Tata Power has budgeted a 66% increase in capital expenditure, totaling Rs 200 billion for the current fiscal year, with a primary focus on energy transition initiatives and India's net-zero emission goal by 2070. During the fiscal year ended March 2024, the company's capital expenditure was approximately Rs 12 billion. CEO

Praveer Sinha, CEO, Tata Power, stated, "We aim to spend around Rs 200 billion this year," with about half of the investment allocated to renewable energy projects and the remainder distributed among transmission, distribution, and conventional projects, financed through internal accruals and debt.

Tata Power reported an 11% surge in consolidated net profit to Rs 10.46 billion in the March 2024 quarter, primarily attributed to increased revenues. The company's renewable energy segment saw progress with the commencement of production at its 4.3 GW manufacturing facility in Tamil Nadu, which has commercially produced around 130 MW of modules. In FY24, Tata Power secured two projects worth Rs 23 billion through the Tariff-Based Competitive Bidding (TBCB) process. With aspirations of achieving 70% of its capacity from non-fossil-based fuels by 2030, Tata Power currently operates 4.5 GW of renewable capacity, with another 5.5 GW under implementation, and possesses a transmission lines portfolio exceeding 6,277 circuit kilometres, including 1,651 circuit kilometres in the pipeline as of March 31, 2024.

(Source: ET)