TATAPOWERNSE9 August 2023

Tata Power Company Limited has informed the Exchange about Investor Presentation

Tata Power Company Limited

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,

August 9, 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 Standalone Financial Results and Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2023.

Yours faithfully, For The Tata Power Company Limited

(H. M. Mistry) Company Secretary FCS 3606

Encl: as above

Q 1 F Y 2 4 F I N A N C I A L R E S U LT S ( Q U A R T E R E N D I N G J U N E 2 0 2 3 )

9 A U G 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 27 Operational & Financial Highlights 31 Annexures

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About Tata Power

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4 4

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 525 MW Maithon Power Limited (MPL) commissioned

•

2014: Entered into agreement to sell 30% stake in Arutmin for US$401Mn 2015:Commissions the 126 MW 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 105 MWp 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 & Module facility in Tamil Nadu

• TPREL received second tranche of ₹2,000 Cr and issued compulsorily convertible preference shares (CCPS) which will result in further dilution of 5.37% equity stake of Tata Power in TPREL • TPREL receives LoA for 966 MW RTC Hybrid RE Project from Tata Steel

• Tata Power secures LoA worth ₹ 1,744 Cr to install & maintain smart meters in Chhattisgarh

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: 150 MW 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 1,010 MW 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 Cr;

raise promoter holding to 47% from 37%

• Completed sale of Defence business to Tata advanced Systems Ltd. for ₹ 1,076 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) Cr 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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5 5

… to become India’s most Vertically Integrated Power Company

₹ Crore unless stated

TATA POWER COMPANY LIMITED (TPCL) Q1 FY24

Revenue 15,003

EBITDA 3,005

Net Debt 37,749

PAT*** 1,141

THERMAL GENERATION, COAL & HYDRO

RENEWABLES^

TRANSMISSION & DISTRIBUTION

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

Revenue 4,827

EBITDA 988

PAT 689

Revenue 2,089

EBITDA 908

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, SHIPPING & INFRA

PARTICULARS

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 Home E-Bus

PAT 240

CAPACITY

3,142 MW 969 MW

CAPACITY

1,358 MW 2,338 MW

POINTS

4,371 50,430 284

TATA POWER SOLAR SYSTEMS LIMITED (TPSSL)

PARTICULARS

Utility Scale Solar EPC Rooftop EPC Cell & Module Capacity

CAPACITY/ ORDER BOOK ₹17,643 Cr ₹2,504 Cr 530 & 670 MW

TP SOLAR: UNDER CONSTRUCTION

CAPACITY

Cell & Module

4,000 MW (each)

Revenue 9,277

EBITDA 1,069

PAT 331

Revenue (1,190)

EBITDA 40

PAT (119)

ENTITY

Tata Projects Nelco Corporate

BUSINESS MODEL EPC Communication

STAKE

31% 50%

DISTRIBUTION LICENSE

CUSTOMERS STAKE

Mumbai Tata Power Delhi (TPDDL) Odisha

0.76 Mn 1.98 Mn 10.07 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 2,328 789 1.5

719 151.5

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. Renewables (TPREL). CCPS has been issued which will result in further dilution of 5.37% equity stake in TPREL

*** Reported PAT before Minority Interest after exceptional items| ^ Tata Power currently owns 93.94% stake in

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Generation assets located across India…

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Capacity Mix (Domestic + International)

14,294 MW Total

8,860 MW Thermal

880 MW Hydro

443 MW Waste Heat Recovery /BFG

835 MW Wind

2,917 MW Solar

359 MW Hybrid

Distribution of installed capacity (Domestic & International)

62%

38%

20%

Thermal

Clean and Green

Waste Heat/BFG

Wind

Hybrid

Solar

Hydro

PARTICULARSDOMESTIC CAPACITY (MW)1.Gujarat 4,988.5 2.Maharashtra 2,206.5 3.Uttar Pradesh 2,082.1 4.Jharkhand 1,733.0 5.Rajasthan 740.2 6.Karnataka 620.0 7.Tamil Nadu 370.3 8.Andhra Pradesh 311.6 9.Odisha 242.9 10.Madhya Pradesh 174.0 11.West Bengal 123.0 12.Delhi 111.2 13.Bihar 41.0 14.Punjab 36.0 15.Telangana 17.5 16.Uttarakhand 6.6 17.Haryana 1.5 18.Goa 0.7 19.Andaman & Nicobar 0.2 20.Assam 0.2 Grand Total13,807… as well as a few Global locations

P AR T I C U L A R S

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 ~51% capacity post project completion

Tata Power Capacity (IN MW )

Current Operational Capacity share (IN %)

3 3

Thermal

Hydro

Wind

Solar

WHRS/BFG*

Hybrid

Capacity share post completion of projects (IN %)

Total

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

Thermal

Hydro

Wind

Solar

WHRS/BFG*

Hybrid

Thermal

Hydro

Wind

Solar

Hybrid

WHRS

Operational

Solar Pipeline

Hybrid

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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

Inclusion in S&P Global Emerging Market 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 2028

• Employability and

Employment – 20 lakh+ youth trained and made employable by 2028

• Entrepreneurship – Enable

1 lakh+ community collectives (Self Help Groups) by 2028

•

Improve overall gender diversity ratio to 20% by 2028

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Meaningful improvement in ESG ratings

