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Renewables biz may recharge Tata Power
Mint Mumbai
|February 14, 2024
Tata Power Co. Ltd's stock fell 8% on Monday after the company reported dull earnings for the December quarter (Q3FY24). Still, the power producer's outlook is upbeat owing to a likely increase in renewables business.
The renewables segment's revenue surged 30% year-on-year in the quarter to nearly 12,484 crore, forming 15.5% of consolidated segment revenue.
Tata Power plans to raise contribution from clean energy. As on 31 December, the company's operational capacity was 4,270 MW in the renewables segment.
Tata Power Renewable Energy is currently executing projects totalling 4,752 MW, and Tata Power Solar Systems has 4,120 MW of projects under execution.
The combined clean energy capacity will be over 10,000 MW in 12-24 months.
The company estimates renewables will contribute 45% of Ebitda by FY27, from 32% in FY23. Tata Power expects to spend 45% of its ₹60,000 crore-capex on renewables between FY24 and FY27.
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