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Tata Power Company Ltd

BSE Code : 500400 | NSE Symbol : TATAPOWER | ISIN:INE245A01021| SECTOR : Power Generation & Distribution |

NSE BSE
 
SMC down arrow

200.10

-0.85 (-0.42%) Volume 5367782

23-Mar-2023 EOD

Prev. Close

200.95

Open Price

200.00

Bid Price (QTY)

200.10(471)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 202.20 - 199.55

52 wk High/Low 298.05 - 190.00

Key Stats

MARKET CAP (RS CR) 63938.74
P/E 12.66
BOOK VALUE (RS) 37.5586187
DIV (%) 175
MARKET LOT 1
EPS (TTM) 15.81
PRICE/BOOK 5.32767196787245
DIV YIELD.(%) 0.87
FACE VALUE (RS) 1
DELIVERABLES (%) 39.54
4

News & Announcements

22-Mar-2023

Tata Power arm receives LoA for 200 MW solar project from MSEDCL

22-Mar-2023

Tata Power Company Ltd - Tata Power Company Limited - Press Release

20-Mar-2023

Tata Power Company Ltd - Tata Power Company Limited - Loss of Share Certificates

20-Mar-2023

Tata Power Company Ltd - Tata Power Company Limited - Loss of Share Certificates

13-Mar-2023

Tata Power Renewable Energy signs PPA with Tata Power Delhi Distribution for 510 MW hybrid project

10-Mar-2023

Tata Power Renewable Energy signs PPA with Tata Power Delhi Distribution

20-Feb-2023

Tata Power Company announces cessation of director

09-Jan-2023

Tata Power Company announces board meeting date

Corporate Actions

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Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Adani Green Energy Ltd 541450 ADANIGREEN
Adani Power Ltd 533096 ADANIPOWER
Adani Transmission Ltd 539254 ADANITRANS
Andhra Valley Power Supply Company Ltd (Merged) 500061 ANDRAVALLY
Anzen India Energy Yield Plus Trust 543655 ANZEN
BF Utilities Ltd 532430 BFUTILITIE
CESC Ltd 500084 CESC
CPEC Ltd 505678
Energy Development Company Ltd 532219 ENERGYDEV
Entegra Ltd 532287 ENTEGRA
Gita Renewable Energy Ltd 539013
Greenview Power Projects Ltd 532061
Gujarat Industries Power Co Ltd 517300 GIPCL
IND Renewable Energy Ltd 536709
India Grid Trust 540565 INDIGRID
India Power Corporation Ltd 532130 DPSCLTD
Indowind Energy Ltd 532894 INDOWIND
Inox Wind Energy Ltd 543297 IWEL
Jaiprakash Power Ventures Ltd 532627 JPPOWER
JSW Energy Ltd 533148 JSWENERGY
K.P. Energy Ltd 539686
Karma Energy Ltd 533451 KARMAENG
Kintech Renewables Ltd 512329
KKV Agro Powers Ltd 538368 KKVAPOW
KPI Green Energy Ltd 542323 KPIGREEN
KSK Energy Ventures Ltd 532997 KSK
Lanco Infratech Ltd 532778 LITL
National Wind Power Corporation Ltd 531077 NEPCPAPER
NHPC Ltd 533098 NHPC
NLC India Ltd 513683 NLCINDIA
NTPC Ltd 532555 NTPC
Orient Green Power Company Ltd 533263 GREENPOWER
Potis Power Projects Ltd 530143
Power Grid Corporation of India Ltd 532898 POWERGRID
Powergrid Infrastructure Investment Trust 543290 PGINVIT
RattanIndia Enterprises Ltd 534597 RTNINDIA
Rattanindia Power Ltd 533122 RTNPOWER
Refex Renewables & Infrastructure Ltd 531260
Reliance Energy Ventures Ltd(merged) 532704 RENVL
Reliance Power Ltd 532939 RPOWER
Renewable Energy Systems Ltd 40173
Shivamshree Businesses Ltd 538520
SJVN Ltd 533206 SJVN
Solex Energy Ltd 532566 SOLEX
Southern Power Distribution Company of AP Ltd 511519
SRM Energy Ltd 523222
Sun Source (India) Ltd 517403
Surya Chakra Power Corporation Ltd 532874
T C P Ltd 530282 TCPLTD
Tata Hydro-Electric Power Supply Co. Ltd (Merged) 500409 TATAHYDRO
Torrent Power AEC Ltd(merged) 500004 TORRENTAEC
Torrent Power Ltd 532779 TORNTPOWER
Torrent Power SEC Ltd(merged) 501736 TORRENTSEC
Virescent Renewable Energy Trust 535401 VIRESCENT
Waa Solar Ltd 541445
Waaree Renewables Technologies Ltd 534618

Share Holding

Category No. of shares Percentage
Total Foreign 346500580 10.84
Total Institutions 468067409 14.65
Total Govt Holding 301800 0.01
Total Non Promoter Corporate Holding 29542248 0.93
Total Promoters 1497257565 46.86
Total Public & others 853669945 26.72
Total 3195339547 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Tata Power Company Ltd

