Tata Power has planned a 66 per cent higher capital expenditure (capex) of Rs 20,000 crore in this financial year compared to the capex a year ago. It will mainly focus on projects supporting energy transition and India’s net-zero emission target by 2070.

During the year ended March 2024, the capex was around Rs 12,000 crore, the company’s CEO Praveer Sinha said during a post earnings conference call on Wednesday.

“This year we are targeting to spend around Rs 20,000 crore,” he said in reply to a question on the company’s planned capex.

Sharing the breakup of the investment plant, Mr Sinha said that about 50 per cent will be on renewables (projects). The remaining will be mix of transmission, distribution and conventional projects.

The company would fund the capex through internal accruals and some debt, Mr Sinha added.

Tata Power on Wednesday posted an 11 per cent rise in its consolidated net profit to Rs 1,046 crore in the March 2024 quarter compared to that in the year-ago period, mainly on the back of higher revenues.

The consolidated profit stood at Rs 939 crore in the quarter ended March 31, 2023, a BSE filing showed.

In the renewable energy segment, Tata Power’s 4.3-gw cell and module manufacturing facility in Tirunelveli, Tamil Nadu, has commenced production and commercially produced around 130 mw of modules.

During FY24, the company has won two projects worth Rs 2,300 crore under the Tariff-Based Competitive Bidding (TBCB) process – the Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission and the Intrastate Transmission Scheme in Uttar Pradesh through SPV Jalpura Khurja Power Transmission.