Tata Power reports highest ever PAT of ₹ 4,280 crore and Revenue of
₹ 61,542 crore for FY24
• Consolidated EBITDA for FY24 grows 26 % to an all-time high of ₹ 12,701 crore
• Q4FY24 PAT up 18% to ₹ 1,109 crore; clocks 18th consecutive quarter of PAT growth
• Board recommends dividend of ₹ 2 per equity share
| Financials Highlights
|
Milestones |
- FY24 PAT at an all-time high at ₹ 4,280 crore
- Consolidated Revenue for FY24 grows 10% to an all-time high of ₹
61,542 crore
- Consolidated EBITDA for FY24 grows 26 % to an all-time high of ₹
12,701 crore
- Q4FY24 PAT grows 18% to ₹ 1,109 crore
- Q4FY24 Revenue grows 27% to ₹ 16,256 crore
- Q4FY24 EBITDA grows 8% to ₹ 3358 crore
- CRISIL Ratings Limited has upgraded the Company’s Long-Term
rating on the bank loan and debt
facilities from ‘CRISIL AA/Positive’ to ‘CRISIL AA+/Stable’ and has reaffirmed its ‘CRISIL
A1+’ rating on the Company’s commercial paper programme and short-term facilities
|
- Renewables portfolio stands over 10 GW
- 4.3GW Cell & Module manufacturing facility in Tirunelveli, Tamil
Nadu has commenced
production and commercially produced around 130MW of Modules in Q4FY24
- Commissioned India’s largest Solar (100 MW) & Battery (120 MWh)
Storage Project in
Chhattisgarh
- Rooftop Business portfolio now stands over 2 GW
- Won 1.9 GW of Firm and Dispatchable Renewable Energy Projects
- Transmission portfolio stands at 6277 Ckm. Recent wins of ₹ 2300
crore include Jalpura
Khurja Power Transmission Limited & Bikaner-III Neemrana-II Transmission Limited
- Continues to enjoy over 50% of market share in distribution
business amongst private sector,
serving ~ 12.5 mn consumers
- Installed over 10 lakh Smart Meters across India
- Energized 86,000+ home chargers and ~5500 public and captive EV
charging points & 850+ bus
charging points
- Rooftop and Distribution Businesses empower over 1,20,000 green
customers nationwide
|
Mumbai, May 8th, 2024
Tata Power, one of India's largest integrated power companies, today reported its highest ever PAT of ₹ 4,280
crore for the financial year ended March 31, 2024. The Company has maintained strong growth momentum by
reporting PAT growth for the 18th consecutive quarter to ₹ 1,109 crore for Q4FY24. The company’s market
capitalisation has surpassed ₹1.4 lakh crore.
FY24 saw the company achieve its highest-ever Revenue and EBITDA at ₹ 61,542 crore and
₹ 12,701 crore respectively, backed by a strong rising share from core businesses of Generation, Transmission &
Distribution and Renewables, which contributed 74% to FY24 PAT compared to 44% in FY23.
Consolidated financial performance (in ₹ crore)
| Particulars |
Q4 FY24 |
Q4 FY23 |
% Change YoY |
FY24 |
FY23 |
% Change (YoY) |
| Revenue |
16,256 |
12,755 |
27% |
61,542 |
56,033 |
10% |
| EBITDA |
3,358 |
3,101 |
8% |
12,701 |
10,068 |
26% |
| PAT (before exceptional) |
1,109 |
939 |
18% |
4,109 |
3,810 |
8% |
| Reported PAT |
1,046 |
939 |
11% |
4,280 |
3,810 |
12% |
The Company’s Board of Directors has recommended a dividend of ₹ 2 per equity share, subject to shareholders’
approval.
Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said,
" The Company reported yet another quarter of stellar results with Q4FY24 being
the 18th consecutive quarter of
PAT growth. The operational and financial performance of all our core businesses – Generation, T&D and
Renewables - has been strong and is on a growth path.
