Tata Power Company Limited has informed the Exchange about Investor Presentation

BSE Limited Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Bldg., P. J. Towers, Dalal Street, Fort, Mumbai 400 001. Scrip Code: 500400

Dear Sirs,

4th May 2023 BJ/SH-L2/

National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051. Symbol: TATAPOWER

Presentation to Analysts

We forward herewith a presentation that will be made to the Analysts today in connection with the Audited Financial Results (Consolidated and Standalone) of the Company for the year ended 31st March 2023.

Yours faithfully, For The Tata Power Company Limited

Company Secretary

Encl: As above

F I N A N C I A L R E S U L T S – Q 4 F Y 2 3

4 M AY 2 0 2 3

Disclaimer

This document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice.

This presentation should not be considered as a recommendation to any investor to subscribe for, or purchase, any securities of the Company and should not be used as a basis for any investment decision. This document has been prepared by the Company based on information available to them for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information contained herein has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. Furthermore, no person is authorized to give any information or make any representation, which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.

The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. This document is given solely for your information and for your use and may not be retained by you nor may this document, or any portion thereof, be shared, copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any person in possession of this presentation should inform themselves about and observe any such restrictions. By accessing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.

This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded, delivered or transmitted in any manner to any person other than its intended recipient and should not be reproduced in any manner whatsoever.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration, or an exemption from registration, under the U.S. Securities Act of 1933, as amended. Any public offering in the United States may be made only by means of an offering circular that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements.

This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment, information, technology and political, economic, legal and social conditions in India. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. In addition to statements which are forward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’, ‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, or ‘continue’ and similar expressions identify forward looking statements.

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Agenda

About Tata Power Sustainability: Manifesting a Greener Tomorrow Industry Highlights Business Highlights

04 10 16 20 26 Operational & Financial Highlights 31 Annexures

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About Tata Power

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Glorious history of over 100 years...

• 1910: Company incorporated as Tata Hydroelectric Power Supply Company • 1915:1st Hydro power

generating station (40 MW) commissioned at Khopoli, followed by Bhivpuri (1922) and Bhira (1927)

• 2001:Commissioned first wind

asset of 17 MW at Supa Maharashtra

• 2002:Takes over distribution of Delhi, later renamed as TPDDL a JV between Tata Power (51%) and Delhi Government (49%)

• 2003:Tata Power enters into a JV with PGCIL, to develop a 1,200 Km long transmission line to bring electricity from Bhutan to Delhi

• Commissioned first solar asset of 3 MW at Mulshi Maharashtra

• Unit 1 of 525MW Maithon Power Limited (MPL) commissioned

•

•

2014: Entered into agreement to sell 30% stake in Arutmin for US$401Mn 2015:Commissions the 126MW Dagachhu Hydro Power Corporation in Bhutan

• Resurgent Power Ventures acquires 75.01% equity stake of Prayagraj Power Generation Limited (PPGCL)

• Announces sale of South African JV Cennergi for US$84mn

• Tata Power wins bid for installation of 105MWp largest floating solar plant in Kayamkulam, Kerala

•

Takes over distribution in North Eastern Odisha, Western and Southern Odisha. TPNODL, TPWODL and TPSODL formed as JV between Tata Power (51%) and Odisha Government (49%)

• Tata Power secures PLI for 4GW Cell and Module facility in Tamil Nadu

• TPREL received second

tranche of ₹2,000 crores and issued compulsorily convertible preference shares (CCPS) which will result in further dilution of 5.37% equity stake of Tata Power in TPREL

1910-1955

1956-2000

2001-2005

2007

2011

2012-2013

2014-2015 2016-2017

2018-2019

2020

2021

• 1956-65: 3 units of 62.5 MW each and 4th thermal unit of 150 MW capacity at Trombay commissioned

• 1977: 150MW pumped

storage at Bhira upgraded

• 1984: 500 MW-5th Unit

established at Trombay, to supply uninterrupted supply to Mumbai

• 1991: 1st Solar cell

manufacturing capacity is set up by TPSSL in collaboration with BP Solar

• Tata Power completes

acquisition of 30% stake in Indonesian Coal Mines: KPC Arutmin & Indo Coal for US$1.15Bn

• Tata Power - Mundra signed PPA with 5 states (Gujarat, Maharashtra, Punjab, Haryana & Rajasthan) • Industrial Energy Limited

(IEL), a JV formed between Tata Power (74%) and Tata Steel (26%) to meet power requirements for Tata Steel

• 2012:Commissioned 2nd unit of 525 MW in MPL • 2013:5 units of 800 MW each at Mundra UMPP commissioned, the first super critical technology in India

• 2013:Tata power acquires

26% share in the Indonesian coal mine BSSR for US$ 152 million

•

•

•

2016:Acquired 1,010MW operational RE assets of Welspun, renamed it to Walwhan Renewable Energy Ltd (WREL). 2016:Resurgent Power JV formed by Tata Power and ICICI Venture to acquire stressed assets in Indian Power Sector. Tata Power holds 26% stake in Resurgent Power“ 2017:Tata Power Ajmer Distribution Limited (TPADL) is formed to take over supply and distribution of Ajmer

• Tata Power sells 3 ships for

US$ 213Mn

• Tata Sons infuse ₹ 2,600 crore; raise promoter holding to 47% from 37%

• Completed sale of Defence business to Tata advanced Systems Ltd. for ₹ 1076 cr.

