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Future Ready Always – BW Businessworld

Future Ready Always – BW Businessworld

Rank 13 – Tata Power 

Praveer Sinha, CEO and MD

Sector: Infrastructure

Overall Avg. Score: 2.82

Revenue: Rs 32,907 crore

Serving the customers and the community has always been the cornerstone of the Tata Group’s philosophy 

Being at the forefront of innovation, Tata Power has consistently delivered sustained value to its stakeholders and constantly challenged the status quo for continuous improvement and better service delivery. The company has been ranked 13th in this year’s BW Businessworld Most Respected Companies list, down one rank from the previous year’s MRC rankings.

It says it believes in accelerating the transition to a sustainable future and its #futureready approach has enabled the company to carefully strategise its business offerings and empower customers for tomorrow’s world.

Deleveraging The Balance Sheet 

In FY21, the company took effective steps to de-leverage its balance sheet. This strategy, says Praveer Sinha, CEO and MD, resulted in greater investor confidence in the company’s performance and its market capitalisation increased by 214 per cent from Rs 10,496 crore in FY20 to Rs 32,990 crore in FY21. “Furthermore, we raised Rs 2,600 crore by way of issuing equity share capital on preferential basis to Tata Sons reinforcing their commitment to strengthening our company’s financials by increasing their shareholding from 35.27 per cent in FY20 to 45.21 per cent in FY21,” adds Sinha. The completion of sale of the South African assets, shipping assets as well as defence business and the consequent reduction in debt and a corresponding upgrade in credit ratings has enabled Tata Power to further reduce its financing costs. This has accelerated the company’s ambitious plans to expand its business portfolio across renewables, transmission and distribution, as well as customer centric businesses of Solar Rooftops, Solar Pumps, Microgrids, EV charging, Energy Services (ESCO), Home Automation and Floating Solar, amongst others. The company achieved a major strategic milestone by winning bids in the privatisation of the Discoms in Odisha. “This has expanded our operational footprint and increased our customer base in distribution to 12 million customers,” said Sinha. 

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The company has set a target of becoming carbon neutral before 2050. “We plan to phase out coal-based capacity and expand our clean and green capacity to 80 per cent by FY30. As India’s largest integrated solar EPC company, we delivered strong performance in FY21 with Tata Power solar’s order book of over Rs 8,700 crore and a capacity of around 2,800 MW,” the CEO informed the shareholders in his communique. 

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