Rs 13,018 crore order book: TATA Group-multibagger solar microgrid power company announces a strategic collaboration with ICICI Bank
The stock is up by 82.5 per cent from its 52-week low of Rs 230.75 per share and gave multibagger returns of 650 per cent in 5 years.
Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announces its strategic collaboration with ICICI Bank Limited (ICICI Bank), a leading private sector bank in India, to provide loans to finance the purchase of solar panels/ units for residential and corporate customers.
This collaboration aims to enhance the accessibility and affordability of sustainable energy solutions for a broader adoption of solar energy. Under this collaboration, ICICI Bank will offer tailored financial solutions with attractive interest rates, for the purchase of solar panels from TPSSL. Customers can avail themselves of loans up to Rs 90 lakh with collateral-free options and tenure extending up to 5 years. They can also avail higher amounts of loans with collaterals with tenures of up to 20 years. Customers shall enjoy flexible downpayment options at 20-25 per cent of the loan amount, making it easier for them to invest in solar energy.
TPSSL is recognized as India’s No. 1 solar rooftop company, leading the market with over 70,000 satisfied customers and comprehensive solar solutions for both residential and commercial applications. With an extensive pan-India presence, Tata Power ensures that customers across various regions can benefit from this initiative. The Company’s legacy of excellence and innovation highlights its commitment to driving India’s transition to sustainable energy.
About Tata Power Company Ltd
Tata Power, a leading integrated power company under India's largest conglomerate Tata Group, boasts a diverse portfolio of 14,707 MW spanning the entire power spectrum. This includes the generation of both renewable and conventional energy, along with transmission, distribution, trading, storage solutions and even solar cell and module manufacturing. As champions for clean energy, they've committed to achieving carbon neutrality before 2045. Beyond generation, Tata Power has established India's most comprehensive clean energy platform, offering rooftop solar solutions, microgrids, storage solutions, EV charging stations and home automation systems.
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According to the Quarterly Results, the net sales increased by 13.3 per cent to Rs 17,540.98 crore in Q1FY25 compared to the total income of Rs 15,484.71 crore in Q1FY24. The company reported a net profit of Rs 1,188.63 crore in Q1FY25 compared to a net profit of Rs 1,140.97 crore in Q1FY24, an increase of 4.2 per cent. In its annual results, the net sales increased by 10 per cent to Rs 61,542 crore and net profit increased by 12 per cent to Rs 4,280 crore in FY24 compared to FY23. The company has delivered good profit growth of 75 per cent CAGR over the last 5 years and has been maintaining a healthy dividend payout of 23 per cent. The company's overall performance can be attributed to its effective management strategies.
With a robust order book of Rs 13,018 crore as of June 30, 2024, Tata Power is poised for an electrifying future. Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. The company has a market cap of over Rs 1.30 lakh crore. The stock is up by 82.5 per cent from its 52-week low of Rs 230.75 per share and gave multibagger returns of 650 per cent in 5 years. Investors should keep an eye on this mid-cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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