Tangedco’s losses narrowed in fiscal 2023 after tariff revision, says ratings firm
The Hindu
Tamil Nadu Generation and Distribution Corporation Limited’s (Tangedco) net loss narrowed in fiscal 2023, after the tariff revision which came into effect from September 10 last year, according to a ratings report.
Tamil Nadu Generation and Distribution Corporation Limited’s (Tangedco) net loss narrowed in fiscal 2023, after the tariff revision which came into effect from September 10 last year, according to a ratings report.
The power utility’s losses narrowed to ₹5,523 crore in fiscal 2023 from ₹11,955 crore in fiscal 2022, ratings firm India Ratings and Research said in its report.
The firm expects Tangedco’s net loss to narrow further in fiscal 2024, with the Tamil Nadu Electricity Regulatory Commission (TNERC) allowing a yearly revision in tariff and improvement in operational efficiency.
Recently, the Tamil Nadu government announced that there will be no hike in domestic electricity tariff from July 1 this year and there will be an increase of tariff for commercial establishments between 11 paise and 21 paise.
Tangedco’s units of power sold decreased to 88,409 million units (MU) in fiscal 2023 from 97,319 million units in fiscal 2022, India Ratings said. Subsidies are critical to trim Tangedco’s continued losses and maintain the distribution company’s financial profile at a comfortable level, it said.
The subsidies and loss funding by the government of Tamil Nadu comprised nearly 33% of Tangedco’s total revenue in fiscal 2023, when compared to 29% in fiscal 2022. For fiscal 2024, the State government has allocated a budget of ₹14,063 crore towards the tariff subsidies. In fiscal 2023, ₹10,477 crore was released towards tariff subsidies, it said.
Agricultural consumer subsidy accounted for the largest share, constituting around 50% of the overall subsidy in fiscal 2022 and fiscal 2023, and the trend is likely to continue, India Ratings said. The firm expects Tangedco’s liquidity profile to remain strained in the near term. It affirmed Tangedco’s bond rating at IND A (CE) with a Stable outlook and bank loans at IND BBB with a negative outlook.
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