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Tata Power eyes 15GW renewable capacity

plans to add renewable energy projects to grow to 15 GW company in the coming few years, its chairperson Natarajan Chandrasekaran said on Monday.

In the consumer renewables business, the company would focus on building scale in its rooftop solar, solar pumps, electric vehicle charging systems and home automation businesses, he said in the Annual General Meeting.

The company’s website showed an operating capacity of 1839 Mw renewable energy capacity comprising 907 Mw wind power and 932 Mw solar power. Another 373 Mw of wind and solar capacity is under development.

He said the company is witnessing strong growth in rooftop solar and solar pumps segments. “The company currently has the highest ever EPC order book and is expanding solar cells and modules manufacturing capacity. It also won over 1 Gw renewables capacity projects during the year,” Chandrasekaran said.

He said the company continues to divest non-core assets to simplify the business. Apart from the sale of the defense business, this year, it completed the divestment of its South Africa wind assets and its shipping business.

“As I had mentioned last year, deleveraging of the balance sheet is a core focus area. This year, Tata Sons infused Rs 2,600 crore of preferential equity in the company to strengthen the Balance Sheet. Also the proceeds from the divestments were utilised to further reduce the debt,” he said.

Last year, Tata Power completed acquisition of three distribution license areas in Odisha and one in April this financial year. The Company distributes power in Mumbai, Delhi, Ajmer, besides Odisha.

Lower coal prices helped curtail losses in imported coal-based Mundra ultra mega power project. “Based on studies, the company believes that coal prices will moderate in the medium to long term, thereby reducing the support requirement,” Chandrasekaran said.

Tata Power reported consolidated net profit of Rs 1,439 crore in last fiscal. The consolidated profit after tax before exceptional items stood at Rs 1,424 crore as against Rs 1,231 crore in the previous year, due to lower losses in Mundra project and higher profit from acquisition of Prayagaj power project in Uttar Pradesh.

The consolidated revenues in the year were Rs 33,079 crore, compared to Rs 28,948 crore a year ago, representing an increase of about 14% owing to revenue growth through three Odisha discoms and execution of solar EPC projects.

The cash generated from operations increased by 15% to Rs 8,458 crore in the year. The consolidated net debt at the end of the year was Rs 35,946 crore, reduction of about Rs 7, 600 crore over the previous year level of Rs 43,559 crore.

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