Tata Power conducted its 105th Annual General Meeting (AGM) for the Financial Year 2023-24. Chairman Natarajan Chandrasekaran underscored the company’s commitment to transformative progress, showcasing impressive financial and operational performance that reflects its dedication to growth, prudence, and 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 N Chandrasekaran, Chairman, Tata Power.
Key Highlights from the AGM:
Leadership in Energy Transition: Tata Power is strategically positioned to spearhead India’s green energy revolution, emphasising continuous supply of renewable energy, particularly for commercial and industrial sectors.
Expansion in Rooftop Solar: The company is aggressively expanding its rooftop solar initiatives, leveraging the PM Surya Ghar Yojana to increase its market share.
Consumer Growth Strategy: Tata Power aims to significantly expand its consumer base from 12.5 million to 50 million through enhanced distribution efforts.
Performance and Future Directions:
The company reported a robust 10% increase in consolidated revenue, reaching Rs 61,542 crore, while its Profit After Tax (PAT) surged by 12% to Rs 4,280 crore. Tata Power has continued to fortify its balance sheet, maintaining a net debt to equity ratio of less than 1, even with substantial investments in growth.
Renewable Energy Ambitions: Tata Power is targeting a 15 GW clean energy portfolio within the next five years, up from its current 9 GW, driven by ongoing and new projects.
Manufacturing Expansion: A new 4.3 GW solar cell and module manufacturing plant has been established in Tamil Nadu, enhancing production capabilities.
EV Charging Leadership: Tata Power is leading the charge in electric vehicle infrastructure with 5,500 public and captive chargers across 530+ cities, in addition to over 86,000 home chargers installed.
Rooftop Solar Initiatives: Through the ‘Ghar Ghar Solar’ campaign under PM Surya Ghar Yojana, Tata Power has executed over 2 GW of rooftop solar projects and boasts an impressive order book valued at Rs 2,800 crore.
Tata Power’s strategic vision and aggressive growth plans signal a transformative period for the company, reinforcing its leadership role in India’s energy sector and its commitment to a sustainable and innovative future.