Tata Power Company Limited is India's largest integrated private power company, with a significant international presence. The Company is present across the entire value chain of power business viz. Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and Logistics, Solar PV manufacturing and associated Engineering, Procurement and Construction services (EPC), Consumer facing businesses such as solar rooftop, solar pumps, EV charging, home automation and microgrid. The Company has presence in all the segments of power sector, viz. Fuel & Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely 'Tata Power Delhi Distribution Limited' with Delhi Government for distribution in North Delhi, Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and Maithon Power Ltd.' with Damodar Valley Corporation for a 1,725 MW Mega Power Project at Jharkhand. Tata Power is one of the largest renewable energy players in India and has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. Tata Power has signed a Distribution Franchisee Agreement (DFA) with Ajmer Vidyut Vitran Nigam Limited (AVVNL) and formed a Special Purpose Vehicle (SPV) 'TP Ajmer Distribution Limited' (TPADL), to cater to the power requirements of customers in Ajmer. Tata Power's international presence includes strategic investments in Indonesia through 30% stake in the leading coal company PT Kaltim Prima Coal (KPC) in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called Cennergi' to develop projects in South Africa, Botswana and Namibia; in Australia through investments in clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. Tata Power Company Limited was incorporated in September 18, 1919. The Company commissioned its first hydro electric power generating station commissioned at Khopoli in the year 1915 with an installed capacity of 40 MW, which was subsequently upgraded to 72 MW. In the year 1922, they commissioned another hydro power station at Bhivpuri with an installed capacity of 40 MW, subsequently upgraded to 72 MW. In the year 1927, they set up Third Hydro power station of 90 MW capacity at Bhira, which was subsequently upgraded to 150 MW. In the year 1956, the company set commissioned a major thermal power station of 62.5 MW capacity at Trombay, to meet the increasing demand of electricity. Also, they set commissioned two more thermal units of similar capacity i.e. 62.5 MW in the years 1957 and 1960 respectively. In the year 1965, they set up Fourth thermal unit of 150 MW capacity at Trombay. In the year 1984, the company commissioned India's first 500 MW generating unit with multi-fuel burning capability at Trombay. In the year 1990, they set up Second 500 MW thermal unit at Trombay. In the year 1994, the company commissioned a gas-based 180 MW capacity combined cycle plant to provide quick-start capacity to Trombay Thermal Station and to ensure reliable and uninterrupted supply for essential services in Mumbai. In the year 1996, the company commissioned the 150 MW Pumped Storage Unit at Bhira. Also, they set up 67.5 MW Thermal Power Plant at Jojobera (Jharkhand). In the year 2000, The Tata Hydro-Electric Co. Ltd., The Andhra Valley Power Supply Co. Ltd., and the Tata Power Co. Ltd., are amalgamated to become one entity- The Tata Power Company Limited. Also, they commissioned a unit of 120 MW at Jojobera. In the year 2001, the company set up 81.3 MW diesel generator based plant at Belgaum, Karnataka. In the year 2003, the company entered into a joint venture with PowerGrid Corporation of India Ltd., to develop a 1200 Km long transmission line to bring electricity from Bhutan to Delhi. In the year 2004, the company incorporated a wholly owned subsidiary company, known as Tata Power Trading Co. Ltd. for the power trading business. In the year 2005, the company commissioned the unit 4 of 120 MW capacity at Jojobera. In the year 2006-07, the company completed the acquisition of 30% equity in Indonesian Coal Mines, PT Kaltim Prima Coal (KPC), and PT Arutmin Indonesia, as well as trading companies from PT Bumi Resources. In the year 2008, the unit 1 of 2 x 45 MW Phase of Haldia Project is synchronised with the grid. Also, the company commissioned the expansion project of 250 MW (Unit # 8) at Trombay. During the year 2009-10, the company successfully completed the overhaul of Unit 5 during which the Unit underwent major renovation and modernization. The company commissioned Unit 3 of 30 MW, resulting in increase in the installed capacity of the plant to 120 MW. These Units use hot coke oven gas from Hooghly Metcoke and Power Company Limited to produce steam for power generation. Also, the company commissioned an additional 42 MW of wind power capacity, taking the total capacity to 201 MW. During the year 2010-11, the company commissioned an additional 6 MW of wind power capacity in Maharashtra, taking the total installed wind power capacity in Mumbai Operations to 106 MW. Also, the company acquired a 21 MW wind farm, taking the total installed capacity outside Mumbai operations to 122 MW. In 2012, Tata Power commissioned a 25 MW solar plant at Mithapur in Gujarat. During the year under review, Tata Power commissioned 1050 MW Maithon power project. During the year under review, Tata Power acquired 26% stake in large mines at PT Baramulti Suksessarana Tbk (BSSR), Indonesia. In 2013, Tata Power implemented the first 4000 MW Ultra Mega Power Project of India at Mundra, Gujarat based on super critical technology. In 2014, Tata Power exited from Indonesian coal mine PT Arutmin Indonesia. During the year under review, Tata Power acquired a 39.2 MW wind farm near Dwarka, Jamnagar in Gujarat. During the year under review, Tata Power commissioned 28.8 MW solar power project at Palaswadi in Maharashtra. During the year under review, the company completed the commissioning of 32 MW Wind farm project in Maharashtra. In 2015, Tata Power's Joint-Venture Maithon Power Limited (MPL) commenced flow of energy to Kerala on a Long Term Agreement basis. In 2016, Tata Power's Joint-Venture commissioned 120 MW Itezhi Tezhi hydro power project in Zambia. During the year under review, Tata Power partnered with Toshiba and Cargill to design and develop India's first green, safe and compact natural ester-based pad mount substation. On 12 June 2016, Tata Power Company (Tata Power) announced that its 100 percent subsidiary Tata Power Renewable Energy (TPREL) has signed share purchase agreement (SPA) with Welspun Energy (WEPL) to acquire its subsidiary Welspun Renewables Energy (WREPL). This represents the largest transaction in renewables space in India. WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,140 MW of renewable power projects comprising of about 990 MW solar power projects and about 150 MW of wind power projects. Out of 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation. On 19 August 2016, Cennergi, Tata Power's 50:50 joint venture with Exxaro Resources in South Africa, announced the commencement of commercial operations for its 95 MW Tsitsikamma Community Wind Farm (TCWF) project. Cennergi was selected as the preferred bidder for two wind projects under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the South African government. With the commissioning of the Tsitsikamma project, Cennergi's operational portfolio has increased to 229MW. In 2017, Tata Power's 100 percent subsidiary Tata Power Renewable Energy commissioned 100 MW wind farm in Andhra Pradesh. During the year under review, Tata Power executed Distribution Franchisee Agreement (DFA) for electricity distribution in Ajmer City. On 2 January 2018, Tata Power Renewable Energy Ltd. (TPREL), Tata Power's wholly-owned subsidiary, announced the commissioning of its 50 MW DCR solar plant at Pavagada Solar Park in Karnataka. The project was won by the company on 4 April 2016 under the National Solar Mission Phase-II Batch-II Tranche-I State Specific Bundling Scheme. On 8 January 2018, Tata Power announced that it has set up additional electric vehicle charging stations at strategic locations thereby making Mumbai truly ready to usher in the Electric Vehicle wave. The latest Electric Vehicle charging stations by Tata Power have been set up at Palladium Mall Lower Parel, and Phoenix Marketcity, Kurla; and two more coming up at BKC and western express highway at Borivali. On 26 March 2018, Tata Power announced that the company's Board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1% of Tata Communications. The move is a part of the company's plan to monetize its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs 2150 crore and is subject to shareholders' approval. On 29 March 2018, Tata Power announced that its Board has approved the sale of its Defense business to Tata Advance Systems Limited, a wholly owned subsidiary of Tata Sons at an enterprise value of Rs 2230 crore (out of which Rs 1040 crore payable at the time of closing and Rs 1190 crore payable on achieving certain milestones), subject to Government & other approvals. This is as part of the company's plan to monetize its non-core assets and improve the balance sheet. On 11 July 2018, Tata Power announced that its wholly owned subsidiary Tata Power Renewable Energy Limited (TPREL) has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state's Tumkur district at Karnataka. On 27 September 2018, Tata Power and Hindustan Petroleum Corporation Limited (HPCL), a Navratna Oil & Gas Public Sector Undertaking, announced the signing of a Memorandum of Understanding (MoU) for setting up commercial-scale charging stations for Electric Vehicles at the HPCL retail outlets and other locations across India. Tata Power and HPCL, through this new landmark MoU, have agreed to collaborate in planning, development and operation of charging infrastructure for electric vehicles (e-cars, e-rickshaws, e-bikes, e-buses, etc.), at suitable locations across India. Both entities also intend to additionally explore areas of opportunities & collaboration in related fields like Renewable Energy. As on 31 March 2019, the Company had 50 subsidiaries (40 are wholly-owned subsidiaries), 38 Joint Ventures (JVs) and 6 Associates. The company decided to sell Strategic Engineering Division(SED) to Tata Advanced Systems Limited, a wholly owned subsidiary of Tata Sons Private Limited at an enterprise value of Rs 2,230 crore. As on 31 March 2019, the Tata Power group of companies had an operational generation capacity of 10,957 MW from various fuel sources - thermal (coal, gas and oil), hydroelectric, renewable energy (wind and solar PV) and waste heat recovery. During the FY2020,TP Kirnali Limited was incorporated as wholly owned subsidiary of Tata Power Renewable Energy Ltd(TPREL) and TP Solapur Limited was incorporated as wholly owned subsidiary of TPREL.Also during the year, Gamma Land Holdings Limited, Beta Land Holdings Limited and Ginger Land Holdings Limited are three JVs which ceased to exist. As on 31 March 2020, the Company had 54 subsidiaries (40 are wholly owned subsidiaries), 30 Joint Ventures (JVs) and 5 Associates. As on 31st March 2020,the company has an installed capacity of 12,742 MW, out of which 3,883 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 30% of the total portfolio. Subsequent to approval accorded by the shareholders at the 101st Annual General Meeting of the Company on 30 July 2020, the Company issued and allotted 49,05,66,037 Equity Shares of the Company to its Promoter, Tata Sons Private Limited, at a price of Rs 53 (including a premium of Rs 52) per Equity Share, aggregating up to Rs 2,600 crore, for cash consideration, on a preferential basis. During the FY2021, Company has filed the following schemes of merger with the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench,a. Scheme of Amalgamation of Af-Taab Investment Company Limited with the Company and Composite Scheme of Arrangement of Coastal Gujarat Power Limited and Tata Power Solar Systems Limited with the Company along with capital reorganisation after the merger.These schemes are pending approvals from Regulatory authorities including NCLT. However Given the changes in business environment, the Board of Directors in the meeting held on 1st July, 2021, have approved modification in the existing Composite Scheme. As per the proposed modification, the proposed merger of TPSSL with the Company and consequential changes or effect thereupon, shall be withdrawn from the Composite Scheme. During the FY2021,the company has incorporated 5 new subsidiaries namely, TP Kirnali Solar Limited, TP Solapur Solar Limited,TP Saurya Limited, TP Akkalkot Renewable Limited and TP Roofurja Renewable Limited. As on 31 March 2021, the Company had 59 subsidiaries (44 are wholly owned subsidiaries), 33 JVs and 5 Associates. As on 31 March 2021, the Company had an installed capacity of 12,808 MW out of which 3,948 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitutes about 31% of the total portfolio. During the quarter ended 30 June, 2021 , the Company has acquired 51 % stake in TP Northern Odisha Distribution Limited ('TPNODL') for Rs 191 crore. TPNODL is the licensee to carry out the distribution and retail supply of electricity covering the circles of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar in the state of Odisha for a period of 25 years effective 1st April 2021. During the quarter ended 30th September 2021, the Holding Company has sold its investment in Trust Energy Resources Pte. Limited (TERPL), a wholly owned subsidiary to Tata Power International Pte Limited, another wholly owned subsidiary for a consideration of Rs 2127 crore. As on March 31, 2022, the Company has an installed capacity of 13,515 MW out of which 4,655 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 34% of total portfolio. During the year 2022, the Company has acquired NESCO Utility through TP Nothern Odisha Distribution Limited (TPNODL) in Odisha. It acquired NRSS XXXVI Transmission Limited through, Resurgent Power Ventures Pte. Limited. It has launched smart energy solutions through IoT based Home Automation solutions, smart energy management tools and various other home automation products to implement efficient and cost-effective solutions to manage electricity usage. It increased 684 MW Solar PV assets in operating portfolio for supply of power to Discoms and captive consumers and around 23 MW of rooftop projects. Its subsidiary, Tata Power Solar Systems Limited (TPSSL) has commissioned 1.5 GW of Utility scale projects. The National Company Law Tribunal, Mumbai Bench, vide its Orders dated March 31, 2022 and March 15, 2022 approved the Composite Scheme of Arrangement between CGPL and the Company and their respective shareholders and Scheme of Amalgamation of Af-Taab Investment Company Limited (Af-Taab) with the Company. The Appointed Date of both the Schemes was April 1, 2020. As on March 31, 2022, Company had 61 subsidiaries, of which 41 were wholly owned subsidiaries, 32 JVs and 5 Associates. Of the subsidiaries, 3 companies have been classified as JVs. During the year 2021-22, the Company has acquired 51% stake in TP Northern Odisha Distribution Limited. TP Solapur Saurya Limited has been incorporated as a subsidiary of the Company. Coastal Gujarat Power Limited and Af-Taab Investment Company Limited merged with the Company. Tatanet Services Limited merged with its subsidiary, Tatanet Services Limited. TCL Ceramics Limited and Koromkheti Georgia LLC have ceased to be subsidiaries of the Company.

Tata Power Company Ltd Chairman Speech

Raising the bar in sustainable energy

Dear Readers,

It gives me immense pleasure to introduce to you our maiden Integrated Report 2019-20.

"Clean, cheap and abundant power is one of the basic ingredients for the economic progress of a city, state or country." Almost a century before "sustainability" gained recognition as a subject, our Founder, Mr. Jamsetji Tata, gave this visionary message to the world. Tata Power is proudly committed to take that message as its guiding philosophy and support our country's energy independence and sustainability. As a pioneer in technology adoption, our journey over a century has been a fascinating saga of revolutionary initiatives and responsible business practices.

In our quest to deliver sustainable energy, we have been expanding our operational footprint nationwide and globally, setting new benchmarks for operational efficiencies, investing in global resources and redefining paradigms. Our focus on building long- lasting and trusted relationships with our customers, partners, employees and other stakeholders, and the legacy of caring for our communities, remains the bedrock of our long-term sustenance. We aim to energise consumer lifestyles by providing sustainable power.

As we strive to lead the reform process for sustainable power, we are also committed to safeguarding the environment for future generations and developing our business in a way that adds value to the local communities. We plan to set higher benchmarks in terms of development standards, and in the implementation of cutting-edge, eco-friendly technologies and processes of energy management.

Our commitment to sustainable supply of electric power has enabled us to be among the leaders in each sector of our value chain, including solar rooftop and value-added services. We have continued our migration towards renewable energy projects and, today, 30% of our total generation (domestic and international) comes from clean and green sources. We are poised to grow multifold on the back of latest business integrated solutions, focusing on mobility and lifestyle and powering emerging technologies for smart customers.

This year, we have taken significant strides towards achieving our key goals and targets. We have been awarded the Letter of Intent by Odisha Electricity Regulatory Commission and selected as the successful bidder to own the licence for the distribution and retail supply of electricity in Odisha's five circles that constitute the Central Electricity Supply Utility of Odisha.

