Rs 15,900 Crore Order Book: TATA-Group Solar Company Signs MoU with Rajasthan Discoms to Accelerate Rooftop Solar Adoption

The stock gave multibagger returns of 550 per cent in 5 years.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company Ltd, has signed a Memorandum of Understanding (MoU) with Rajasthan's Discoms (Jaipur Vidyut Vitran Nigam 1 Limited, Ajmer Vidyut Vitran Nigam Limited, and Jodhpur Vidyut Vitran Nigam Limited) to promote renewable energy and energy conservation in the state. The partnership will focus on accelerating rooftop solar adoption, particularly through the Pradhan Mantri Surya Ghar: Muft Bijali Yogna (PMSG:MBY), targeting residential customers. The signing ceremony included key officials from the Rajasthan government and TPREL, highlighting the importance of this collaborative effort.  

The MoU details several key initiatives aimed at boosting rooftop solar adoption. TPREL and the Rajasthan Discoms will conduct joint campaigns to raise awareness about solar energy and the PMSG: MBY, making it easier for residents to access clean and affordable power. These campaigns will initially concentrate on major cities like Jaipur, Udaipur, Jodhpur, Kota, and Bikaner, to expand coverage throughout Rajasthan. The agreement also includes provisions for exclusive pricing and comprehensive training for vendors, ensuring efficient and timely solar installations.

This strategic partnership signifies a significant advancement in Rajasthan's renewable energy journey. By combining TPREL's expertise and resources with the reach of the Rajasthan Discoms, the MoU aims to empower residential customers to embrace solar energy. This initiative aligns with the broader goals of promoting sustainable energy solutions and achieving a cleaner, more environmentally friendly energy landscape in Rajasthan.

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 550 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.