• To explore Small Modular Nuclear Reactors and Discoms expansion opportunities
• Growing focus on consumer businesses in the emerging clean energy space
Mumbai, 16th July ,2024:
Tata Power, one of India's leading integrated power companies, today held its 105th Annual General Meeting (AGM) of shareholders for the Financial Year 2023-24.
Chairman Mr. Natarajan Chandrasekaran, in his speech to shareholders, said that the Company's robust financial and operational performance is a sign of its commitment towards consistent growth, financial prudence and project execution excellence.
“Tata Power plans to invest Rs 20,000 crore capex in FY25. This is over and above the Rs 12,000 crore invested in FY24. A large part of this will be towards accelerating the Company’s renewable energy portfolio and balance towards Transmission and distribution businesses. The company will also explore participation in Small Modular Nuclear Reactors, once the Government gives necessary permissions apart from new distribution expansion opportunities in other states, as and when these opportunities arise in line with Government policies” said Mr. N Chandrasekaran, Chairman, Tata Power
Key Highlights:
- Energy Transition Leadership: Well positioned to lead India's green energy shift with focus on providing round the clock renewable energy especially to Commercial and Industrial consumers
- Rooftop Solar Expansion: Aggressive growth in rooftop solar, aiming for increased market share on back of PM Surya Ghar Yojana
- Consumer Focus: Targeting 50 million consumers through distribution business expansion, from the present 12.5 million consumers
Performance and Future Plans:
Consolidated revenue grew 10% to Rs 61,542 crore; PAT increased 12% to Rs 4,280 crore. The Company continued its efforts to strengthen its balance sheet and maintained the net debt to equity <1 even after funding its growth plans.
- Renewable Energy:Aiming for 15 GW clean energy portfolio in 5 years from the existing 9 GW, both from existing and ongoing projects
- Manufacturing: Set up New 4.3GW Solar cell and module manufacturing plant in Tamil Nadu.
- EV Charging: Leading with 5,500 public and captive chargers in 530+ cities, and 86,000+ home chargers installed.
- Rooftop Solar:Fully geared to solarize homes through its ‘Ghar Ghar Solar’ initiative under PM Surya Ghar Yojana. Executed 2GW+ rooftop projects so far and has an order book of Rs 2,800 crore.
Based on its performance, the Company’s Board of Directors recommended a dividend of Rs. 2/- per equity share of Re.1/-
About Tata Power:
Tata Power is a leading integrated power company and a part of Tata Group,
India’s largest multi-national business conglomerate. The company has a diversified portfolio of 14,453 MW,
spanning across the entire power value chain - from renewable and conventional energy generation to transmission & distribution,
trading, storage solutions and solar cells and module manufacturing. As a pioneer of clean energy transition in India,
Tata Power has 5,593 MW of clean energy generation, which constitutes 39% of its total capacity.
The company has also committed to achieve carbon neutrality before 2045.Tata Power has established India’s most comprehensive clean energy
platform, with offerings such as rooftop solar, microgrids, storage solutions, EV charging infrastructure, home automation et al.
The company has also attracted global investors to support its growth and vision.
Tata Power has successfully partnered with public and private entities in generation, transmission & distribution sectors in India,
serving approx.13 million customers across the country. To know more about Tata Power,
visit www.tatapower.com
Disclaimer:
The following press release/announcement may contain forward-looking statements within the meaning of applicable securities laws and regulations. These statements are based on management's current views, expectations, assumptions, and projections regarding the Company's future performance, business plans, growth prospects, competitive and regulatory environment, and other related matters. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in the statements. Factors that could cause actual results to differ materially from those contemplated in the forward-looking statements are not limited to changes in economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, alterations in the business environment, fluctuations in Government regulations, laws, statutes, judicial pronouncements, and other incidental factors. The Company does not undertake any obligation to publicly update or revise any forward-looking statements based on subsequent events, information, or developments, except as required by applicable laws and regulations.
For more information:
