Tata Power 103rd AGM: What Chairman Chandrasekaran said in his speech - Key Highlights

Tata Power's AGM was conducted today. Natarajan Chandrasekaran, Chairman Tata Power, said, "I thank all the Members for joining this meeting. I hope the Members are safe and in good health. Due to the coronavirus concerns, lockdown and social distancing norms, we are holding this Annual General Meeting through video conference. This is in compliance with the directions of the Ministry of Corporate Affairs. A live streaming of this meeting is also being webcast on NSDL’s website. The Company has taken the requisite steps to enable Members to participate and vote on the items being considered at this AGM."

Here are key highlights from the chairman's speech:

·         Tata Power plans a capex of over Rs. 75000 crores in the next 5 years in renewables

·         Rs 14000 crores consolidated capex in FY 23 with Rs. 10000 crores in renewables

·         Tata Power holds strong solar EPC order book Rs 13,000 crore

·         Tata Power added 707 MW capacity in FY22 in renewables

·         Looking ahead, Tata Power confident to deliver on financials and ESG commitments

·         Company plans to increase green energy share to 60 percent over next 5 years

·         Company has three key goals—carbon net zero by 2045, 100% water neutral by 2030, zero waste to landfills before 2030.

·         Company declared dividend of Rs 1.75 per share in FY22

·         Tata Power's generation revenue up 28 percent in FY22, yoy

·         The ROCE during FY22 increased to 7.8 percent from 7.2 percent a year ago

·         Tata Power looking to be consumer centric company via several initiatives such as smart metering, EV charging, solar roof top.

·         Strong performance was delivered in T&D during FY22 through acquisition of discoms in Odisha

·         Increase in revenue was due to Odisha discoms, renewable additions.