Tata Power Q1 FY24 Results Update:
- Become carbon net zero before 2045.
- Become water neutral before 2030.
- Zero waste to landfill before 2030.
- Solar Rooftop, Pump Business Orders: Order Book (Incl. Group Captive) at Q1 FY24 end stands at ₹ 2,500+ crore. Strong traction seen in Group Captive with orders of 415 MW won in Q1 FY24. Installed 112 MW in Q1 FY24. Channel network crosses 480+ across 275+ districts.
- Solar cell and module manufacturing project remains on track: First module production expected by end of Sep-23 and first cell production by Q4FY24. The management emphasized towards improving the margins in solar rooftop and pump business. The prices of solar cells & modules and wafers reduced significantly, in Q1 FY24. The management expects with more capacity additions taking place in China and Southeast Asian countries, there would be an oversupply of cells & modules which would result in further reduction in prices, going forward.
- Tata Power maintained its FY24 capex guidance of Rs. 12,000 crore and aim to be below net debt/EBITDA of 3.5x.
- The company plans to add 2 GW to 2.5 GW of renewable capacity every year, with a focus on utility scale and group captive projects.
- Tata Power is also investing in pumped hydro projects, aiming to support 6 GW to 7 GW of renewable capacity for round-the-clock power.
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