National Thermal Power Corporation Limited (NTPC) has awarded us a 250 MW solar project under the Central Public Sector Undertaking (CPSU) scheme of Rs 1,505 crore. It is our biggest single order from a third party so far and consolidates our commitment to the "Make in India" mission. It has also taken Tata Power Solar's order book to around 1,500 MW with value of approximately Rs 7,500 crore. This underscores our competitive and quality offering as a leading Solar EPC player in the country, achieving leadership position among utility scale, rooftop solar and solar pump business.

Renascent Power Ventures Private Limited (Renascent), a 100% subsidiary of Resurgent Power Ventures Pte. Limited (Resurgent), completed the acquisition of 75.01% Equity ownership in Prayagraj Power Generation Company Limited (PPGCL). This has augmented our generation capacity by 1,980 MW. However, this is likely to be amongst the last investments in coal-based power plants as we turn our sights completely towards cleaner energy.

It is noteworthy that reviving the existing thermal power plants and augmenting their efficiency marginally reduces the carbon footprint of existing capacities.

With our extensive expertise and deep knowledge of the sector, Tata Power aims to transform the Indian power sector, particularly in our Distribution service. A variety of our service offerings has culminated into 26.2 lakh satisfied customers.

We have set up a new subsidiary-TP Renewable Microgrid Limited (TPRML), in partnership with the Rockefeller Foundation, to become the world's largest microgrid developer and operator. The aim is to provide access to affordable, clean and reliable power supply and also enable rural entrepreneurs to generate economic wealth and help eradicate energy poverty. TPRML has test charged 18 microgrids so far, while 25 more microgrids are in an advanced stage of project execution. Further, a pipeline of 30 projects has been created in Uttar Pradesh and Bihar.

Our cash flow from operations, on a consolidated basis, has increased by 61% this financial year from FY19 due to prudent working capital management. There has been an increase in operating profit by 13% due to optimisation of operating costs across Tata Power and its subsidiaries. This has resulted in higher realisation of cash in hand as on 31st March 2020.

We are proud to be associated with Jaguar Land Rover India Limited (JLR India) for end-to-end charging solutions for its range of electrified vehicles to be launched in India. As India's leading integrated player in the EV charging space, we will provide JLR India's EV customers with easy, universal and seamless charging experience at their homes, offices and public places. This partnership is also an endorsement of their faith in us and our ability to deal with the electrified range of vehicles that JLR will bring in India.

Club Enerji, our nationwide resource and energy conservation initiative with a strategic focus on nation-building, sensitised over 26.4 million people while saving more than 31.8 million units of energy across seven cities - New Delhi, Mumbai, Pune, Ahmedabad, Bengaluru, Kolkata and Ajmer since 2007.

The initiative also reached out to its digital audiences through its website, social media handles and an online module themed "Save water". During the current financial year, the Company initiated four fresh campaigns, including 'I have the Power', 'I Live Simply', '#SwitchOff2SwitchOn' and 'I Can' to further the success of Club Enerji among the youth of India. These campaigns were also promoted on popular social media platforms like Facebook, Instagram etc., and managed to reach a large number of young audiences. The Club now has created 3.6 lakh Energy Champions along with 4.1 lakh Energy Ambassadors across the country since its inception, reaching 533 schools in the process.

We believe that inculcating the value of sustainability and a broad understanding of our dependencies on scarce resources must start early in our children's lives. Tata Power has been conferred the prestigious "Edison Award" for its "Club Enerji #Switchoff2SwitchOn" campaign under Social Innovation category and Social Energy Solutions subcategory. Apart from India, Tata Power Club Enerji also has followers overseas in countries such as France, Germany, the United States, Ireland, Philippines, Bangladesh, United Arab Emirates, South Africa and Nepal. The Club is a case study in IIM-Ahmedabad and was showcased on the prestigious TEDx platform.

Our efforts have been recognised by the industry, with the Business Insider ranking us at the top of India's 'Most Respected Companies'. As part of our plans to maintain leadership in renewable energy, our rooftop solar solutions are now available in 26 states and 7 Union territories, with our solar arm-Tata Power Solar Systems Limited—having an installed capacity of 421 MW under EPC contracts for customers as well as operating assets under PPA. Rooftop solar is an ideal solution for consumers who are looking for a sustainable source of clean energy that has the in-built capacity to pay for itself in the long run.

Furthermore, with the cost of diesel and electricity rising, solar powered water pumps can emerge as the perfect alternative for farmers as these have a low maintenance cost and a long product life. When combined with new distribution solutions like microgrid, solar rooftop and solar water pumps will play a big role in improving the energy access across the country, in both urban and rural areas. All these initiatives are poised to take our share of 'clean and green' energy from 30% in 2020 to around 50%-60% in 2025.

One of the biggest trials facing humanity today is that of fighting climate change. Mitigating the impacts of global warming requires reconciliation of economic growth with the decrease in GHG emissions. This will only be possible through the transition to a decarbonised energy model. To contribute our share in overcoming this challenge, we are continuously exploring green technology and its applicability for our customers. We are confident of being #FutureReady and continue lighting up lives of our consumers!

Yours sincerely,

Praveer Sinha

CEO & MD, Tata Power

   

