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 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 N Chandrasekaran, Chairman, Tata Power
Key Highlights:
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• 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/-
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