• Tata power takes over

distribution in Central Odisha TPCODL formed as JV between Tata Power (51%) and Odisha Government (49%)

2022

2023

• Mundra (CGPL)

amalgamated into Tata Power

• Tata Power Renewable Energy Limited (TPREL) enters into an agreement to raise ~₹ 4,000 (US$ 525 million) crores by issuing shares to a consortium of Blackrock and Mubadala

• Resurgent announces

acquisition of 100% stake in NRSS XXXVI Transmission Ltd. and SEUPPTCL (Transmission Company)

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… to become India’s most Vertically Integrated Power Company

TATA POWER COMPANY LIMITED (TPCL) FY2023

Revenue 56,033

EBITDA 10,068

Net Debt 35,328

PAT*** 3,810

THERMAL GENERATION, COAL & HYDRO

RENEWABLES^

TRANSMISSION & DISTRIBUTION

ELIMINATIONS/OTHERS (INCL. CORPORATE TAXES , EXPENSES AND INTEREST)

Revenue 18,211

EBITDA 2,907

PAT 3,649

Revenue 8,197

EBITDA 3,203

THERMAL

CAPACITY FUEL

STAKE

4,150 MW Mundra 930 MW Trombay Maithon (MPL) 1,050 MW Prayagraj (PPGCL)* 1,980 MW Jojobera Haldia

428 MW 120 MW

IEL

Rithala PT CKP

483 MW

108 MW 54 MW

Coal Coal/Gas Coal Coal Coal Coal Coal/ WHRS Gas Coal

100% 100% 74% 20% 100% 100%

74%

51% 30%

INDONESIA COAL MINES & INFRA

MINE

CAPACITY

STAKE

Kaltim Prima (KPC) BSSR & AGM NTP (Coal Infra) TERPL (Coal Shipping)**

60 MT 18 MT - -

30% 26% 30% 100%

HYDRO

Bhira Bhivpuri Khopoli Dagachhu Itezhi Tezhi Adjaristsqali

CAPACITY

STAKE

300 MW 75 MW 72 MW 126 MW 120 MW 187 MW

100% 100% 100% 26% 50% 50%

RE GENERATION

Solar Power Wind Energy

UNDER CONSTRUCTION

Solar Power Hybrid

EV CHARGING

Public Chargers Home Chargers E-Bus Chargers

PAT 730

CAPACITY

2,995 MW 932 MW

CAPACITY

1,295 MW 1,410 MW

CAPACITY

3,778 38,899 234

TATA POWER SOLAR SYSTEMS LIMITED (TPSSL)

PARTICULARS

Utility Scale Solar EPC Rooftop EPC Cell & Module Capacity

CAPACITY/ ORDER BOOK ₹17,468 Cr ₹1,903 Cr 530 & 670 MW

TP SOLAR: UNDER CONSTRUCTION

CAPACITY

Cell & Module

4,000 MW (each)

Revenue 34,532

EBITDA 3,819

PAT 1,251

Revenue (4,907)

EBITDA 139

PAT (1,820)

ENTITY

Tata Projects Nelco Corporate

STAKE

BUSINESS MODEL EPC 48% Communication 50%

DISTRIBUTION LICENSE

CUSTOMERS STAKE

Mumbai Tata Power Delhi (TPDDL) Odisha

0.76 Mn 1.96 Mn 10.06 Mn

100% 51% 51%

DISTRIBUTION FRANCHISE Ajmer (TPADL)

CUSTOMERS STAKE

0.16 Mn

100%

POWER TRADING COMPANY

TPTCL

STAKE

100%

TRANSMISSION

CIRCUIT KM STAKE

Mumbai Powerlinks SEUPPTCL NRSS XXXVI UNDER CONSTRUCTION SEUPPTCL NRSS XXXVI

1,264 2,328 600 1.5

900 151.5

100% 51% 26% 26%

26% 26%

JVs and Associates

Standalone Divisions

Subsidiary

* Resurgent owns 75% in Prayagraj | ** TERPL is a wholly owned subsidiary of Tata Power International Pte Ltd., which is wholly owned by Tata Power. | *** Before Minority Interest | ^ Tata Power currently owns 93.94% stake in Renewables (Tata Power Renewable Energy Ltd.)

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Generation assets located across India…

14

19

8

5

15

18

7

11

12

6

10

17

2

16

4

9

20

13

3

1

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P AR T I C U L A R S

1. Andaman & Nicobar 2. Andhra Pradesh 3. Assam 4. Bihar 5. Delhi 6. Goa 7. Gujarat 8. Haryana 9. Jharkhand 10. Karnataka 11. Madhya Pradesh 12. Maharashtra 13. Odisha 14. Punjab 15. Rajasthan 16. Tamil Nadu 17. Telangana 18. Uttar Pradesh 19. Uttarakhand 20. West Bengal

Grand Total

D O M E S T I C C AP AC I T Y ( M W )

0.2 305.6 0.2 41.0 111.2 0.7 4,988.5 1.5 1,732.3 620.0 174.0 2,139.4 242.9 36.0 630.2 370.3 17.5 2,082

7

123.0 13,623

Capacity Mix (Domestic + International)

14,110 MW Total

8,860 MW Thermal

880 MW Hydro

443 MW Waste Heat Recovery /BFG

932 MW Wind

2,995 MW Solar

Distribution of installed capacity (Domestic & International)

63%

37%

3%

21%

6%

7%

Thermal

Clean and Green

Waste Heat/BFG

Wind

Solar

Hydro

7

… as well as few Global location

2

1

4

3

P AR T I C U L A R S

1.

Dagachhu, Bhutan (Hydro)

Adjaristsqali, Georgia (Hydro) PT CKP, Indonesia (Thermal) Itezhi Tezhi, Zambia (Hydro)

2. 3. 4. Grand Total

S U M O F P R E S E N T C AP AC I T Y ( M W )

126 187 54 120 487

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Clean & Green to account for 47% capacity post project completion

Tata Power Capacity (IN MW )

Current Operational Capacity share (IN %)

3

21

7 6

63

Thermal

Hydro

Wind

Solar

WHRS/BFG*

Capacity share post completion of projects (IN %)

25

8

3

6

5

53

*WHRS: Waste Heat Recovery System BFG: Blast Furnace Gas

Thermal

Hydro

Wind

Solar

WHRS/BFG*

Hybrid

9

Thermal

Hydro

Wind

Solar

WHRS

Operational

Solar Pipeline

Hybrid Pipeline

Total

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Sustainability: Manifesting a Greener Tomorrow

Carbon Net Zero B E F O R E 2 0 4 5

Water Neutral B E F O R E 2 0 3 0

Zero Waste to Landfill B E F O R E 2 0 3 0

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Tata Power’s Sustainability Aspirations

•

Improve Sustainability Disclosures and get listed in DJSI Emerging Markets list by 2027

• Become carbon net zero

before 2045

• Become water neutral

before 2030

• Zero waste to landfill

before 2030

• No Net Loss to Biodiversity

• Leverage technology to create

the ‘Utility of the Future’ (IoT, Smart Grids, BESS, Green H2, robotic panel cleaning etc.)