Tata Power Company Ltd Company History

Tata Power Company Limited is India's largest integrated private power company, with a significant international presence. The Company is present across the entire value chain of power business viz. Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and Logistics, Solar PV manufacturing and associated Engineering, Procurement and Construction services (EPC), Consumer facing businesses such as solar rooftop, solar pumps, EV charging, home automation and microgrid. The Company has presence in all the segments of power sector, viz. Fuel & Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely 'Tata Power Delhi Distribution Limited' with Delhi Government for distribution in North Delhi, Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and Maithon Power Ltd.' with Damodar Valley Corporation for a 1,725 MW Mega Power Project at Jharkhand. Tata Power is one of the largest renewable energy players in India and has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. Tata Power has signed a Distribution Franchisee Agreement (DFA) with Ajmer Vidyut Vitran Nigam Limited (AVVNL) and formed a Special Purpose Vehicle (SPV) 'TP Ajmer Distribution Limited' (TPADL), to cater to the power requirements of customers in Ajmer. Tata Power's international presence includes strategic investments in Indonesia through 30% stake in the leading coal company PT Kaltim Prima Coal (KPC) in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called Cennergi' to develop projects in South Africa, Botswana and Namibia; in Australia through investments in clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. Tata Power Company Limited was incorporated in September 18, 1919. The Company commissioned its first hydro electric power generating station commissioned at Khopoli in the year 1915 with an installed capacity of 40 MW, which was subsequently upgraded to 72 MW. In the year 1922, they commissioned another hydro power station at Bhivpuri with an installed capacity of 40 MW, subsequently upgraded to 72 MW. In the year 1927, they set up Third Hydro power station of 90 MW capacity at Bhira, which was subsequently upgraded to 150 MW. In the year 1956, the company set commissioned a major thermal power station of 62.5 MW capacity at Trombay, to meet the increasing demand of electricity. Also, they set commissioned two more thermal units of similar capacity i.e. 62.5 MW in the years 1957 and 1960 respectively. In the year 1965, they set up Fourth thermal unit of 150 MW capacity at Trombay. In the year 1984, the company commissioned India's first 500 MW generating unit with multi-fuel burning capability at Trombay. In the year 1990, they set up Second 500 MW thermal unit at Trombay. In the year 1994, the company commissioned a gas-based 180 MW capacity combined cycle plant to provide quick-start capacity to Trombay Thermal Station and to ensure reliable and uninterrupted supply for essential services in Mumbai. In the year 1996, the company commissioned the 150 MW Pumped Storage Unit at Bhira. Also, they set up 67.5 MW Thermal Power Plant at Jojobera (Jharkhand). In the year 2000, The Tata Hydro-Electric Co. Ltd., The Andhra Valley Power Supply Co. Ltd., and the Tata Power Co. Ltd., are amalgamated to become one entity- The Tata Power Company Limited. Also, they commissioned a unit of 120 MW at Jojobera. In the year 2001, the company set up 81.3 MW diesel generator based plant at Belgaum, Karnataka. In the year 2003, the company entered into a joint venture with PowerGrid Corporation of India Ltd., to develop a 1200 Km long transmission line to bring electricity from Bhutan to Delhi. In the year 2004, the company incorporated a wholly owned subsidiary company, known as Tata Power Trading Co. Ltd. for the power trading business. In the year 2005, the company commissioned the unit 4 of 120 MW capacity at Jojobera. In the year 2006-07, the company completed the acquisition of 30% equity in Indonesian Coal Mines, PT Kaltim Prima Coal (KPC), and PT Arutmin Indonesia, as well as trading companies from PT Bumi Resources. In the year 2008, the unit 1 of 2 x 45 MW Phase of Haldia Project is synchronised with the grid. Also, the company commissioned the expansion project of 250 MW (Unit # 8) at Trombay. During the year 2009-10, the company successfully completed the overhaul of Unit 5 during which the Unit underwent major renovation and modernization. The company commissioned Unit 3 of 30 MW, resulting in increase in the installed capacity of the plant to 120 MW. These Units use hot coke oven gas from Hooghly Metcoke and Power Company Limited to produce steam for power generation. Also, the company commissioned an additional 42 MW of wind power capacity, taking the total capacity to 201 MW. During the year 2010-11, the company commissioned an additional 6 MW of wind power capacity in Maharashtra, taking the total installed wind power capacity in Mumbai Operations to 106 MW. Also, the company acquired a 21 MW wind farm, taking the total installed capacity outside Mumbai operations to 122 MW. In 2012, Tata Power commissioned a 25 MW solar plant at Mithapur in Gujarat. During the year under review, Tata Power commissioned 1050 MW Maithon power project. During the year under review, Tata Power acquired 26% stake in large mines at PT Baramulti Suksessarana Tbk (BSSR), Indonesia. In 2013, Tata Power implemented the first 4000 MW Ultra Mega Power Project of India at Mundra, Gujarat based on super critical technology. In 2014, Tata Power exited from Indonesian coal mine PT Arutmin Indonesia. During the year under review, Tata Power acquired a 39.2 MW wind farm near Dwarka, Jamnagar in Gujarat. During the year under review, Tata Power commissioned 28.8 MW solar power project at Palaswadi in Maharashtra. During the year under review, the company completed the commissioning of 32 MW Wind farm project in Maharashtra. In 2015, Tata Power's Joint-Venture Maithon Power Limited (MPL) commenced flow of energy to Kerala on a Long Term Agreement basis. In 2016, Tata Power's Joint-Venture commissioned 120 MW Itezhi Tezhi hydro power project in Zambia. During the year under review, Tata Power partnered with Toshiba and Cargill to design and develop India's first green, safe and compact natural ester-based pad mount substation. On 12 June 2016, Tata Power Company (Tata Power) announced that its 100 percent subsidiary Tata Power Renewable Energy (TPREL) has signed share purchase agreement (SPA) with Welspun Energy (WEPL) to acquire its subsidiary Welspun Renewables Energy (WREPL). This represents the largest transaction in renewables space in India. WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,140 MW of renewable power projects comprising of about 990 MW solar power projects and about 150 MW of wind power projects. Out of 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation. On 19 August 2016, Cennergi, Tata Power's 50:50 joint venture with Exxaro Resources in South Africa, announced the commencement of commercial operations for its 95 MW Tsitsikamma Community Wind Farm (TCWF) project. Cennergi was selected as the preferred bidder for two wind projects under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the South African government. With the commissioning of the Tsitsikamma project, Cennergi's operational portfolio has increased to 229MW. In 2017, Tata Power's 100 percent subsidiary Tata Power Renewable Energy commissioned 100 MW wind farm in Andhra Pradesh. During the year under review, Tata Power executed Distribution Franchisee Agreement (DFA) for electricity distribution in Ajmer City. On 2 January 2018, Tata Power Renewable Energy Ltd. (TPREL), Tata Power's wholly-owned subsidiary, announced the commissioning of its 50 MW DCR solar plant at Pavagada Solar Park in Karnataka. The project was won by the company on 4 April 2016 under the National Solar Mission Phase-II Batch-II Tranche-I State Specific Bundling Scheme. On 8 January 2018, Tata Power announced that it has set up additional electric vehicle charging stations at strategic locations thereby making Mumbai truly ready to usher in the Electric Vehicle wave. The latest Electric Vehicle charging stations by Tata Power have been set up at Palladium Mall Lower Parel, and Phoenix Marketcity, Kurla; and two more coming up at BKC and western express highway at Borivali. On 26 March 2018, Tata Power announced that the company's Board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1% of Tata Communications. The move is a part of the company's plan to monetize its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs 2150 crore and is subject to shareholders' approval. On 29 March 2018, Tata Power announced that its Board has approved the sale of its Defense business to Tata Advance Systems Limited, a wholly owned subsidiary of Tata Sons at an enterprise value of Rs 2230 crore (out of which Rs 1040 crore payable at the time of closing and Rs 1190 crore payable on achieving certain milestones), subject to Government & other approvals. This is as part of the company's plan to monetize its non-core assets and improve the balance sheet. On 11 July 2018, Tata Power announced that its wholly owned subsidiary Tata Power Renewable Energy Limited (TPREL) has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state's Tumkur district at Karnataka. On 27 September 2018, Tata Power and Hindustan Petroleum Corporation Limited (HPCL), a Navratna Oil & Gas Public Sector Undertaking, announced the signing of a Memorandum of Understanding (MoU) for setting up commercial-scale charging stations for Electric Vehicles at the HPCL retail outlets and other locations across India. Tata Power and HPCL, through this new landmark MoU, have agreed to collaborate in planning, development and operation of charging infrastructure for electric vehicles (e-cars, e-rickshaws, e-bikes, e-buses, etc.), at suitable locations across India. Both entities also intend to additionally explore areas of opportunities & collaboration in related fields like Renewable Energy. As on 31 March 2019, the Company had 50 subsidiaries (40 are wholly-owned subsidiaries), 38 Joint Ventures (JVs) and 6 Associates. The company decided to sell Strategic Engineering Division(SED) to Tata Advanced Systems Limited, a wholly owned subsidiary of Tata Sons Private Limited at an enterprise value of Rs 2,230 crore. As on 31 March 2019, the Tata Power group of companies had an operational generation capacity of 10,957 MW from various fuel sources - thermal (coal, gas and oil), hydroelectric, renewable energy (wind and solar PV) and waste heat recovery. During the FY2020,TP Kirnali Limited was incorporated as wholly owned subsidiary of Tata Power Renewable Energy Ltd(TPREL) and TP Solapur Limited was incorporated as wholly owned subsidiary of TPREL.Also during the year, Gamma Land Holdings Limited, Beta Land Holdings Limited and Ginger Land Holdings Limited are three JVs which ceased to exist. As on 31 March 2020, the Company had 54 subsidiaries (40 are wholly owned subsidiaries), 30 Joint Ventures (JVs) and 5 Associates. As on 31st March 2020,the company has an installed capacity of 12,742 MW, out of which 3,883 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 30% of the total portfolio. Subsequent to approval accorded by the shareholders at the 101st Annual General Meeting of the Company on 30 July 2020, the Company issued and allotted 49,05,66,037 Equity Shares of the Company to its Promoter, Tata Sons Private Limited, at a price of Rs 53 (including a premium of Rs 52) per Equity Share, aggregating up to Rs 2,600 crore, for cash consideration, on a preferential basis. During the FY2021, Company has filed the following schemes of merger with the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench,a. Scheme of Amalgamation of Af-Taab Investment Company Limited with the Company and Composite Scheme of Arrangement of Coastal Gujarat Power Limited and Tata Power Solar Systems Limited with the Company along with capital reorganisation after the merger.These schemes are pending approvals from Regulatory authorities including NCLT. However Given the changes in business environment, the Board of Directors in the meeting held on 1st July, 2021, have approved modification in the existing Composite Scheme. As per the proposed modification, the proposed merger of TPSSL with the Company and consequential changes or effect thereupon, shall be withdrawn from the Composite Scheme. During the FY2021,the company has incorporated 5 new subsidiaries namely, TP Kirnali Solar Limited, TP Solapur Solar Limited,TP Saurya Limited, TP Akkalkot Renewable Limited and TP Roofurja Renewable Limited. As on 31 March 2021, the Company had 59 subsidiaries (44 are wholly owned subsidiaries), 33 JVs and 5 Associates. As on 31 March 2021, the Company had an installed capacity of 12,808 MW out of which 3,948 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitutes about 31% of the total portfolio. During the quarter ended 30 June, 2021 , the Company has acquired 51 % stake in TP Northern Odisha Distribution Limited ('TPNODL') for Rs 191 crore. TPNODL is the licensee to carry out the distribution and retail supply of electricity covering the circles of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar in the state of Odisha for a period of 25 years effective 1st April 2021. During the quarter ended 30th September 2021, the Holding Company has sold its investment in Trust Energy Resources Pte. Limited (TERPL), a wholly owned subsidiary to Tata Power International Pte Limited, another wholly owned subsidiary for a consideration of Rs 2127 crore. As on March 31, 2022, the Company has an installed capacity of 13,515 MW out of which 4,655 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 34% of total portfolio. During the year 2022, the Company has acquired NESCO Utility through TP Nothern Odisha Distribution Limited (TPNODL) in Odisha. It acquired NRSS XXXVI Transmission Limited through, Resurgent Power Ventures Pte. Limited. It has launched smart energy solutions through IoT based Home Automation solutions, smart energy management tools and various other home automation products to implement efficient and cost-effective solutions to manage electricity usage. It increased 684 MW Solar PV assets in operating portfolio for supply of power to Discoms and captive consumers and around 23 MW of rooftop projects. Its subsidiary, Tata Power Solar Systems Limited (TPSSL) has commissioned 1.5 GW of Utility scale projects. The National Company Law Tribunal, Mumbai Bench, vide its Orders dated March 31, 2022 and March 15, 2022 approved the Composite Scheme of Arrangement between CGPL and the Company and their respective shareholders and Scheme of Amalgamation of Af-Taab Investment Company Limited (Af-Taab) with the Company. The Appointed Date of both the Schemes was April 1, 2020. As on March 31, 2022, Company had 61 subsidiaries, of which 41 were wholly owned subsidiaries, 32 JVs and 5 Associates. Of the subsidiaries, 3 companies have been classified as JVs. During the year 2021-22, the Company has acquired 51% stake in TP Northern Odisha Distribution Limited. TP Solapur Saurya Limited has been incorporated as a subsidiary of the Company. Coastal Gujarat Power Limited and Af-Taab Investment Company Limited merged with the Company. Tatanet Services Limited merged with its subsidiary, Tatanet Services Limited. TCL Ceramics Limited and Koromkheti Georgia LLC have ceased to be subsidiaries of the Company.

Tata Power Company Ltd Directors Reports

To the Members,

The Directors are pleased to present to you the third integrated report (prepared as per the framework set forth by the International Integrated Reporting Council and in accordance with Global Reporting Initiatives (GRI) Standards 2021) and One Hundred and Third Annual Report on the business and operations of your Company along with the audited Financial Statements for the financial year ended March 31, 2022.

