Tata Power Looking To Double Revenue And Profit, Says CEO
The company will spend an estimated Rs 60,000 crore between FY24-FY27, Praveer Sinha said.
Power utility major Tata Power Co. is guiding to double its revenue, operating profit and profit after tax in the next four years, according to Praveer Sinha, managing director and chief executive officer of the company.
The company is looking at renewable power generation of 15 GW by FY27 and 20 GW by 2030, he said at the annual analysts' meet held at its hydropower plant in Bhivpuri, near Mumbai.
It will spend an estimated Rs 60,000 crore between FY24-FY27, Sinha said, adding that it undertakes capex in the 70:30 debt-to-equity ratio. Nearly 45% of the capex will be spent on renewable projects.
The company will be spending Rs 13,000 crore on two projects at Bhivpuri and Shirawta, near Pune. These two projects will add 2,800 MW of renewable capacity. They will come on stream by 2027–28, said Sinha.
Apart from this, the company is exploring 9 GW of pump hydro from three additional water reserves.