• Education – Train

35 lakh+ youth as conservation and STEM education champions by 2027

• Employability and

Employment – 20 lakh+ youth trained and made employable by 2027

• Entrepreneurship – Enable

1 lakh+ community collectives (Self Help Groups) by 2027

•

Improve overall gender diversity ratio to 18% by 2027

Meaningful improvement in ESG ratings

REPORT / FINANCI AL YEAR

CDP – Climate Change

CDP – Water

2 0 2 2

B

B

2 0 2 1

C

B

2 0 2 0

C

C

2 0 1 9

D

F

2 0 1 8

D

F

DJSI

67

67

-

48

15

MSCI

BBB BB

BB

BB

BB

Sustainalytics

41.2

38.6

-

-

-

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ESG Performance @Tata Power

PART IC U L AR S

DESCRIPT ION

ON GOING ACT IONS

VAL UE (FY 22)

Y EAR

VALU E

Y EAR

BAS ELI NE

T ARG ET

Clean & Green Portfolio

16%*

2015

80%

2030

• 37.06% RE portfolio as of March 2023

Net Zero (Absolute Carbon Emissions)

40.7 Million Tonnes

2022

100%

2045

ENVIRO NM ENT

Water Neutral (Fresh Water Consumption)

64.7 Billion litres

2022

100%

2030

Zero Waste to Landfill

6.05 Million Tonnes

Total Non HW Waste (including Ash)

5.3 Million Tonnes

Education

1.9 Million beneficiaries

Employability & Employment

0.38 Million beneficiaries

SO CIAL

Entrepreneurship

2,182 beneficiaries

2022

2022

2022

3.5 Million

2.0 Million

100,000

2027

2027

2027

Gender Diversity (%)

8%

2022

18%

2027

G O VERN AN CE

DJSI Emerging Markets List (Absolute Score)

67/100

2022

80/100

2027

• SBTi Commitment • Renewable Portfolio Growth • Thermal plant phase-out plan • Annual plantation of more than 1 million saplings • 3% Fresh Water reduction • 17% Rain Water Harvesting • 80% by offsets

• Waste utilisation of Ash

waste

• 1.4 Million CSR beneficiaries outreach achieved in FY2022 • ₹ 3,380 Million CSR spend in FY2022

• Women employees across roles • 30% - Campus hires • Policies supporting women in all life stages and mentorship

program

• ESG Action Plan and Gap Analysis

2022

100%

2030

• Waste Management Plan for biodegradable waste, plastic, and e-

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* Base Year 2015 for Clean & Green Portfolio in alignment with Paris Agreement

12

Strong Governance Framework

Sustainability Framework- Governance

Tata Power has a well-established sustainability governance structure to benchmark, implement, and monitor sustainability aligned decisions and actions. The CSR and Sustainability Committee at Board level guides strategy and the Apex Leadership Team enables impactful implementation.

CSR & Sustainability Board Committee

Apex Leadership

SBU Heads

Corporate Sustainability Team

Sustainability SPOCS Thermal, T&D, Hydros, Renewables, HR, CSR, Ethics, IA&RM, Environment, etc.

Leadership and Oversight on Sustainability

Advocacy

Institutional Structures and Systems

LEAD E RS HI P W IT H CAR E

Care for our environment (society at large) • Environment conservation • Efficient use of energy • Investment in green technology

INIT IAT IVE S T HAT ARE BAS ED O N, AND ARE ENCO M P AS SI NG

What needs to be done (material to both, 5 stakeholders and us)

Care for our shareholders and customers

What we are good at doing and is linked to our business objectives

Care for our community

Care for our people

What we should take up as national thrust areas for development

What we should define as our standards, from compliance, to competing, to leading

New technology

Going beyond compliance

Architecture of Care

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Transitioning to non-fossil fuel-based generation by FY 2045

Leading utility transition to clean energy by Evolving generation mix (%)

• Over 1/3rd of Tata Power’s

generating capacity comes from clean and green energy sources like solar, wind and hydro. We are facilitating this clean energy transition through new technology adoption in collaboration with our customers and partner.

• We aim to phase-out of all coal- based generation and become Carbon net zero before 2045.

Leading utility transition to clean energy by evolving generation mix (%)

16%

37%

2015

2023

84%

63%

2045

100%

Thermal

Clean & Green

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Empowering Communities

CSR Mission

To work with communities in the vicinity of our operations or as specially identified, to gain their acceptance of co-existence by addressing salient development imperatives

The key interventions for target communities are focused in the following thematic areas;

30 Mn

T O U C H I N G L I V E S

80+

D I S T R I C T S I N 1 5 S TAT E S

**Tata Power has made a major leap in the CSR ranking by securing a spot in top 10 as against its 57th rank in the last year

Education

Employability & Employment

Entrepreneurship

Essential Enablers

Need the logos

Public Private Partnerships (Collaboration & Leverage)

Improving access & creating opportunities

Far Reaching Impact on Community and Co-ownership

Optimal Utilization of Resources (Premises)

Green Jobs

Technology Enablement

Institutionalisation & Standardization

Tree Mittra leveraged for social afforestation

**Source: https://www.futurescape.in/responsible-business-rankings/ | https://thecsrjournal.in/top-100-companies-india-csr-sustainability-2021/

