Rs 15,900 crore order book: TATA-Group solar company secures Rs 455 crore contract to supply 300 MWp ALMM modules to Maharashtra State Power Generation Company Ltd
The stock gave multibagger returns of 500 per cent in 5 years.
TP Solar (a subsidiary of Tata Power Company Ltd) has secured a significant contract to supply 300 MWp of ALMM-certified solar modules to the Maharashtra State Power Generation Company Limited (MSPGCL) for the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0 project. Valued at approximately Rs 455 crore, this contract highlights TP Solar's position as a leading supplier of high-quality solar modules in India. The ALMM-certified modules will be delivered to various locations across Maharashtra in the current year, contributing to the state's renewable energy goals.
TP Solar operates India's largest single-location solar cell and module manufacturing plant in Tirunelveli, Tamil Nadu. This state-of-the-art facility, with a capacity of 4.3 GW each for cells and modules, has been established with a substantial investment of nearly Rs 4,300 crore by Tata Power. The plant, equipped with advanced technologies like TOPCon and Mono PERC, produces high-quality ALMM-certified modules, aligning with the company's commitment to supporting India's vision for a Net-Zero carbon future and promoting local manufacturing capabilities.
The Tirunelveli plant, employing a significant percentage of women in its workforce, signifies a crucial step towards indigenizing the solar value chain in India. By producing high-quality solar modules domestically, TP Solar contributes to India's energy independence and strengthens its leadership position in both rooftop and utility-scale solar segments. This collaboration with MSPGCL underscores TP Solar's dedication to driving innovation, promoting sustainable practices, and contributing to a greener future for all.
DSIJ's DSIJ's ‘Mid Bridge’ service recommends well researched Mid-Cap stocks for smart investing. If this interests you, do download the service details here.
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.
Tata Power Company Ltd reported its 20th consecutive quarterly PAT growth. During the quarter that ended September 30, 2024, the Company reported its highest-ever PAT before exceptional items of Rs 1,533 crore, up 51 per cent YoY. Consolidated EBITDA during the quarter rose 23 per cent to Rs 3,808 Crore on the back of ramped-up solar manufacturing, favourable regulatory development in distribution and operational efficiency across businesses. For the H1FY25 period, the company clocked its highest-ever Revenue, EBITDA, and PAT before exceptional items at Rs 32,057 crore, Rs 7,158 crore, and Rs 2,721 Crore, respectively. Looking at 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.
With a robust order book of Rs 15,900 crore as of September 30, 2024, Tata Power is poised for an electrifying future. The company has a market cap of over Rs 1 lakh crore. The stock gave multibagger returns of 500 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.