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HomeNewsInterviewTata Power will be a leading supplier for PM Rooftop Solar Scheme: CEO Praveer Sinha

Tata Power will be a leading supplier for PM Rooftop Solar Scheme: CEO Praveer Sinha

According to Sinha, the timing of the announcement couldn't have been better for Tata Power. To install solar panels in one crore households, domestic content requirement (DCR) solar PV modules will be needed, and Tata Power's new module-making unit will be well-positioned to supply the same.

February 14, 2024 / 08:09 IST
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Praveer Sinha, CEO and MD, Tata Power Company Ltd

Tata Power, one of India’s leading power generation and distribution companies, plans to aggressively participate in the recently announced ‘PM Surya Ghar: Muft Bijli Yojana', which aims to solarise one crore households in the country, the company’s Chief Executive Officer (CEO) Praveer Sinha said in an exclusive interview to Moneycontrol. Besides, the company is also going to start work on two of its maiden pumped storage projects in FY25.

Edited excerpts:

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Tata Power declared a consolidated net profit of Rs 1,076.12 crore for the third quarter of FY23-24, registering an on-year growth of 2 percent over the consolidated profit of Rs 1,052.14 crore last year. Take us through the numbers and the reasons for the flat PAT.

First, this is the 17th consecutive quarter where the company’s profit has been higher than last year, same period. Second, the quality of profit has improved tremendously because nearly 70 percent of the profit in this quarter is from our core business, unlike last year, where it was just 40 percent (from the core business). A lot of profit came from our coal mining business in Q3 FY23, which is not there this year. So, I think the quality of profit has improved, and that has come from our existing generation, transmission, distribution, and renewables businesses.