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Industry Highlights

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Strong Correlation between GDP and Power Demand Growth

India has one of the lowest power consumption per capita

(IN UNITS) 30,000

Ratio of Power Growth to GDP growth has increased in the past 5 years

Monthly Energy Requirement (IN BUs)

All India Coal-Based Generation Plants’ PLF at 68% (IN %)

25,000

20,000

15,000

10,000

5,000

0

1.11x

1.2x

155.0

5.7%

0.94x

5.3%

4.4%

4.0%

1.0x

0.8x

0.6x

135.0

115.0

95.0

75.0

0.4x

55.0

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

N o r w a y

C a n a d a

U S

J a p a n

R u s s a

i

F r a n c e

G e r m a n y

C h n a

i

U K

B r a z

i l

I n d a

i

Past 10 years

Past 5 years

Mar-23 Power Generation BUs are provisional in nature FY23 GDP calculated based on growth rate figures as per RBI FY22 GDP are advanced estimates of RBI

0.2x

0.0x

35.0

15.0

-5.0

A p r 2 2

M a y 2 2

J u n

2 2

J u

l

2 2

A u g 2 2

S e p 2 2

O c t 2 2

N o v 2 2

D e c 2 2

J a n

2 3

F e b 2 3

M a r - 2 3 *

Data represents per capita power consumption for CY22

GDP Growth (CAGR)

Power Generation Growth (CAGR)

Energy Requirement

Power Gen growth :GDP growth (RHS)

YoY Growth

Central Sector

Private Sector

All India

State Sector

Source: ember-climate.org

Source: RBI & Powermin

Source: CEA

Source: NPP

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85%

80%

75%

70%

65%

60%

55%

50%

25%

20%

15%

10%

5%

0%

-5%

78

71

67

68

A p r 2 2

M a y 2 2

J u n

2 2

J u

l

2 2

A u g 2 2

S e p 2 2

O c t 2 2

N o v 2 2

D e c 2 2

J a n

2 3

F e b 2 3

M a r - 2 3 *

Renewable Energy accounted for 93% of capacity additions in FY23

Total Installed Capacity in India stands at ~416GW

3.8GW added in Mar-23; 79% Renewable (IN GW )

16.5GW capacity added in FY23 (IN MW )

Renewable (incl. Hydro) accounted for 93% of FY23 capacity additions (IN %)

11

67

43

52

7

237

s d n a s u o h T

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

0.0

2.4

0.6

0.8

A p r 2 2

M a y 2 2

J u n

2 2

J u

l

2 2

A u g 2 2

S e p 2 2

O c t 2 2

N o v 2 2

D e c 2 2

J a n

2 3

F e b 2 3

M a r - 2 3

543

368

120

3%

55%

3%

54%

6%

46%

2% 45%

2% 80%

1%

77%

781

9,363

403

292

6,447

13,911 12,784

5,458

2,068

390

1,553

614

13%

5%

15%

3%

10%

5%

13%

2%

1,766

921

6,529

1,580

213

1,111 576

4,577

3,372

4,321

4,129

1,380

F Y 1 8

F Y 1 9

F Y 2 0

F Y 2 1

F Y 2 2

2,276

223 1,160

F Y 2 3

27%

28%

31%

34%

F Y 1 8

F Y 1 9

F Y 2 0

F Y 2 1

6% 3%

8%

F Y 2 2

14%

1% 7%

F Y 2 3

Thermal

Nuclear

Hydro (incl. small Hydro)

Wind

Solar

Other Renewable (Biomass, Waste to Energy)

Source: CEA

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Solar Module and Thermal Coal prices have been declining lately

Price Movement of Polysilicon & Wafer

Price Movement of Cell & Module

Coal Prices (US$/t)

45

40

35

30

25

20

15

10

5

0

M a r - 2 0 2 0

J u n - 2 0 2 0

S e p - 2 0 2 0

D e c - 2 0 2 0

M a r - 2 0 2 1

J u n - 2 0 2 1

S e p - 2 0 2 1

D e c - 2 0 2 1

M a r - 2 0 2 2

J u n - 2 0 2 2

S e p - 2 0 2 2

D e c - 2 0 2 2

M a r - 2 0 2 3

1.2

1

0.33

0.28

0.8

0.23

0.6

0.4

0.2

0

0.18

0.13

0.08

0.03

M a r - 2 0 2 0

J u n - 2 0 2 0

S e p - 2 0 2 0

D e c - 2 0 2 0

M a r - 2 0 2 1

J u n - 2 0 2 1

S e p - 2 0 2 1

D e c - 2 0 2 1

M a r - 2 0 2 2

J u n - 2 0 2 2

S e p - 2 0 2 2

D e c - 2 0 2 2

M a r - 2 0 2 3

A p r - 2 0 2 1

M a y - 2 0 2 1

J u n - 2 0 2 1

J u n - 2 0 2 1

J u l - 2 0 2 1

A u g - 2 0 2 1

S e p - 2 0 2 1

O c t - 2 0 2 1

N o v - 2 0 2 1

D e c - 2 0 2 1

J a n - 2 0 2 2

F e b - 2 0 2 2

M a r - 2 0 2 2

A p r - 2 0 2 2

M a y - 2 0 2 2

J u n - 2 0 2 2

J u l - 2 0 2 2

A u g - 2 0 2 2

S e p - 2 0 2 2

O c t - 2 0 2 2

N o v - 2 0 2 2

D e c - 2 0 2 2

J a n - 2 0 2 3

F e b - 2 0 2 3

M a r - 2 0 2 3

Polysilicon (US$/kg)

Wafer RHS (US$/piece)

Modules (US$/Watt)

Cell (US$/piece)

South African Coal (6000 kcal / kg)

Australian Coal (6300 kcal / kg)

Source: Bloomberg

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450

400

350

300

250

200

150

100

50

19

Business Highlights

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20

Q4 FY23 Highlights

TPSSL receives Letter of Award (LoA) of ₹1,755 crore to set up 300MW Solar project for NLC India Limited in Rajasthan