Today, Tata Power stands at the forefront of India's energy transition with its integrated presence across
the
value chain. Our clean energy portfolio will touch 15 GW by FY27 and we are committed to supplying
round-the-clock renewable energy to our consumers with a mix of solar, wind and Pumped Hydro Storage
Projects in
our portfolio.
The Odisha Discoms have demonstrated the success of the Public Private Partnership model and are now
profitable
within a short span of three years. We are well-poised to take on newer power distribution opportunities
once
they open for privatization.
The rooftop solar business is displaying growth momentum and with a portfolio of over 2 GW, we are
well-positioned to tap the increasing opportunities, especially under the PM Surya Ghar Yojana which aims to
light up one crore households.
We continue our journey to be the most preferred and trusted green energy solutions provider and utility of
choice for every customer.”
Tata Power’s 4.3GW Cell & Module manufacturing facility in Tirunelveli, Tamil Nadu has commenced production and
commercially produced around 130MW of Modules in Q4FY24. The Company’s inclusion in MNRE’s ALMM (Approved List
of Models and Manufacturers) scheme further strengthens its position to significantly contribute towards PM
Surya Ghar Yojana.
The Company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of
capacity from non-fossil-based fuels by 2030.
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 has 6,277 Ckm (Circuit Kms) of transmission lines portfolio including 1,651 Ckm capacity in
pipeline. During FY24, the Company won two projects worth ~ ₹ 2,300 crore under Tariff-Based Competitive Bidding
(TBCB) process – the Interstate Transmission System (ISTS) - Bikaner III Neemrana II Transmission Ltd and the
Intrastate Transmission Scheme in Uttar Pradesh through SPV Jalpura Khurja Power Transmission Ltd.
Odisha Distribution Business, a turn-around success story, continues to report profit. Backed by continuous
reduction in AT&C losses and better working capital management, it reported PAT growth of 21% to ₹ 307 crore for
FY24.
Operational Highlights Q4FY24/FY24:
Renewables enabling a strategic transition towards Green Energy
-
- Renewable portfolio capacity stands at 10 GW, inclusive of 5.5 GW in the
implementation pipeline
- Tata Power Renewable Energy Ltd.’s (TPREL) utility scale EPC order book stands at
2.6 GW worth ₹ 13,400
crore. Rooftop solar and Group Captive EPC order book stands at ₹ 2,900 crore
- 4.3 GW Cell & Module manufacturing facility in Tirunelveli, Tamil Nadu has
commenced production in Q4FY24.
The Company also received approval from DFC's Board of Directors for $ 425 million in financing for the
plant
- TPREL signed an MoU with the Government of Gujarat to develop 10 GW of renewable
energy across multiple
sites. The Company also entered into an MoU with the Government of Tamil Nadu with a proposed investment of
₹70,000 crore in the next few years
- Tata Power Solar Systems Ltd. (TPSSL) commissioned India’s largest solar and
battery energy storage project
in Chhattisgarh, comprising 100 MW solar and 120 MWh utility scale Battery Energy Storage System
- TP Saurya Ltd commissioned a 200 MW solar project at Bikaner, Rajasthan; Project
to be integrated into the
Central Transmission Utility Bus to ensure the distribution of clean energy across the region
- TPREL commissioned a pioneering 1040 kW Bifacial Solar System project at
Chengmari which is Asia’s largest
Tea Estate. This is the first-ever installation of on-ground bifacial modules in Eastern India
- TPREL secured a Letter of Award for the development of 1.3 GW Firm and
Dispatchable Renewable Energy (FDRE)
project from SJVN Limited
- TPREL Rooftop-Solar portfolio crossed the milestone of 2 GW, retaining the
highest market share in the
segment for the ninth year in a row
- TPSSL facilitated ₹ 475 crores of customer financing in Q4FY24 to boost solar
adoption in India; Total
customer financing stands at ov7er ₹ 3500 crores through collaborations with more than 20 financing
partners,
including PSUs, Private Banks, and NBFCs
- TPSSL and Union Bank renewed their partnership to boost rooftop solar adoption
