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Tata Power, a leading integrated power company in India, announced a record profit after tax (PAT) of ?4,280 crore for the fiscal year ending March 31, 2024. This marks the company’s highest PAT to date and the 18th consecutive quarter of growth, with a Q4FY24 PAT of ?1,109 crore. The company’s market capitalization has also reached a new high of over ?1.4 lakh crore.
For FY24, Tata Power reported its highest-ever revenue of ?61,542 crore and EBITDA of ?12,701 crore. These financial gains were driven primarily by its core businesses—Generation, Transmission & Distribution, and Renewables—which accounted for 74% of the FY24 PAT, a significant increase from 44% in the previous year.
As of 31st March 2024, the Company has 4.5 GW of renewable capacity operational and another 5.5 GW of projects under implementation, taking the total green energy portfolio to over 10 GW.
The company’s robust performance extends across its operations. Dr. Praveer Sinha, CEO and Managing Director of Tata Power, emphasized the strong operational and financial performance of the company’s core sectors. Tata Power continues to be at the forefront of India’s energy transition, planning to enhance its clean energy portfolio to 15 GW by FY27 and committing to supplying renewable energy around the clock.
Significant achievements include the commencement of production at Tata Power’s 4.3GW Cell & Module manufacturing facility in Tirunelveli, Tamil Nadu, which produced about 130MW of modules in Q4FY24. The company’s strategic developments are further supported by its inclusion in MNRE’s ALMM scheme, positioning it strongly within the PM Surya Ghar Yojana.
The Odisha Discoms, under Tata Power’s management, have turned profitable within three years, showcasing the successful public-private partnership model. The company’s rooftop solar business has also shown impressive growth, with a portfolio exceeding 2 GW.
On the project front, Tata Power Renewable Energy Ltd. (TPREL) has a substantial order book of 2.6 GW worth ?13,400 crore for utility-scale EPC projects and another ?2,900 crore for rooftop solar and Group Captive EPC projects. Other noteworthy projects include India’s largest solar and battery storage project in Chhattisgarh and the commissioning of a 200 MW solar project in Bikaner, Rajasthan.
TPREL has also commissioned a pioneering 1040 kW bifacial solar system at Chengmari, Asia’s largest tea estate, marking the first installation of on-ground bifacial modules in Eastern India. Moreover, TPREL secured a Letter of Award for a 1.3 GW Firm and Dispatchable Renewable Energy project from SJVN Limited.
Tata Power’s transmission and distribution operations have been bolstered with significant acquisitions and projects, including a Greenfield Intra State Transmission project in Uttar Pradesh and two projects worth approximately ?2,300 crore under the Tariff-Based Competitive Bidding process.
The company has also reached significant milestones in smart meter installations, aiming for 15 lakh installations by FY25 with a planned capex of ?760 crore. Additionally, Tata Power is enhancing e-mobility across India with approximately 5,500 public and captive EV charging points and significant partnerships aimed at expanding its green energy-powered EV charging network.
In terms of corporate social responsibility and environmental stewardship, Tata Power has aligned with global initiatives like the Science-based Target Initiatives (SBTi) and has launched extensive green energy skill development and biodiversity promotion programs in collaboration with various organizations.
This holistic approach not only strengthens Tata Power’s position as a leader in the energy sector but also aligns with its mission to become the most preferred and trusted green energy solutions provider in India. |