1. Financial Results

( Rs.in crore)
Sl. No. Particulars Standalone Consolidated
FY22 FY21 # FY22 FY21$
(a) Revenue from Operations* 11,242 13,469 42,576 33,239
(b) Less: Operating Expenditure 9,560 10,447 35,305 25,700
(c) Operating Profit 1,682 3,022 7,271 7,539
(d) Add: Other Income 2,987 1,260 920 439
(e) Earning before Interest, Tax, Depreciation & Amortisation 4,669 4,282 8,191 7,978
(f ) Less: Finance Cost 2,189 2,497 3,859 4,010
(g) Profit before Depreciation and Tax 2,480 1,785 4,332 3,968
(h) Less: Depreciation & Amortisation 1,134 1,235 3,122 2,745
(i) Profit Before Share of Profit of Associates and Joint Ventures 1,346 550 1,210 1,223
(j) Add: Share of Profit of Associates and Joint Ventures Nil Nil 1,943 873
(k) Pofit/(Loss) before Exceptional Item 1,346 550 3,153 2,096
(l) (Less)/Add: Exceptional Item 1,412 (109) (150) (109)
(m) Profit/(Loss) before Tax 2,758 441 3,003 1,987
(n) (Less)/Add: Tax Expenses or credit 493 (101) (379) (502)
(o) Net Profit after Tax from Continuing Operations 3,251 340 2,624 1,485
(p) Net Profit/(Loss) after Tax from Discontinued Operations (468) (220) (468) (220)
(q) (Less)/Add: Tax Expenses or Credit from Discontinued Operations Nil 174 Nil 174
(r) Net Profit/(Loss) after Tax from Discontinued Operations (468) (46) (468) (46)
(s) Net Profit for the year 2,783 294 2,156 1,439
(t) Net Profit for the year Attributable to -
- Owners of the Company 2,783 294 1,742 1,128
- Non-controlling interests Nil Nil 414 311
(u) Other Comprehensive income (Net of Tax) 314 243 473 (380)
(v) Total Comprehensive Income Attributable to - 3,097 537 2,629 1,059
- Owners of the Company 3,097 537 2,215 747
- Non-controlling interests Nil Nil 414 312

*Including regulatory income/ (expense)

# Restated due to CGPL and Af-Taab merger (refer page no. 325 of the Standalone Financial Statement)

$ Restated due to completion of acquisition accounting of Odisha Discoms (refer page nos. 464 and 465 of the Consolidated Financial Statement)

2. FINANCIAL PERFORMANCE AND THE STATE OF THE COMPANY'S AFFAIRS

2.1 CONSOLIDATED

The Operating Revenue stood at Rs. 42,576 crore in FY22 compared to Rs. 33,239 crore in FY21 on a consolidated basis. The increase was mainly due to acquisition of Odisha Discoms, RE capacity addition and execution of major solar EPC projects. EBITDA was at Rs. 8,191 crore in FY22 compared to Rs. 7,978 crore in FY21 mainly due to favourable regulatory orders and capacity addition in RE generating companies, improved performance and full year impact of Odisha Discoms offset by lower generation in Mundra [erstwhile Coastal Gujarat Power Limited (CGPL)]. Finance costs decreased from Rs. 4,010 crore to Rs. 3,859 crore mainly due to full year impact of repayment of loans in Mundra (erstwhile CGPL). The Profits from Joint Ventures (JVs) and Associates were higher mainly due to higher profits from Indonesian coal mines due to higher coal prices which was partly offset by higher loss in Tata Projects Limited (Tata Projects). The Consolidated Profit after tax in FY22 was at Rs. 2,156 crore compared to Rs. 1,439 crore in FY21 mainly due to improved performance and full year impact of Odisha Discoms, favourable regulatory orders in RE generating companies, lower finance cost offset by higher loss in Tata Projects.

2.2 STANDALONE

The Operating Revenue stood at Rs. 11,242 crore in FY22 compared to Rs. 13,469 crore in FY21 on a standalone basis.

The decrease was mainly due to lower generation on account of partial shutdown in Mundra. The Profit after tax in FY22 was Rs. 2,783 crore as compared to Rs. 294 crore in FY21. The increase in the profit was mainly due to higher dividend from foreign subsidiaries, creation of deferred tax assets on merger, gain on sale of shares in Trust Energy Resources Pte. Limited to Tata Power International Pte. Limited partly offset by impairment loss in Strategic Engineering Division.

Refer Section 4 of Management Discussion and Analysis (MD&A) for more details.

No material changes and commitments have occurred after the close of the year under review till the date of this Report which affect the financial position of the Company.

2.3 ANNUAL PERFORMANCE

Details of your Company's annual financial performance as published on the Company's website and presented during the Analyst Meet, after declaration of annual results, can be accessed using the following link: https://www.tatapower. com/investor-relations/investor-downloads.aspx.

2.4 INTEGRATED REPORT

Continuing with our commitment towards a sustainable future and focus on governance-based reporting, your Company has progressed to publish third Integrated Report highlighting the Company's efforts to empower all categories of customers and stakeholders with future-ready, smart energy solutions.

3. IMPROVEMENT IN LEVERAGE RATIOS AND CASH FROM OPERATIONS

Your Company's Net Debt / Underlying EBIDTA ratio has shown improvement from 4.1 to 3.9 from FY21 to FY22 on a consolidated level reinforcing the Company's commitment to maintain comfortable debt position for sustainable growth. Net Debt / Equity on a consolidated level has remained largely in line with the previous year even after repayment of Unsecured Perpetual Securities of Rs. 1,500 crore and capex of Rs. 7,268 crore. A brief discussion on the highlights of financial performance of your Company and financial and return ratios is presented in the Investors section of Integrated Report (Pages 46-51).

4. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis, as required in terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), is annexed to this Report.

5. DIVIDEND

Based on the Company's performance, the Directors of your Company recommend a dividend of Rs. 1.75 per share of Rs. 1 each, subject to the approval of the Members.

Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members w.e.f. April 1, 2020 and the Company is required to deduct tax at source (TDS) from dividend paid to the Members at prescribed rates as per the Income-tax Act, 1961.

The Register of Members and Share Transfer Books of the Company will remain closed from Friday, June 17, 2022 to Thursday, July 7, 2022 (both days inclusive) for the purpose of payment of dividend for the financial year ended March 31, 2022.

According to Regulation 43A of the Listing Regulations, the top 1000 listed entities based on market capitalization, calculated as on 31st March of every financial year are required to formulate a Dividend Distribution Policy which shall be disclosed on the website of the listed entity and a weblink shall also be provided in their Annual Reports. Accordingly, the Dividend Distribution Policy of the Company can be accessed using the following link: https:// www.tatapower.com/pdf/aboutus/dividend-policy.pdf.

6. CURRENT BUSINESS

Your Company is present across the entire value chain of power business viz. Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and Logistics, Solar PV manufacturing and associated Engineering, Procurement and Construction services (EPC), Consumer facing businesses such as solar rooftop, solar pumps, EV charging, home automation and microgrid. Leading position in many of these segments places your Company as one of India's largest integrated power companies.

There has been no change in the nature of business of the Company during the year.

As on March 31, 2022, your Company has an installed capacity of 13,515 MW out of which 4,655 MW is from "Clean and Green sources" (Hydro, waste heat recovery, wind and solar) which constitute about 34% of total portfolio.

Moving away from conventional coal-based power plants with a commitment to reduce carbon footprint and dependency on fossil fuel-based resources like coal and gas, your Company has decided to focus on renewable generation, venturing into consumer-facing businesses like solar rooftop, solar pumps, EV charging, home automation as well as tapping into opportunities to widen its distribution network and broaden its customer base. During the year, your Company has acquired NESCO Utility through TP Nothern Odisha Distribution Limited (TPNODL) in Odisha through competitive bidding which will cater to around 2 million consumers and is pursuing similar growth opportunity in distribution and transmission. Your Company, through Resurgent Power Ventures Pte. Limited (Resurgent Platform), has acquired NRSS XXXVI Transmission Limited. Your Company has installed 191 microgrid projects till March 31, 2022 in line with its commitment to provide rural population affordable, clean and reliable power.

Furthermore, your Company has launched smart energy solutions with the idea of "power of smart" through IoT based Home Automation solutions, smart energy management tools and various other home automation products encouraging customers to implement efficient and cost-eRs.ective home automation solutions to manage electricity usage.

Focussing on achieving growth in an environmentally responsible and sustainable manner, your Company has added684MWSolarPVassetsinoperatingportfolioforsupply of power to Discoms and captive consumers and around 23 MW of rooftop projects. Your Company's subsidiary, Tata Power Solar Systems Limited (TPSSL) has commissioned 1.5 GW of Utility scale projects and has an order book of around 3 GW amounting to Rs. 12,000 crore as on March 31, 2022.

In the solar products domain, your Company is a leading player, with a portfolio of over 65,000 solar agricultural pumps in 16 states. During the year, your Company has refinanced Rs. 1,500 crore of unsecured perpetual securities with long term debt carrying lower interest rate.

The National Company Law Tribunal, Mumbai Bench, vide its Orders dated March 31, 2022 and March 15, 2022 approved the Composite Scheme of Arrangement between between CGPL and the Company and their respective shareholders and the Scheme of Amalgamation of Af-Taab Investment Company Limited (Af-Taab) with the Company, under Sections 230 to 232 of the Act, respectively. The Appointed Date of both the Schemes was April 1, 2020.

Your Company's business portfolio has been discussed in detail in the Strategy for cluster section of Integrated Report (Pages 32-35).

7. RESERVES

As per Standalone financials, the net movement in the reserves of the Company for FY22 and FY21 is as follows:

(Rs.in crore)
Particulars As of March 31, 2022 As of March 31, 2021#
Capital Redemption Reserve 5 5
Capital Reserve 66 66
Securities Premium 3,108 3,108
Special Reserve Nil 126
Debenture Redemption 297 297
Reserve
General Reserve Nil Nil
Retained Earnings 5,896 3,575
Equity Instruments through 529 222
OCI
Statutory Reserve 660 660

# Restated due to CGPL and Af-Taab merger

The Board of Directors has decided to retain the entire amount of profits for FY22 in P&L account.

8. SUBSIDIARIES/JOINT VENTURES/ASSOCIATES

As on March 31, 2022, your Company had 61 subsidiaries (41 were wholly owned subsidiaries), 32 JVs and 5 Associates. Of the subsidiaries, 3 companies have been classified as JVs under Indian Accounting Standards (Ind AS). During the year under review, the following changes occurred in your Company's holding structure:

a) The Company has acquired 51% stake in the following Odisha Discom:

i) TP Northern Odisha Distribution Limited

b) The following company has been incorporated as a subsidiary of the Company:

i) TP Solapur Saurya Limited

c) The following companies have merged with the Company:

i) Coastal Gujarat Power Limited

ii) Af-Taab Investment Company Limited

d) The following company has been merged with Nelco Limited (subsidiary):

i) Tatanet Services Limited

e) The following companies have ceased to be a subsidiary / JV of the Company:

i) TCL Ceramics Limited

ii) Koromkheti Georgia LLC

A report on the performance and financial position of each of the subsidiaries, JVs and Associates has been provided in Form AOC-1 as per Section 129(2) of the Companies Act, 2013 (the Act).

