Sharekhan's research report on Tata Power Company
The company’s renewable energy capacity stands at 10.5GW with 5.7GW of projects in various stages of implementation. Its operational capacity has reached 4.8GW, comprising 3.8GW of solar and 1GW of wind energy projects. Company intends to add 5.7GW of renewable energy capacities in the next three years. Management sees large opportunity from rooftop solar supported by the government with rooftop installations for 1 crore homes in next 3-4 years. The 4.3GW solar cell & module plant would be fully operational by Q2FY25. This plant would also get benefit from the large rooftop solar market.
Outlook
Tata Power has a well-planned strategy to shift towards clean energy and targets for 2x rise in its PAT by FY2027E over FY2023. We maintain a Buy on Tata Power with a revised PT of Rs. 540. At CMP, the stock trades at 4.1x/3.6x FY25E/FY26E P/BV.
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