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* Consolidated Revenue up by 4.13% at ? 124,538 million in Q4 FY23 vs ? 119,600 million in Q4 FY22 due to higher sales across Distribution Companies & capacity addition in Renewables. Consolidated Revenue growth of 32% at ?5,60,330 million vs ?4,25,760 million in FY22 due to higher availability in Mundra Thermal Plant which operated under Ministry of Power (MoP) guidelines, higher sales across distribution companies & robust addition in Renewables portfolio

* Consolidated EBITDA up by 38% at ?31,010 million vs ?22,530 million in Q4FY22 due to lower under recovery in Mundra, capacity addition in Renewables & execution of Solar EPC projects. Consolidated Reported PAT up by 48 % at ?9,390 million vs ?6,320 million in Q4FY22 supported by strong performance across all businesses.

* The TPREL rooftop business also has seen very good traction in the quarter and 300 MW of capacity was installed in the last quarter. In addition to this, 400 MW of new orders have been won during this quarter. The rooftop business has a very healthy order book of 468MW worth ?19,000 million. Companies' rooftop business has grown many times and they did installation during the year of 718 megawatts with a revenue of ~ ? 27,770 million. Their solar rooftop business has expanded more than 1600 MW.

* In the green mobility space, company continue to grow and have a lot of partnerships. Company recently signed up with the Coimbatore Municipal Corporation and also with GAIL. They have more than 3,778 public and semi-public EV chargers and nearly 39,000 home chargers, and they expect it to grow in the coming years by adding public charges as well as fleet chargers and home chargers.

* Tata Power net debt has reduced further by ? 28,000 million in the March quarter and currently the debt is now ? 3,53,280 million. This is because of very healthy operating performance, equity infusion by our strategic partner, and working capital release.

* Capex for renewables is close to ? 2,500 crore out of a total consolidated capex of ? 6,500 crore. Pipeline for renewables includes 2.6GW, and the order book is ? 17,000 crore, indicating higher capex for FY'24.

* Tata Power continues to steadily move towards its long-term aspiration built on businesses of the future while maintaining a healthy balance sheet. This is clearly visible from the improvement seen in the operational and financial metrics in each passing quarter. With rapidly growing generation capacity at its disposal, strengthened focus on EV and renewables businesses, we expect the company's performance to improve from current levels. We maintain our rating on the stock to BUY with a target price of ? 256.

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