TPREL has received LoA from MSEDCL, to set up a 200 MW solar PV project in Solapur, Maharashtra

S&P Global ratings has upgraded Consolidated Credit Rating from BB to BB+ with Stable Outlook and Standalone Credit Rating from BB- to BB

Awarded India’s Best Annual Report Award by Free Press Journal and Grant Thornton for 2021-22

ADB & TPDDL Sign Deal to Enhance Delhi’s Power Distribution Through Grid Enhancements and Battery Energy Storage System

Tata Power adjudged ‘Best Performing Transmission Utility’ at Central Board of Irrigation and Power (CBIP)

Tata Power to install EV Charging points at GAIL Gas Stations in Bengaluru

21

Scheme of amalgamation of TPSSL and WREL into TPREL finalized

TPREL receives final tranche of ₹2,000 Cr against preferential allotment of shares to Blackrock & Mubadala

TPREL signs PPA for 510 MW with TPDDL. It is one of the largest hybrid projects (170 MW solar and 340 MW wind) in the country which is an extension of the earlier LOA of 255 MW

tatapower.com

Solar Utility Scale EPC Update

WELL DIVERSIFIED UTILITY SCALE ORDER BOOK

TPSSL- Large EPC Order Book (IN ₹ CRORE)

BUSINESS UPDATES

CUSTOMER

AC CAP (MW)

Tata Power Group

NTPC

NHDC

SECI

SJVN

NHPC

NLC

Total capacity as on 31st March 2023

Order Book as on 31st March 2023 (₹ Crore)

1,700

470

88

140

1,000

340

300

4,039

17,468

Order book at the end of Q3 FY23

Orders received in Q4

Q4 Revenue

Order book at the end of Q4 FY23

• Project of 1.3 GW

executed in FY 2023

• New orders of 2.7 GW

won in FY 2023

• Activities picked up at all 4 phases for 1GW SJVN project

tatapower.com

22

Tata Power – EZ Charge

OPERATIONAL HIGHLIGHTS

EV CHARGING PLATFORM STATISTICS

BUSINESS HIGHLIGHTS

Public and Captive Chargers (Energised)

127k+ Registered Users

3,080

698

109

18

Cities and tow ns covered

650k+ Charging Sessions

493 62

500

150

E4W Home Chargers

Units Consumed (in MUs)

30,437 8,462

5.5

1.5

25 million minutes of Charging Session

19

6

Cumulative E -mobility Supported (in million km)

39

11

Cumulative till Dec 2023

Q4 FY23

• Partnered with R CITY

Mall in Mumbai, to deploy 8 chargers, including super-fast 60 kW charging points, across the mall's premises.

• Entered in a partnership

with Coimbatore Municipal Corporation in Tamil Nadu to install 20 new fast EV Charging Stations in the city to further EV adoption.

• Tata Power to install EV charging points at GAIL Gas Station in Bangalore

tatapower.com

23

Solar Business – Quarter Highlights

ROOFTOP SOLAR

SOLAR PUMP

Revenue (In ₹ Crore)

Q4 FY23

Q3 FY23

Q4 FY22

1,097

535

687

398 MW orders w on in Q4 (In%)

• Achieved ~2x revenue growth over Q3 FY23 • Order book at Q4 end stands at ₹ 1,900+ crore • Channel network crosses 450+ across 275+

districts

• Q4 FY23 Billing crosses ₹ 1000 Cr mark

4%

96%

• Order book as at Q4 end stands at ₹ 250+ crore. • Total 33,000+ pumps billed in FY 2023. • Cumulative number of pumps billed 97,000+

205

243

Revenue (In ₹ Crore)

Q4 FY23

Q3 FY23

Q4 FY22

97

Pumps Billed YTD

4,094

33,066

Others

Comm & Industrial

FY 2023

Addition in Q4

tatapower.com

24

Odisha Discoms –Highlights

REDUCING AT&C LOSSES => PROM ISING GROWTH (Incl. past arrears)

FY23 -STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS

T H E F T L O AD ( M W )

M E T E R S R E P L AC E D ( i n l a k h s )

S U B S T AT I O N S AU T O M AT E D ( N o ’ s )

P R E - T AK E O V E R AR R E AR S C O L L E C T E D ( ₹ C r s )

TPCODL

Achieved collection efficiency of 102% in FY23

FY23

FY22

21%

27%

109

2.4

204

87

TPSODL

Achieved Collection efficiency of 102% in FY23

FY23

FY22

23%

33%

54

1.5

100

104

TPWODL

Achieved collection efficiency of 100% in FY23

FY23

18%

FY22

28%

102

1.8

128

131

TPNODL

Achieved collection efficiency of 106% in FY23

FY23

11%

FY22

23%

101

3.1

105

321

tatapower.com

25

Operational & Financial Highlights

tatapower.com

26

Q4 FY23 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

92

81

79

81

98

98

97

98

98

99

100

100

100

75

67

66

9.5

8.4

8.0

7.4

6.8

6.3

27

15

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

Q4 FY 23

Q3 FY 23

Q4 FY 22

Thermal (excl. Mundra)

tatapower.com

37

39

35

34

25

25

23

21

8

12

10

12

0.5

0.5

0.4

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

27

FY23 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

89

88

99

98

98

98

100

100

74

73

66

29

41

40

32

25

20

19

22

23

0.4

0.5

9.5

8.0

6.8

6.3

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

FY 23

FY 22

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

Thermal (excl. Mundra)

tatapower.com

28

Financial Highlights

Record FY23 for Tata Power with all time high EBITDA and PAT

Revenue

EBITDA

PAT (before exceptional items)

Reported PAT (after exceptional items)

