Tata Power Proposes Rs 2 per Share Dividend for Approval at 105th AGM

Tata Power Company Limited has announced its proposal to declare a dividend of Rs 2 per share for the financial year ending March 31, 2024. This decision is set to be tabled for approval at the company’s 105th Annual General Meeting (AGM) scheduled for July 16, 2024. The AGM will be conducted via Video Conferencing/Other Audio Visual Means in compliance with regulatory guidelines.

The agenda for the AGM includes the adoption of audited financial statements, both standalone and consolidated, along with the appointment and re-appointment of directors. Notably, Mr. N. Chandrasekaran, who retires by rotation, is eligible for re-appointment.

The proposed dividend, if approved by the shareholders, will amount to a total payout of approximately Rs 639.07 crore based on the company’s current equity share structure. Shareholders are advised that the Record Date for eligibility to receive the dividend is July 4, 2024.

For more detailed information, shareholders can access the full notice and related documents on Tata Power's official website and through the stock exchanges where the company's shares are listed.

Find the AGM Notice for FY24 by Tata Power Here.

This dividend declaration underscores Tata Power's efforts to deliver value to its shareholders amidst a dynamic business environment.

Tata Power Financial Report 2023-24 

Tata Power had a remarkable year in FY24, achieving significant milestones and strengthening its position as a leader in the energy sector in India. The company reported robust financial performance and continued expansion across its various business segments.

Financial Highlights

• Revenue: Tata Power's total revenue for FY24 stood at ₹61,542 crore, marking substantial growth.
• Profit After Tax (PAT): The company reported its highest-ever PAT of ₹4,280 crore, indicating strong profitability.
• EBITDA: Tata Power achieved an EBITDA of ₹12,701 crore, a 26% increase from the previous year, demonstrating enhanced operational efficiency.
• Market Capitalisation: Tata Power surpassed ₹1 trillion in market capitalisation, underscoring its market strength and investor confidence.

Business Segments

1. Generation

• Tata Power operates conventional assets including hydro and thermal plants across North, West, and East India.
• Combined capacity exceeds 10,000 MW, contributing significantly to India's power generation.

2. Renewables

• The company has established itself as a leader in renewable energy with an installed capacity of 14,707 MW.
• This includes utility-scale solar, wind, hybrid projects, and advanced solar manufacturing capabilities.

3. Transmission and Distribution

• Tata Power manages a transmission network spanning 6,277 circuit kilometres, serving 12.5 million customers in key regions like Mumbai, Delhi, Odisha, and Ajmer.
• Ongoing expansion projects aim to enhance grid reliability and capacity.

4. New-age Energy Solutions

• Focuses on innovative solutions such as rooftop solar installations, electric vehicle charging infrastructure, microgrids, and home automation.
• Initiatives support clean energy adoption and energy efficiency among consumers.

Strategic Initiatives and Future Projects

• Pumped Storage Project: Tata Power signed an MoU with the Maharashtra Government to develop a 2.8 GW Pumped Storage Project, enhancing energy storage capabilities.
• Transmission Projects: Won bids for transmission projects like Bikaner-Neemrana and Jalpura-Khurja, valued at ₹2,300 crore, to strengthen transmission infrastructure.
• Solar Manufacturing Expansion: Expanded solar module production capacity to 4.9 GW, including new facilities in Tirunelveli.

Sustainability and Growth

• Tata Power is committed to sustainability benchmarks, including achieving Science Based Targets Initiative (SBTi) Targets.
• The company focuses on enhancing shareholder value through optimal capital allocation and sustainable growth strategies.
• Initiatives like phased thermal capacity phase-out and increasing clean energy capacity underscore Tata Power's commitment to environmental stewardship.

Conclusion

Tata Power's FY24 financial report highlights its strong financial performance, strategic growth initiatives across conventional and renewable energy sectors, and commitment to sustainability. As India's energy demands continue to rise, Tata Power remains poised to play a pivotal role in shaping the future energy landscape with innovative solutions and robust operational capabilities.

Tata Power Annual Report for 2023-24: here

Tata Power

Tata Power Established over a century ago, Tata Power brings unmatched experience and reliability to the table, maintaining a steadfast commitment to sustainability and innovation. Tata Power plays a pivotal role in conventional and renewable energy sectors alike.

Its diverse portfolio includes utility-scale solar and wind projects, manufacturing of solar modules, and offering cutting-edge solutions like rooftop solar installations and electric vehicle infrastructure. Additionally, Tata Power's extensive transmission and distribution network spans over 6,277 circuit kilometers, serving millions of customers in key regions such as Mumbai, Delhi, Odisha, and Ajmer.