Further, pursuant to the provisions of Section 136 of the Act, the audited financial statements including consolidated financial statements along with relevant documents of the Company and audited financial statements of the subsidiaries are available on the website of the Company https://www.tatapower.com/investor-relations/annual-reports-subsidiaries.aspx. The policy for determining material subsidiaries of the Company has been provided in the following link: https:// www.tatapower.com/pdf/aboutus/policy-for-determining-material-subsidiaries.pdf.

9. DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls (IFCs) and compliance systems established and maintained by the Company, the work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of IFCs over financial reporting by the Statutory Auditors and the reviews performed by management and the relevant Board Committees, including the Audit Committee of Directors, the Board is of the opinion that the Company's IFCs were adequate and effective during FY22. Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures.

ii. they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the annual accounts on a going concern basis;

v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, there was no change in the composition of the Board. However, at the Annual General Meeting (AGM) held on July 5, 2021, Members approved the re-appointment of Ms. Anjali Bansal, Ms. Vibha Padalkar and Mr. Sanjay V Bhandarkar as Independent Directors of the Company for the second consecutive term of 5 years commencing from October 14, 2021.

In accordance with the requirements of the Act and the Company's Articles of Association, Mr. Saurabh Agrawal retires by rotation and is eligible for re-appointment. Members' approval is being sought at the ensuing AGM for his re-appointment.

Mr. Kesava Menon Chandrasekhar was appointed as Independent Director by the Members on August 23, 2017 for a period of 5 years w.e.f. May 4, 2017 upto May 3, 2022. Based on an evaluation of the balance of skills, knowledge and experience on the Board and further, on the report of performance evaluation, the external business environment, business knowledge, skills, experience and the substantial contribution made by him during his tenure and considering that the continued association of Mr. Chandrasekhar as an Independent Director of the Company would be beneficial to the Company, and based on the recommendation of the Nomination and Remuneration Committee, the Board, vide Resolution passed on April 21, 2022, appointed Mr. Chandrasekhar as an Additional Director of the Company and subject to approval of the Members by way of Special Resolution at the ensuing AGM of the Company, re-appointed him as a Non-Executive Independent Director, not liable to retire by rotation, for a second consecutive term commencing from May 4, 2022 upto February 19, 2023, when he attains the retirement age of 75 years, as per the terms of the Governance Guidelines for Tata Companies on Board Effectiveness. Mr. Chandrasekhar shall also cease to be a Director of the Company with effect from close of business hours on February 19, 2023. Accordingly, Members' approval is being sought at the ensuing AGM for his re-appointment. During the year under review, the Non-Executive Directors (NEDs) of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and commission, as applicable, received by them.

In terms of Section 149 of the Act, Ms. Anjali Bansal, Ms. Vibha Padalkar, Mr. Sanjay V. Bhandarkar, Mr. Kesava Menon Chandrasekhar and Mr. Ashok Sinha are the Independent Directors of the Company. In terms of Regulation 25(8) of the Listing Regulations, they have confirmed that they are not aware of any circumstances or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties. Based upon the declarations received from the Independent Directors, the Board of Directors has confirmed that they meet the criteria of independence as mentioned under section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and that they are independent of the management.

In the opinion of the Board, there has been no change in the circumstances which may affect their status as Independent Directors of the Company and the Board is satisfied of the integrity, expertise, and experience (including proRs.ciency in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent Directors on the Board. Further, in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company have included their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

During the year under review, Mr. Ramesh N. Subramanyam, Chief Financial Officer and Key Managerial Personnel (KMP) of the Company tendered his resignation w.e.f. close of business hours on December 31, 2021. The Board places on record its appreciation for the valuable contribution and guidance of Mr. Subramanyam during his tenure as Chief Financial Officer. Mr. Sanjeev Churiwala has been appointed as the Chief Financial Officer and designated as KMP of the Company w.e.f. January 1, 2022.

In terms of Section 203 of the Act, following are the KMP of the Company as on March 31, 2022:

• Dr. Praveer Sinha, CEO and Managing Director

• Mr. Sanjeev Churiwala, Chief Financial Officer

• Mr. Hanoz M. Mistry, Company Secretary

11. ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of the Act and the Listing Regulations. The performance of the Board was evaluated by the Board after seeking inputs from all the Directors based on criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc. The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members based on criteria such as the composition of Committees, effectiveness of Committee meetings, etc.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company was evaluated, taking into account the views of the Executive Director and NEDs. The NRC reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. The above criteria are broadly based on the Guidance note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

In a subsequent Board meeting, the performance of the Board, its Committees and individual Directors was also discussed. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

12. POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES AND REMUNERATION POLICY FOR DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES

In terms of the provisions of Section 178(3) of the Act and Regulation 19 read with Part D of Schedule II to the Listing Regulations, the NRC is responsible for determining qualification, positive attributes and independence of a Director. The NRC is also responsible for recommending to the Board, a policy relating to the remuneration of the Directors, KMP and other employees. In line with this requirement, the Board has adopted the Policy on Board Diversity and Director Attributes, which is provided in Annexure - I to this Report and Remuneration Policy for Directors, KMP and other employees of the Company, which is reproduced in Annexure - II to this Report.

13. BOARD AND COMMITTEES OF THE BOARD

Board Meetings:

8 Board Meetings were held during the year under review. For further details, please refer to the Report on Corporate Governance, which forms a part of this Annual Report.

Committees of the Board:

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority.

The following statutory Committees constituted by the Board function according to their respective roles and defined scope:

• Audit Committee of Directors

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Stakeholders Relationship Committee

• Risk Management Committee

Details of composition, terms of reference and number of meetings held for respective Committees are given in the Report on Corporate Governance, which forms a part of this Annual Report.

The Company has adopted a Code of Conduct for its employees including the Managing Director. In addition, the Company has adopted a Code of Conduct for its Non-Executive Directors which includes Code of Conduct for Independent Directors which suitably incorporates the duties of Independent Directors as laid down in the Act. The same can be accessed using the following link: https://www. tatapower.com/pdf/aboutus/Code-of-Conduct-NEDs.pdf. All Senior Management personnel have afirmed compliance with the Tata Code of Conduct (TCoC). The CEO & Managing Director has also confirmed and certified the same. The certification is enclosed as Annexure - I at the end of the Report on Corporate Governance.

14. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Your Company is a pioneer in propagating energy conservation and operational efficiency with the objective of providing substantial benefit to customers in the form of reduced emissions, pollutants and deliver cost effective and environment friendly energy solutions. In Mumbai License area, a unique consumer initiative called ‘Be Green' under Demand Side Management (DSM) was launched for residential customers to purchase energy efficient appliances at discounted prices and doorstep delivery. More than 6,500 appliances were delivered in FY22. It is our endeavour to incorporate cutting-edge energy efficiency technologies in our programs. These initiatives have been discussed in detail in the information on conservation of energy and technology absorption stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, as amended from time to time, attached as Annexure - III to this Report.

15. CORPORATE GOVERNANCE

Pursuant to Regulation 34 of the Listing Regulations, Report on Corporate Governance along with the certificate from a Practicing Company Secretary certifying compliance with conditions of Corporate Governance forms part of this Annual Report.

16. VIGIL MECHANISM

Your Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. In line with the TCoC, any actual or potential violation, howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. The role of the employees in pointing out such violations of the TCoC cannot be undermined.

Pursuant to Section 177(9) of the Act, a vigil mechanism was established for directors and employees to report to the management instances of unethical behaviour, actual or suspected, fraud or violation of the Company's code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for employees of the Company to approach the Chief Ethics Counsellor / Chairman of the Audit Committee of Directors of the Company for redressal. No person has been denied access to the Chairman of the Audit Committee of Directors.

17. RISK MANAGEMENT

The Board has formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee of Directors has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. Furthermore, your Company has set up a robust internal audit function which reviews and ensures sustained effectiveness of IFC by adopting a systematic approach to its work. The development and implementation of risk management policy has been covered in the Integrated Report (Pages 36-39).

Internal Financial Control Systems and their Adequacy

Your Company's internal control systems are commensurate with the nature of its business, the size and complexity of its operations and such IFCs with reference to the Financial Statements are adequate. Your Company has implemented robust processes to ensure that all IFCs are effectively working. For details on IFC systems, please refer Integrated Report (Page 37).

18. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

No significant and materials orders were passed by the regulators or courts or tribunals impacting the going concern status and your Company's operations in future.

There was no application made or proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.

19. STATUTORY AND BRANCH AUDITORS

S R B C & CO. LLP (SRBC) (ICAI Firm Registration Number: 324982E / E300003), who are the statutory auditor of your Company, hold office until the conclusion of the 103rd AGM to be held on July 7, 2022.

Pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Act (including any statutory modification or re-enactment thereof for the time being in force) and the Companies (Audit and Auditors) Rules, 2014, as amended from time to time, SRBC are proposed to be re-appointed as Statutory Auditors of the Company for a second term of five years to hold office from the conclusion of the 103rd AGM till the conclusion of the 108th AGM in 2027, subject to approval of Members in the ensuing AGM. The necessary resolutions for re-appointment of SRBC form part of the Notice convening the ensuing AGM scheduled to be held on July 7, 2022.

The Company has in its Notice convening AGM sought approval from the Members for passing a resolution vide item No. 19 authorizing the Board to appoint Branch Auditors of any Branch office of the Company, whether existing or which may be opened/acquired, outside India, to act as Branch Auditors.

20. STATUTORY AUDITOR'S REPORT

The standalone and the consolidated financial statements of the Company have been prepared in accordance with Ind AS notified under Section 133 of the Act.

The Statutory Auditor's report does not contain any qualifications, reservations, adverse remarks or disclaimers. The Statutory Auditors of the Company have not reported any fraud to the Audit Committee as specified under section 143(12) of the Act, during the year under review.

The Statutory Auditors were present in the last AGM.

21. COST AUDITOR AND COST AUDIT REPORT

Your Board has appointed M/s. Sanjay Gupta and Associates (Firm Registration No 000212), Cost Accountants, as Cost Auditors of the Company for conducting cost audit for FY23. A resolution seeking approval of the Members for ratifying the remuneration of Rs. 6,50,000 (Rupees Six lakh Rs.fty thousand) plus applicable taxes, travel and actual out-of-pocket expenses payable to the Cost Auditors for FY23 is provided in the Notice to the ensuing AGM. Maintenance of cost records as specified by the Central

Government under section 148 (1) of the Act is not applicable to the Company. The Cost Audit Report does not contain any qualifications, reservations, adverse remarks or disclaimers.