Q4 FY23

Q3 FY23

Q4 FY22

12,755

Q4 FY23

3,101

Q4 FY23

14,339

Q3 FY23

2,818

12,085

Q4 FY22

2,253

Q3 FY23

Q4 FY22

939

Q4 FY23

1,052

Q3 FY23

939

1,052

916

Q4 FY22

632

*Reported EBITDA includes other income

Revenue

EBITDA

PAT (before exceptional items)

Reported PAT (after exceptional items)

FY23

FY22

56,033

42,576

FY23

FY22

10,068

FY23

3,810

FY23

3,810

8,192

FY22

2,440

FY22

2,156

*Reported EBITDA includes other income

tatapower.com

29

Comfortable Debt Position For Sustainable Growth

Net Debt (IN ₹ CRORE)

Q4 FY23

Q3 FY23

Q4 FY22

35,328

38,131

39,708

Balance Sheet Continues to Strengthen

FY23

FY22

FY21

FY20

FY19

FY18

2.66

1.03

1.53

1.43

1.99

2.19

2.42

3.92

4.09

4.70

5.19

5.68

Net Debt to Equity

Net Debt to Underlying EBITDA

Net Debt Declines Further in Q4 FY23 (IN ₹ CRORE)

Q3 FY23 Net Debt

Cash from Operations

Income from JVs

WC Changes

Others

Interest Payment & others

Business as Usual Debt

Equity Infusion

Capex

Q4 FY23 Net Debt

Credit Ratings (Consolidated)

2019-20

2020-21

2021-22

Current

CRISIL ICRA India Ratings CARE S&P Global Moody’s

AA- /Positive AA- /Stable AA /Stable AA /Stable - -

AA /Stable AA- /Positive AA /Stable AA /Stable B+ /Positive Ba3 /Stable

AA /Stable AA /Stable AA /Stable AA /Stable BB /Stable Ba2 /Stable

AA /Stable AA /Stable AA /Stable AA /Stable BB+ /Stable Ba2 /Stable

tatapower.com

30

Annexures

tatapower.com tatapower.com

31 31

Consolidated Performance – Q4 FY23

₹ Crore unless stated

tatapower.com

32 32

ParticularsQ4 FY23Q4 FY22Q4 FY23Q4 FY22Q4 FY23Q4 FY22Consolidated before exceptional items12,755 12,085 3,101 2,253 939 916 Standalone & Key SubsidiariesTata Power (Standalone)3,194 3,214 1,022 2,243 142 1,912 Maithon Power (MPL) *656 635 186 172 80 72 Delhi Discom (TPDDL) **2,302 2,159 305 352 99 112 Power Trading (TPTCL)52 120 25 16 18 12 Tata Power Solar (TPSSL)2,958 3,481 285 77 155 28 TPREL Standalone (Renewable Power)403 498 418 529 54 129 WREL (Renewable Power)267 391 259 377 108 155 Coal SPVs incl. TPIPL (Investment Companies)0 0 500 34 395 (43) TERPL (Shipping Co)161 192 60 40 38 11 TP Central Odisha Dist Ltd (TPCODL)**1,213 962 139 85 35 9 TP Southern Odisha Dist Ltd (TPSODL)**488 465 51 49 8 31 TP Western Odisha Dist Ltd (TPWODL)**1,572 1,072 163 85 41 38 TP Northern Odisha Dist Ltd (TPNODL)**904 774 139 78 61 31 Others312 205 108 39 14 (12) TOTAL - A14,482 14,166 3,661 4,175 1,249 2,484 Joint Venture and Associates- - - - 179 296 TOTAL - B14,482 14,166 3,661 4,175 1,428 2,780 Eliminations#(1,726) (2,081) (560) (1,922) (489) (1,864) Exceptional Items- - - (284) TOTAL - C12,755 12,085 3,101 2,253 939 632 Op IncomeEBITDA^^PATPrevious year numbers are restated*TPCL stake-74%; **TPCL stake-51%; # Eliminations include inter-company transactions; ^^ including other incomeConsolidated Performance –FY23

₹ Crore unless stated

tatapower.com

33 33

ParticularsFY23FY22FY23FY22FY23FY22Consolidated before exceptional items56,033 42,576 10,068 8,192 3,810 2,440 Standalone & Key SubsidiariesTata Power (Standalone)18,848 11,242 6,817 4,669 2,730 1,488 Maithon Power (MPL) *3,029 2,782 778 702 345 281 Delhi Discom (TPDDL) **10,625 8,849 1,306 1,330 440 439 Power Trading (TPTCL)405 377 35 79 21 55 Tata Power Solar (TPSSL)6,876 8,506 508 432 212 161 TPREL Standalone (Renewable Power)1,609 1,428 1,442 1,293 96 176 WREL (Renewable Power)1,192 1,277 1,178 1,204 506 441 Coal SPVs incl. TPIPL (Investment Companies)0 0 511 61 (126) (223) TERPL (Shipping Co)650 538 153 110 55 8 TP Central Odisha Dist Ltd (TPCODL)**4,791 4,059 307 243 13 29 TP Southern Odisha Dist Ltd (TPSODL)**2,059 1,689 164 157 33 69 TP Western Odisha Dist Ltd (TPWODL)**6,254 4,243 316 209 91 64 TP Northern Odisha Dist Ltd (TPNODL)**3,356 2,722 324 233 116 74 Others1,208 901 397 205 (11) 10 TOTAL - A60,902 48,615 14,237 10,929 4,521 3,070 Joint Venture and Associates- - - - 3,199 1,943 TOTAL - B60,902 48,615 14,237 10,929 7,721 5,013 Eliminations#(4,869) (6,039) (4,168) (2,737) (3,911) (2,573) Exceptional Items- - - - - (284) TOTAL - C56,033 42,576 10,068 8,192 3,810 2,156 Op IncomeEBITDA^^PATPrevious year numbers are restated*TPCL stake-74%; **TPCL stake-51%; # Eliminations include inter-company transactions; ^^ including other incomeTata Power (Consolidated) Performance

