the quarter ended 30th September, 2023, the Company supplied power from the Mundra Plant based on the direction of Ministry of Power ("MoP") under Section 11 of the Electricity Act, 2003 from 16th April 2023 onwards. Accordingly, the Company has recognised revenue based on the Central Electricity Regulatory Commission (CERC) Order dated 3rd January 2023. Further on 23rd October, 2023 MOP has extended the term of said direction upto 30th June, 2024.



3.During the quarter ended 30th September 2023, the shareholders of the Company approved ‘The Tata Power Company Limited – Employee Stock Option Plan 2023’ (‘ESOP 2023’/ ‘Plan’) subject to other statutory approvals as may be necessary. Subsequent to the quarter, the Company has granted 64,82,940 (Sixty Four Lakh Eighty Two Thousand Nine Hundred and Forty) employee stock options at an exercise price of INR 249.80 (Rupees Two Hundred Forty Nine and Eighty Paise) per option exercisable into equivalent equity shares of INR 1 each subject to fulfilment of vesting conditions.



4.During the quarter ended 30th September, 2023, the Company has sold certain assets of an old Thermal Power Plant and has recognized a gain of INR 52 Crore as Other income in the standalone financial results.



5.Figures for the previous periods/year are re-classified/re-arranged/re-grouped, wherever necessary.