Tata Power will invest Rs 20,000 crore capex in FY25, the electric utility company's chairman said on July 16 during its 105th Annual General Meeting (AGM) for the Financial Year 2023-24.
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” Chandrasekaran said.
Among the key higlights from his speech, Tata Power will aim for aggressive growth in rooftop solar projects, and looks to increase its market share on back of the Union government's PM Surya Ghar Yojana.
The company's financials showed decent growth as consolidated revenue grew 10 percent to Rs 61,542 crore; PAT increased 12 percent to Rs 4,280 crore. The company's Board of Directors also recommended a dividend of Rs 2 per equity share.
Tata Power is aiming for 15-GW clean energy portfolio in five years from the existing 9 GW, both from existing and ongoing projects, it said in the statement.
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