₹ Crore unless stated

tatapower.com

34 34

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarQuarter Variance RemarksOperating Income12,75512,08567056,03342,57613,457Capacity addition in RE and higher sales in DiscomsOperating Expenses10,52610,091(435)47,40335,305(12,098)Operating Profit2,2291,9942368,6307,2721,359Other Income8722596121,438920518EBITDA3,1012,25384810,0688,1921,877Interest cost1,1961,015(181)4,3723,859(513)Depreciation926846(81)3,4393,122(317)PBT before share of Assoc & JVs9793935862,2581,2101,047Share of Associates & JV's179296(117)3,1991,9431,257Higher losses in Tata ProjectsPBT after share of JV1,1586894695,4573,1532,304Tax Expenses219(228)(447)1,647713(934)Unwinding of deferred taxNet Profit for the period939916233,8102,4401,370Exceptional item (net of tax)- (284)284- (284)284Net Profit for the period *9396323073,8102,1561,654* As per line item 13 in the SEBI AdvtTata Power (Standalone) Financial Performance

₹ Crore unless stated

PY has been restated with the merger of CGPL and Af-taab in TPCL standalone.

tatapower.com

35 35

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarQuarter Variance RemarksOperating Income3,1943,214(20)18,84811,2427,606Operating Expenses2,6542,86821416,1169,561(6,556)Operating Profit5403461942,7321,6821,050Other Income4831,896(1,414)4,0852,9871,098Lower dividend incomeEBITDA1,0222,243(1,220)6,8174,6692,148Interest cost569528(41)2,2272,189(38)Depreciation302287(15)1,1671,134(33)PBT1511,428(1,276)3,4231,3462,077Tax Expenses10(485)(494)693(142)(835)MAT Credit written off in Q1 FY22 reversed in Q4 FY22 due to mergerPAT (before exceptional items)1421,912(1,770)2,7301,4881,242Exceptional item0(92)925381,295(757)PAT for the period1421,820(1,678)3,2682,783485Maithon Power Limited - Highlights

₹ Crore unless stated

tatapower.com

36 36

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarQuarter Variance RemarksGeneration (MUs)1,4621,543(81)7,5557,48966Sales (MUs)1,4371,453(16)7,4557,215240Availability (%) (Plant)69%77%-8%90%93%-3%PLF % 64%68%-4%82%81%1%FinancialsOperating Income656635213,0292,782247Increase in power costsFuel Costs385364(21)1,9441,775(169)Other Operating expenses114107(7)357328(29)Operating profit157164(7)72968049Other Income29721502227EBITDA 1861721477870276Interest cost21331111913718Depreciation7568(7)279272(7)PBT90711938029387Tax10(1)(11)3412(22)PAT8072834528165Prayagraj Power Generation Co. Ltd. - Highlights

₹ Crore unless stated

tatapower.com

37 37

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarQuarter Variance RemarksGeneration (MUs)2,8782,65122712,51011,656854Sales (MU)2,7132,49721711,79010,977813Availability (%)77%72%5%81%81%0%PLF % 67%62%5%72%67%5%FinancialsOperating Income1,0629061554,4243,863561Higher PPA and merchant salesOperating expenses803710(92)3,4952,908(588)Operating profit25919663929955(26)Other Income63140(77)242347(105)Late payment cess received in PYEBITDA 322336(14)1,1711,302(132)Interest cost1631741169170817Depreciation5046(3)197182(15)PBT109116(6)283413(130)Taxes000000PAT109116(6)283413(130)Tata Power Delhi Distribution Ltd - Highlights

₹ Crore unless stated

tatapower.com

38 38

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarPurchase (Mus)2,0592,0362310,6219,4251,197Sales (Mus)1,9261,891359,9458,7871,158Revenue Per Unit10.689.890.789.659.080.6PPC Per Unit8.566.80(1.76)7.516.32(1.2)AT&C losses (%)6.3%6.8%0.5%6.3%6.8%0.5%FinancialsOperating Income2,0571,8711869,5947,9781,616 Power Purchase 1,5431,385(158)7,4705,957(1,513) Other Operating Exp.244224(20)925853(72)Operating Exp.1,7871,609(178)8,3956,810(1,585)Operating Profit27026281,1991,16930Other Income3590(55)107162(55)EBITDA305352(47)1,3061,331(25)Interest cost68962828632438Depreciation9593(2)377371(6)PBT141163(21)6426357Tax42508202196(5)PAT99112(13)4404391Q4 FY23 Odisha Discoms – Highlights

₹ Crore unless stated

tatapower.com

39 39

ParticularsTPCODLTPSODLTPWODLTPNODLPurchase (MUs)2,134 945 3,171 1,600 Sales (MUs)1,755 691 2,662 1,390 Revenue per unit6.6 7.1 5.7 6.1 Power Cost per unit3.2 2.5 4.0 3.5 Actual Technical losses (%)23%25%18%16%Actual AT&C losses (%) 21%23%18%11%Vesting order Target AT&C losses (%)24%26%20%19%Income from Operation1,213 488 1,572 904 EBITDA139 51 163 139 PAT35 8 41 61 Tata Power Renewable Energy Conso (Excl WREL & CSL) – Highlights

₹ Crore unless stated

tatapower.com

40 40

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarQuarter Variance RemarksCapacity - Total (MW)2,8612,3335272,8612,333529Capacity - Wind (MW)78278207827820Capacity - Solar (MW)2,0791,5515272,0791,551529Generation (MUs) 1,3978855125,4343,5121,922Sales (MUs)1,3808715095,3513,4451,906Avg PLF (%) - Solar27%25%1%24%24%0%Avg PLF (%) - Wind12%12%0%19%19%0%FinancialsOperating Income503521(19)1,9571,578378PY incl revenue recognised for deemed generation & other matters offset by capacity additionOperating Expenses12975(54)456317(139)Operating profit374446(72)1,5001,261239Other income1269332244133111EBITDA499540(40)1,7451,394350Interest cost267189(77)952563(388)Higher borrowings for capacity addition & increased interest ratesDepreciation1831907672566(106)PBT50161(111)121265(144)Tax(15)4762218362PAT65114(48)100182(82)Walwhan Renewable Energy Ltd - Highlights