among residential consumers
- TPRMG signed an MoU with C-DAC, Trivandrum, to develop and deploy microgrid
technology
Transmission & Distribution supports business growth
- Tata Power acquired Bikaner-III Neemrana-II Transmission Limited to evacuate 7.7
GW of renewable energy from
the Bikaner complex in Rajasthan for ₹ 1,500 crore
- Transmission portfolio stands at 6250+ Ckm
- The Company acquired its first ever Greenfield Intra State Transmission project
under the TBCB process in
Uttar Pradesh - Jalpura Khurja Power Transmission Limited, for ₹ 800 crore
- Reached a milestone of 10 lakh smart meter installations across its Discoms in
Mumbai, Delhi and Odisha. It
plans to reach 15 lakh smart meter installation marked by FY25 with a planned capex of ₹760 crore
- Company signed a contract to implement ₹1,744 crore smart metering project for
Chhattisgarh State Power
Distribution Company Limited (CSPDCL)
- FY24 saw the four Odisha Discoms reducing their AT&C losses (excl. past arrears)
from 21.5% in FY23 to 18.8%
in FY24; Overall cumulative reduction in AT&C losses stand at
11.3 %
Enabling E-Mobility Across India
- Tata Power EZ Charge has energized a total of ~5,500 public and captive EV
charging points across 530 +
cities, along with 86,000+ home chargers and 850+ bus charging points
- Pan-India EV Charging network achieved a milestone of powering 10 crore green kms
- Tata Power now has 1,000 green energy-powered EV charging points in Mumbai
- Tied up with IOCL to set-up over 500 charging points across India
- Signed PPA with BluSmart to decarbonize their EV mobility at scale by providing
clean energy supply
- Signed MoUs with the Ayodhya Development Authority and Government of Assam to
set-up EV charging
infrastructure
- Partnered with the Airport Authority of India to deploy EV chargers in Kolkata &
Ranchi
- Partnered with Le Roi Hotels and Resorts to power 'Green Tourism’, installed EV
chargers across 8 tourist
locations
- 5000+ RFID cards enabling hassle free single tap EV charging facility
CSR and Environmental stewardship for a better tomorrow
- Tata Power becomes the first Integrated power company in India with approved
Science based Target
Initiatives (SBTi)
- Tata Power and Skill Council for Green Jobs joined hands to boost green energy
skills in the country
- To promote biodiversity in the Western Ghats, Tata Power collaborated with the
ICICI Foundation to launch
‘Project GhanVan’ - a visionary tree plantation programme
Employer of Choice
- Tata Power emerged as the India's ‘Most Attractive Employer Brand’, according to
Randstad India's REBR 2023
report
- Recognized as ‘Best Employer 2023' by Kincentric India for its commitment to
employee excellence
- Recognized by Fortune India as “Employer of the Future” in 2023 for the second
consecutive time
Awards & Recognition:
- Tata Power Mumbai Distribution honoured with the prestigious "Energy Company
Award " & "Employee Safety
Award" at the Economic Times Middle East Energy Leadership Summit '24 in Dubai
- Tata Power Mumbai Distribution awarded the prestigious IPPAI Power Award 2024
which recognizes innovative
"Energy Conservation - Demand Response Program" at the 24th Regulatory and Policy Makers event
- 12th Integrated Rating & Ranking of Power Distribution Utilities for period FY23
saw TP Central Odisha
Discom Ltd (TPCODL), TP Northern Odisha Distribution Ltd (TPNODL) and TP Western Odisha Distribution Ltd
(TPWODL) score A+ rating and Tata Power-Delhi Distribution Ltd score ‘A’ rating across the Discoms
nationally
- Tata Power-DDL in collaboration with the Central Electricity Authority (CEA)
celebrated
4th edition of Linemen Diwas on 4th March 2024, to honor the frontline workers of power sector
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 14,707 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 5,847 MW of clean energy generation, which constitutes 40% 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.12.5 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 matter. 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 factor. 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.
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