Tata Power's CEO and MD Praveer Sinha said he is expecting Uttar Pradesh to be the next state government to put out bids for private participation in its discoms
The signing may happen in a few days, Praveer Sinha, the company's managing director and chief executive officer said in an interview with Moneycontrol
Tata Power has 5.4 GW of projects in pipeline and we will be able to complete all this in the next two years. So, any new bid that we win will come only in the third year. This is in fact the current scenario for the entire renewable energy sector in India, which is why the government is reassessing its scale of tendering such projects, Sinha said.
Tata Power reported a marginal decline in its consolidated net profit for the second quarter of FY26, coming in at Rs 919.4 crore, down 0.7 percent year-on-year from Rs 926.5 crore. CEO Praveer Sinha attributed this to heavy monsoon across India which dampened electricity demand.
Praveer Sinha, CEO of Tata Power, also said the company plans to double its rooftop solar business from the current 25,000 installations per month to 50,000 by the end of FY26.
From December, Tata Power has commissioned its 4.3 GW solar cell manufacturing unit in Tirunelveli, Tamil Nadu which is an addition to the 4.3 GW module manufacturing plant commissioned in October, 2023 located at the same site.
The company has advanced its execution timelines and is implementing some projects slated for next year in the current fiscal.
The global glut amid rising solar manufacturing capacity would not impact the company’s business as the government, plans to bring out an ALMM for solar cells, as in the case of solar modules.
For the quarter, Generation, Renewables, and Transmission & Distribution businesses contributed 84 percent of the PAT, up from 72 percent in Q1FY24.
Tata Power reported a consolidated net profit of Rs 1,045.59 crore for the fourth quarter of FY24, up 11.37 percent on year driven by strong performance of its core thermal coal generation business. The company’s revenue from operations was up 27 percent to Rs 15,846.50 crore in the quarter ending March 31. The Tata group’s power utility’s Managing Director and CEO Praveer Sinha spoke exclusively with Moneycontrol on growth plans, way ahead and how the company is diversifying its portfolio.
CEO and MD Praveer Sinha said about 50 percent of the total capex would be used for renewables, while the balance would be utilised for businesses in others sectors including distribution, transmission and coal-based plants
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.
Sinha also clarified that the company has no plans to invest in any new thermal capacity henceforth.
Considering that India is one of the fastest-growing economies and there is an aspirational India, which is expecting a lot of improvement in the quality of life, this is the decade of India, and maybe even the next few decades, said Praveer Sinha.
Consolidated revenue from operations for the Tata Group company remained almost flat with an increase of only 1.5 percent at Rs 14,982.55 crore compared to Rs 14,752.69 crore during the same period last year