₹ Crore unless stated

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41 41

ParticularsQ4 FY23Q4 FY22Qtr VarFY23FY22VarQuarter Variance RemarksCapacity - Total (MW)1,0101,01001,0101,0100Capacity - Wind (MW)14614601461460Capacity - Solar (MW)86486408648640Generation (MUs) 435441(5)1,6741,676(2)Sales (MUs)432437(5)1,6581,663(5)Avg PLF (%) - Solar21%21%0%19%19%0%Avg PLF (%) - Wind14%16%-2%18%20%-2%FinancialsOperating Income267390(123)1,1921,277(85)PY includes revenue recognised for deemed generation and tariff increaseOperating expenses3424(10)149117(32)Operating profit233365(133)1,0431,160(117)Other income41122916644122DPC from TANGEDCOEBITDA274377(103)1,2091,2045Interest cost7978(1)30834335Depreciation6769227328410PBT128230(102)62757750Tax21755412113615PAT108155(47)50644165Tata Power Solar Systems Limited – Highlights

₹ Crore unless stated

tatapower.com

42 42

Particulars Q4 FY23 Q4 FY22 Qtr Var FY23 FY22 Var Quarter Variance RemarksOperating Income2,9583,481(523)6,8768,506(1,630)Planned deferment in utility scale projectsOperating expenses2,7193,4086886,4048,1481,744Operating profit23973166472358113Other income464434975(25)Subsidy incomeEBITDA2857720852143388Margin9.6%2.2%7.6%5.1%Interest cost4524(21)13515722Higher financing costs including interest, forex and other finance costsDepreciation2715(12)7460(14)PBT2133717631221696Tax589(49)9055(35)PAT1562812822216161Margin5.3%0.8%3.2%1.9%Renewables – Consolidated View

₹ Crore unless stated

Note: EBITDA includes other income

PY numbers have been restated

tatapower.com

43 43

Key Parameters - RenewablesFY23FY22Revenue8,197 7,527 EBITDA3,203 2,882 PAT730 685 Gross Debt16,194 15,345 Net Debt11,679 14,914 Net Worth12,268 6,051 Regulated - Equity And Assets

₹ Crore unless stated

tatapower.com

44 44

ParticularsQ4 FY 23Q3 FY 23Q2 FY 23Q1 FY 23Regulated EquityMumbai Operation 4,639 4,394 4,380 4,370 Jojobera 542 542 522 522 Tata Power Delhi Distribution (100%) 1,931 1,861 1,846 1,839 TP Central Odisha Dist Ltd (100%) 590 504 504 504 TP Southern Odisha Dist Ltd (100%) 369 248 248 248 TP Western Odisha Dist Ltd (100%) 480 360 360 360 TP Northern Odisha Dist Ltd (100%) 398 295 295 295 Maithon Power Limited (100%) 1,666 1,671 1,669 1,661 Industrial Energy Limited (100%) 718 718 690 690 Powerlinks Transmission (100%) 468 468 468 468 Total 11,801 11,061 10,982 10,957 Regulated Assets (As per financial books)Mumbai Operation 3,500 3,193 2,908 2,620 Jojobera (9) (4) 1 9 Tata Power Delhi Distribution (100%) 6,139 6,106 5,942 5,918 TP Central Odisha Dist Ltd (100%) 83 (22) 28 82 TP Southern Odisha Dist Ltd (100%) 298 284 210 125 TP Western Odisha Dist Ltd (100%) (1,227) (1,234) (1,043) (812)TP Northern Odisha Dist Ltd (100%) (8) 20 5 4 Maithon Power Limited (100%) (255) (248) (253) (252)Total 8,521 8,095 7,797 7,694 Tata Power- Debt Profile

₹ Crore unless stated

tatapower.com

45 45

Q4 FY23Q3FY23QoQQ4 FY22YoYCoal SPVs + TPIPL4,722 5,275 554 4,008 (714) TPDDL2,442 2,614 172 2,883 441 TPREL & Subsidiaries (Excl. TPSSL & WREL)11,727 11,940 213 10,394 (1,334) Received Rs. 2,000 cr investors money and capex spend amounting to WREL3,588 3,712 124 4,024 436 TPSSL880 951 71 927 47 Maithon1,615 1,638 22 1,660 45 Odisha DISCOMs2,165 2,082 (83) 1,368 (797) Capex related borrowingsTATA Power21,790 21,200 (591) 22,264 474 Higher capex in Mumbai operationsOthers45 74 29 63 18 Total Debt48,974 49,484 510 47,590 (1,384) CompanyTotal Gross Debt (LT + ST)Quarterly movement RemarksKey Segments - Debt Profile

₹ Crore unless stated

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46 46

Q3FY23Q4 FY22RupeeForexTotalTotalTotalLong term28,097 2,611 30,708 28,592 32,729 Short term7,910 1,291 9,201 12,289 6,976 Current Maturity of LT8,245 820 9,065 8,603 7,885 Total Debt44,253 4,722 48,974 49,484 47,590 Less: Cash & Cash Equivalents12,356 9,529 7,051 Less: Debt against dividend in Coal SPVs1,291 1,824 830 Net External Debt35,328 38,131 39,708 Networth34,204 31,063 26,028 Net Debt to Equity 1.03 1.23 1.53 ParticularsConsolidatedQ4 FY23w w w . t a t a p o w e r . c o m

I N V E S T O R R E L A T I O N S T E A M :

Mr. Soundararajan Kasturi Chief – Treasury & Investor Relations Email: kasturis@tatapower.com M: +91 82912 04022

Mr. Rajesh Lachhani Head – Investor Relations Email: rajesh.lachhani@tatapower.com M: +91 9742947821