22. SECRETARIAL AUDIT REPORT

M/s. Makarand M. Joshi & Co., Company Secretaries (Peer Review Number: P2009MH007000), were appointed as Secretarial Auditors of your Company to conduct a Secretarial Audit of records and documents of the Company for FY22. The Secretarial Audit Report confirms that the Company has complied with the provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations or non-compliances. The Secretarial Audit Report is provided in Annexure-IV to this Report.

The Secretarial Audit Report does not contain any qualifications, reservations, adverse remarks or disclaimers. As per the requirements of the Listing Regulations, Practicing Company Secretaries of the material unlisted subsidiaries of the Company have undertaken secretarial audits of such subsidiaries for FY22. The Audit Reports of such material unlisted subsidiaries confirm that they have complied with the provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations or non-compliances. The Secretarial Audit Reports of the unlisted material subsidiaries viz. Tata Power Delhi Distribution Limited, Tata Power Solar Systems Limited and Walwhan Renewable Energy Limited have been annexed to this Report.

23. SECRETARIAL STANDARDS

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

24. LOANS, GUARANTEES, SECURITIES AND INVESTMENTS

Your Company, being an infrastructure company, is exempt from the provisions as applicable to loans, guarantees, securities and investments under Section 186 of the Act. Therefore, no details are required to be provided.

25. RELATED PARTY TRANSACTIONS

In line with the requirements of the Act and the Listing Regulations, the Company has formulated a Policy on Related Party Transactions and the same can be accessed using the following link: https://www.tatapower.com/pdf/ aboutus/rpt-policy-framework-guidelines.pdf.

During the year under review, all transactions entered into with related parties were approved by the Audit Committee of Directors. Certain transactions, which were repetitive in nature, were approved through omnibus route. There were no material transactions of the Company with any of its related parties. Therefore, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for FY22 and, hence, the same is not required to be provided.

26. SUSTAINABILITY

Your Company is committed to the Tata Group values and the nation's vision for sustainable growth and energy security for all. Your Company stays on the path to progressive practices and societal imperatives, in alignment with UN SDGs. Your Company is also conscious of rising gen-next consumer sentiment around environmentally responsible lifestyle and consumption and has created multiple products and services that enable customers to make small changes today for a greener tomorrow.

Nearly 1/3rd of your Company's generating capacity comes from clean energy sources like solar, wind and hydro. Your Company aims to be a significant contributor to India's promise on Carbon Net Zero by 2045, with an additional target on Water neutrality and Zero Waste to Landfill before 2030. Your Company's efforts on this path have been validated and acknowledged by external ESG experts, with your Company consistently leading the Energy sector rankings, domestic and global. Your Company represented India to co-create the Global SDG roadmap for electric utilities with WBCSD (World Business Council for Sustainable Development) along with 10 other global energy utilities.

26.1 CARE FOR OUR COMMUNITY/COMMUNITY RELATIONS

As the country's oldest and leading integrated energy utility, your Company today serves millions of lives through its business value chain and the social development and ecological initiatives seeded through the Tata Power Community Development Trust (TPCDT). Our ethos of nation building finds visibility through our focus on women empowerment and inclusive growth. Your Company has been working on three thrust areas viz. Education (including Financial and Digital Literacy), Employability and Employment (including skill training for livelihoods) and Entrepreneurship (including micro-enterprise through Self-Help Groups). In addition, special programs around Affirmative Action (AA) and Disabilities including Autism Care help further the inclusive growth commitment.

Your Company enlists support from all its employees to run a wide and deep volunteering program (Arpan) through which multiple Bio-diversity conservation efforts including Tree Mittra (to conserve native species) and Club Enerji (to develop young conservation champions) are ampliRs.ed and clock over one lakh volunteering hours annually.

Your Company has been committed to long-term sustainable conservation efforts, most notable among them being 50 years of Mahseer conservation (which led to the Deccan Mahseer moving from endangered to Least Concern status) in Maharashtra. Your Company is also working in Odisha to raise awareness around Elephant Conservation. In FY22, your Company's flagship programmes enabled an impact for lakhs of community members in over 60 districts spread across 17 states, including 10 aspirational districts (as defined by Government of India) and multiple marginalized communities served under our Tata AA efforts.

As a part of its COVID-19 response initiatives, your Company reached out to all possible geographical clusters across 16 states and union territories (UT) and also enabled COVID and disaster response support like insurance and vaccination support aided by a multi-lingual live helpline in the country.

The Company's relief and resilience measures supported over 1.90 lakh community members and more than 150 public institutions in underserved areas around 65+ operating sites, 6+ aspirational districts; strengthening the abilities of PHCs, sub-centres, local hospitals, district administrators, sarpanches, police; ANMs, aanganwadi workers, temporary Covid relief centres, CSR teams, volunteers, Self-Help Group (SHG) women and others in our local ecosystems.

Flagship initiatives undertaken across various locations during FY22 can be summarized as below:

• Financial inclusivity (Adhikaar) program was undertaken across all major locations with nearly 3 lakh beneficiaries covered with resources worth Rs. 200 crore accessed under various Government schemes by communities. A unique model has been furthered under #Adhikaar - training and empowering more than 840 'Adhikaarpreneurs' who earn livelihoods while acting as local community change agents to lead transformation.

• 2,300 SHG (women) covering 16,000 members involved in various flagship initiatives such as Anokha Dhaaga, Abha, Roshni and Adhikaar with 5,000+ members are active economic value generating members through semi-organized, income generating activities with cumulative turnover of Rs. 2.3 crore across sites for all SHGs. A unique blend of Reduce, Re-use and Recycle has been adopted, piloted and deployed with SHG members in Maharashtra and Jharkhand focussing on products made from recycled papers.

• With core focus on addressing skill-gap challenge, your Company has trained nearly 1 lakh youth through uniquely created integrated skilling centres (Roshni) ensuring 75% of placement to eligible youth.

• Over 45,000 youth were skilled through Tata Power Skill Development Institute (Roshni). Of which 25% youth from AA community were benefitted from the intervention. Your Company has also launched and signed MoU for Skill Park in Kerala.

• Through its Tree Mittra program, over 8.5 lakh saplings are planted by its volunteers and partners year on year - covering multiple sites.

The CSR policy of the Company has been provided on the Company's website at https://www.tatapower.com/pdf/ aboutus/csr-policy.pdf.

The Company's standalone CSR spend for FY22 stood at Rs. 2.09 crore (i.e. 2% CSR obligation). Details of the consolidated CSR activities of your Company and its key subsidiaries are described in Communities section of Integrated Report (Pages 62-67) as well as in the Business Responsibility and Sustainability Report (BRSR). The annual report on CSR activities (standalone) is provided in Annexure - V to this Report. On a consolidated basis, the Company's Group entities expenditure on CSR activities stood at Rs. 32.77 crore against the CSR obligation of Rs. 40.30 crore (calculated as per Section 135 of the Act) in FY22. The balance unspent of CSR obligation has been transferred to Special Bank Account in compliance with the provisions of the Act.

26.2 AFFIRMATIVE ACTION

As a part of AA, your Company continued particular focus on Social Inclusivity and AA commitment, targeted outreach to families from Scheduled Castes (SC), Scheduled Tribes (ST), Other Backward Classes (OBC), migrant families, sanitation workers, differently abled as well as other such disadvantaged communities. In alignment to Tata philosophy, your Company remains committed to the upliftment of the most marginalized communities and groups through defined Es- Entrepreneurship, Employability and Employment and Education around the operating sites. In its journey, your Company continued working with local vendors and promoting inclusion of SC/ST in the business opportunities. This is driven by Corporate Contracts department with a single point of contact at the corporate level as well as at division/site level to facilitate inclusion of SC/ST vendors. AA process for vendor enlistment and ordering was deployed to encourage and evolve entrepreneurship skill among the communities and enable them to be a part of business ecosystem. It also made them compete with positive discrimination element by offering a price preference of 5% over the L1 bidder and gives incentive of 1% of contract value for engaging 50% workforce from SC/ST community. Your Company also promoted entrepreneurship at community level by supporting enterprise development. In FY22, business worth Rs. 9.63 crore was given to 24 vendors from SC/ST community.

26.3 SUSTAINABILITY REPORTING

Your Company has voluntarily adopted the International Integrated Reporting Council (IIRC)-IR Framework to prepare its third Integrated Report FY22 as per SEBI recommendations in February 2017. Your Company has also voluntarily prepared the Business Responsibility and Sustainability Report (BRSR) a year before the mandate by SEBI in May 2021 for the top 1,000 listed companies (by market capitalization) to report on BRSR by FY23. The content of the report is in accordance with the Global Reporting Initiative (GRI) 2021 standards and aligns to the National Voluntary Guidelines (NVG) on Social, Environmental and Economic responsibilities of the business as well as the United Nations Sustainable Development Goals (SDGs). The Integrated Report communicates your Company's performance on financial and non-financial aspects to all stakeholders, underlying the priority of our leadership and strategy towards value creation as well as commitment to a more sustainable future with low-carbon smart energy solutions giving more power to you.

1. Environment

Your Company continues to strive for efficiency in operations and maintenance through adoption of best practices optimizing its efficiency parameters like heat rate and auxiliary power consumption resulting in lower resource consumption and lower carbon emissions. Continuing its path to be a pioneer for environmental stewardship in the power industry, your Company further focusses on efficient use of water, prudent recycling and waste disposal measures and remains committed to comply with regulations. Your Company also has been strategically focussing on scaling up renewables business, venturing into new energy efficient green business initiatives like Microgrids, EV charging, Home Automation, Solar Rooftop as well as exploring new opportunities in distribution businesses. All these initiatives reinforce your Company's commitment towards sustainable 'Green' growth and encouraging the customer to avail energy efficient, future-ready, smart energy solutions. A brief outline of your Company's efforts towards protection of environment and biodiversity is given in the Environment section of Integrated Report (Pages 76-83).

2. Health and Safety

Your Company is consciously committed to health and safety of all employees and other stakeholders with a defined safety vision 'To be a leader in Safety Excellence in the global power and energy business'. Your Company employs a pro-active and pre-emptive approach to occupational health and safety and is committed to actively drive the agenda through the length and breadth of the organization. Consequently, 100% of your employees and contractual workforce are trained on various aspects of Occupational Health and Safety. Close monitoring of safety performance has also helped your Company to achieve desired goal of zero injuries and fatalities. Suraksha mobile app is one such monitoring intervention that enables employees to conveniently report unsafe conditions and similar provision for reporting of unsafe conditions has been made available to contractual workforce through Stakeholder Suraksha Application. Furthermore, your Company has already started venturing towards application of advanced technologies like digitization, e-enablement of safety processes, usage of drones, remote monitoring, safe systems for high-risk activities, etc. to eliminate and minimize the risks associated with various activities for betterment of safety performance. More deployment of advanced technologies, skill set, and behavioral interventions are planned in the near future for further enhancement of safety performance. A detailed description of Health and Safety initiatives taken by your Company is outlined in Employee section of Integrated Report (Pages 68-75).

3. Customer Relationship

Your Company is working consistently towards a dedicated theme of energizing and sensitizing customers for smart and future-ready energy solutions to ensure a sustainable future. Relationships with customers play a crucial role in our value creation journey. The focus in our routine operations revolves around our customer affection statement, 'To earn the affection of customers by delivering superior value and superior experience thereby making them ambassadors'. Your Company ensures 100% health and safety communication for products and services through safety signage in and around substations and public places.

Your Company customises product and service delivery as per customer needs and offering customers a combination of power supply sources to minimise costs. Multiple technical solutions (basis study conducted by IIT, Mumbai) have been implemented to reduce voltage fluctuations. Measures were also implemented to reduce cost which was reflected in the reduced tariff proposal in the Multi Year Tariff (MYT) petition.

Your Company has an Internal Grievance Redressal Cell for customers to lodge complaint in case of any dissatisfaction. As of March 31, 2022, there have been 0.011% of customer complaints or consumer cases pending beyond the turnaround time in Mumbai Distribution area.

Your Company has also been a pioneer in leveraging digital technology to serve customers efficiently. Few of such initiatives are Know Your Energy Consumption (KYEC), Webchat integrated chatbot TINA, e-Nach, all women customer relations centre, etc. Webchat integrated chatbot TINA went live on customer portal since January 2021 through which consumers can have live communication with Company officials. Furthermore, through implementation of e-billing, your Company reinforces its commitment towards saving of trees and ecosystem. Since the inception of this initiative, around 3.4 lakh customers opted for e-billing in Mumbai license area resulting in saving of approximately 5,960 trees. A detailed description of your customer relation measures is given in the Customers section in the Integrated Report (Pages 52-59).

4. Human Resource Management

A key area of focus for your Company is to create a performance driven workforce while ensuring the health and well-being of employees and their families. Many policies and benefits were implemented to maximize employee engagement and welfare. Your Company also continues to endeavour to create a work environment which is collaborative and learning and growth oriented to enable employees to perform at their full potential. Our Human Resource (HR) strategy adopts a multipronged approach covering all the key facets of employee development. Learning as a stated value of the Company also sets the tone of your Company's aim to develop competencies to rise to new challenges especially posed by ventures into new business areas and renewable energy. Some of the key HR programmes of your Company are Talent Next, Youth Power Confluence, Gyankosh, Reward and Recognition, etc. A detailed description is given in the Employee section of the Integrated Report (Pages 68-75).

26.4 BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT (BRSR)

The Company has provided BRSR in lieu of Business Responsibility Report and the same is in line with the SEBI requirement based on the ‘National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business' notified by Ministry of Corporate Affairs (MCA), Government of India, in July 2011 and the amendment to Listing Regulations in May 2021. Your Company reported its performance for FY22 as per the BRSR framework, describing initiatives taken from an environmental, social and governance perspective.

As per Regulation 34 of the Listing Regulations, a BRSR is a part of this Annual Report. Since the Company is publishing Annual Report under Integrated Reporting Council Framework (IIRC), report on the nine principles of the National Voluntary Guidelines on social, environmental and economic responsibilities of business as framed by the MCA, is provided in relevant sections of IR with suitable references to the BRSR.

26.5 PREVENTION OF SEXUAL HARASSMENT

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 have been provided in the Report on Corporate Governance as well as MD&A.

27. ANNUAL RETURN

Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return is available on the website of the Company on the following link: https://www.tatapower. com/pdf/investor-relations/Annual-Return-MGT-21-22.pdf.

28. PARTICULARS OF EMPLOYEES AND REMUNERATION

The information required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached as Annexure - VI.

Statement containing the particulars of top ten employees and the employees drawing remuneration in excess of limits prescribed under Section 197(12) of the Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is an annexure forming part of this Report. In terms of the proviso to Section 136(1) of the Act, the Report and Accounts are being sent to the Members excluding the aforesaid annexure. The said statement is also available for inspection with the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary at investorcomplaints@tatapower.com.

Officers of the organisation are classified into five management work levels i.e. MA, MB, MC, MD and ME. The work levels are further divided into grades. Non-management employees are across different grades and also have been classified as unskilled, semi-skilled, skilled and highly skilled.

29. DEPOSITS

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.

30. FOREIGN EXCHANGE - EARNINGS AND OUTGO

( Rs.in crore)

Particulars - Standalone FY22 FY21#
Foreign Exchange Earnings 4,656 809
Foreign Exchange Outflow mainly on account of: 4,714 4,891
• Fuel purchase 4,678 4,745
• Interest on foreign currency borrowings, NRI dividends 5 4
• Purchase of capital equipment, components and spares and other miscellaneous expenses 31 142

# Restated due to CGPL and Af-Taab merger

31. ACKNOWLEDGEMENTS

On behalf of the Directors of the Company, I would like to place on record our deep appreciation to our shareholders, customers, business partners, vendors (both international and domestic), bankers, financial institutions and academic institutions for all the support rendered during the year. The Directors are thankful to the Government of India, the various ministries of the State Governments, the Central and State Electricity Regulatory authorities, communities in the neighbourhood of our operations, municipal authorities of Mumbai and local authorities in areas where we are operational in India; as also partners, governments and stakeholders in international geographies where the Company operates, for all the support rendered during the year.

The Directors regret the loss of life due to COVID-19 pandemic and are deeply grateful and have immense respect for every person who risked their life and safety to Rs.ght this pandemic.

Finally, we appreciate and value the contributions made by all our employees and their families for making the Company what it is.

   

Tata Power Company Ltd Company Background

N ChandrasekaranPraveer Sinha
Incorporation Year1919
Registered OfficeBombay House,24 Homi Mody Street
Mumbai,Maharashtra-400001
Telephone91-022-66658282,Managing Director
Fax91-022-66658801
Company SecretaryH M Mistry
AuditorS R B C & Co LLP
Face Value1
Market Lot1
ListingBSE,London,Luxembourg,MSEI ,NSE,Singapore,
RegistrarTSR Consultants P Ltd
C-101 1st Floor,247 Park Vikhroli W,Lal Bahadur Marg,Mumbai - 400 083

Tata Power Company Ltd Company Management

Director NameDirector DesignationYear
N ChandrasekaranChairman2022
H M MistryCompany Sec. & Compli. Officer2022
Anjali BansalIndependent Director2022
Vibha PadalkarIndependent Director2022
Sanjay BhandarkarIndependent Director2022
Hemant BhargavaNominee (LIC)2022
Saurabh AgrawalDirector2022
Banmali AgrawalaDirector2022
Praveer SinhaManaging Director & CEO2022
Ashok SinhaIndependent Director2022
Rajiv MehrishiAddtnl Non-Exe Dir &Indpnt Dir2022

Tata Power Company Ltd Listing Information

Listing Information
BSE_500
BSE_100
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
CNXENERGY
CNX100
CNXINFRAST
BSEPOWER
CNXSERVICE
CNXCONSUMP
CNX200
CNXCOMMODI
BSECARBONE
BSEINFRA
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEUTILITI
SENSNEXT50
LMI250
BSEDSI
BSE100LTMC
NFTYLM250
NF500M5025

Tata Power Company Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Power Supply Revenue MU 0005791.84
Project Management Services NA 000173.9
Income from Finance Lease NA 00084.66
Income of Services Rendered NA 00060.94
Other Operating Income NA 00031.12
Income from Storage & Termina.NA 00016.31
Rental of L&B, Plant & EquipmtNA 00013.29
Amortisation of Sevice LineConNA 0008.25
Sale of Fly Ash NA 0000.28
Sale of Renewable Energy CertiNA 0000
Switched Mode Power Supplies No 0000
Systems for Vehicle Mount ApplNo 0000
Towers Materials MT 0000
Transfer of Capital/Ser. ContrNA 0000
Unbilled Revenue NA 0000
Wheeling Charges recoverable NA 0000
Cash Discount NA 0000
Rental Income NA 0000
Hydro Power MW 0000
Hydroelectric Power GenerationMU 0000
Power Generation MU 0000
Compensation Received NA 0000
Services Rendered NA 0000
Misc Revenue & Sundry Credits NA 0000
Sale of Carbon Credits NA 0000
Others NA 0000
Power Line Monitors No 0000
Spares NA 0000
Renewables-Solar Photovaltic MW 0000
Thermal - Waste heat recovery MW 0000
Thermal Power MU 0000
Thermal Power MW 0000
Thermal-Production Gases MW 0000
Steel Structures MT 0000
Bolts/Nuts MT 0000
Wind Power Generation MU 0000
Wind Power Generation MW 0000
Mini/Micro Computer Sys-RuggedNo 0000
Transmission EPC Business NA 0000
Display Test Sets No 0000
Electrical Equipments Set0000
Electronic Products No 0000
Simulators No 0000
Sonobuoys No 0000
Sub Systems for Airborne Appl.No 0000
Sub Systems for Locomotive No 0000
Modems No 0000
Software NA 0000
AMTI/Radar Data Processor No 0000
Radar Data Processor/AMTI No 0000
Global Position Sys. ReceiversNo 0000
Low Frequency Receivers No 0000
Tactical Display Consoles No 0000
Cables Km 0000
Vehicles No 0000
Air Traffic Control Display No 0000
Video Mappers No 0000
Energy Meter No 0000
Servo Controller Systems No 0000
Voltage Stabilisers No 0000

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