REPORT / FINANCI AL YEAR

CDP – Climate Change

CDP – Water

2 0 2 2

2 0 2 1

2 0 2 0

2 0 1 9

2 0 1 8

DJSI

MSCI

BBB BB

Sustainalytics*

41.2

38.6

*In Apr-23, Sustainalytics ESG Rating has improved to 40.9

ESG Performance @Tata Power

PART IC U L AR S

DESCRIPT ION

ON GOING ACT IONS

VAL UE

Y EAR

VALU E

Y EAR

BAS ELI NE

T ARG ET

Clean & Green Portfolio

16%*

2015

70%

2030

• 38% RE portfolio as on 30th June 2023

Net Zero (Absolute Carbon Emissions)

38.9 Million Tonnes

2023

100%

2045

ENVIRO NM ENT

Water Neutral (Fresh Water Consumption)

69.7 Billion litres

2023

100%

2030

Zero Waste to Landﬁll

5.96 Million Tonnes

Total Non HW Waste (including Ash)

5.8 Million Tonnes

Education

1.6 Million beneficiaries

Employability & Employment

39,156 beneficiaries

SO CIAL

Entrepreneurship

26,170 beneficiaries

2023

3.5 Million

2.0 Million

100,000

2028

Gender Diversity (%)

2023

20%

2028

G O VERN AN CE

DJSI Emerging Markets List (Absolute Score)

67/100

2023

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

• CSR initiatives made a positive impact on 3.7 million lives across

17 Indian states during FY2023 • ₹ 50 Cr CSR spend in FY2023

• Women employees across roles • 59% - Campus hires • Policies supporting women in all life stages and mentorship

program

• ESG Action Plan and Gap Analysis

2023

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

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%

2015

PRESENT

38%

62%

84%

30%

2030

70%

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;

Education

Employability & Employment

Entrepreneurship

Essential Enablers

3.7 Mn

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

85+

D I S T R I C T S I N 1 7 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

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 Generation Growth

India has one of the lowest Power Consumption per Capita

(IN UNITS) 30,000

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

Monthly Power Demand rebounded in Jun-23

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

5.7%

0.93x

5.3%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

1.10x

1.2x

(IN BUs) 155.0

1.0x

135.0

4.4%

4.0%

0.8x

0.6x

0.4x

0.2x

0.0x

115.0

95.0

75.0

55.0

35.0

15.0

-5.0

A p r 2 2

M a y 2 2

J u n

2 2

J u

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

A p r 2 3

M a y 2 3

J u n

2 3

25%

20%

15%

10%

85%

80%

75%

70%

65%

60%

55%

-5%

50%

78%

71%

68%

67%

J u

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

A p r 2 3

M a y 2 3

J u n

2 3

N o r w a y

C a n a d a

U S

J a p a n

R u s s a

F r a n c e

G e r m a n y

C h n a

U K

B r a z

i l

I n d a

FY 13-23

FY 18-23

FY23 & FY22 are estimates as per MoSPI

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, Ministry of Statistics & Program Implementation & Powermin

Source: Central Electricity Authority

Source: National Power Portal

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25,000

20,000

15,000

10,000

5,000

Renewable Energy accounted for ~77% of Capacity additions in Q1 FY24

Total Installed Capacity in India currently stands at ~422 GW

4.2 GW added in Jun-23

(IN GW )

5.8 GW Capacity added in Q1 FY24 (IN MW )

Renewable (incl. Hydro) accounted for ~77% of Q1FY24 Capacity additions (IN %)

238

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

9,363

6,447

13,911 12,784

6,529

5,458

1,766

921

2,068

1,553

1,580

390

614

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

700

3,316

1,140

660

Q 1 F Y 2 4

2,276

223 1,160

F Y 2 3

55% 54%

46%

2% 2% 45% 80%

77%

13%

15%

10%

13%

27%

28%

31%

34%

F Y 1 8

F Y 1 9

F Y 2 0

F Y 2 1

6% 3%

F Y 2 2

14%

1% 7%

F Y 2 3

A p r 2 2

M a y 2 2

J u n

2 2

J u

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

A p r 2 3

M a y 2 3

J u n

2 3

Thermal

Nuclear

Hydro (incl. small Hydro)

Wind

Solar

Other Renewable (Biomass, Waste to Energy)

Source: Central Electricity Authority

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12%

57%

20%

11%

Q 1 F Y 2 4

Polysilicon and Thermal Coal Prices have corrected sharply

Price Movement of Polysilicon & Wafer

Price Movement of Cell & Module

Coal Prices (US$/t)

40 40

35 35

30 30

25 25

20 20

15 15

10 10

5 5

0 0

M M a a r r - - 2 2 0 0

J J u u n n - - 2 2 0 0

S S e e p p - - 2 2 0 0

D D e e c c - - 2 2 0 0

M M a a r r - - 2 2 1 1

J J u u n n - - 2 2 1 1

S S e e p p - - 2 2 1 1

D D e e c c - - 2 2 1 1

M M a a r r - - 2 2 2 2

J J u u n n - - 2 2 2 2

S S e e p p - - 2 2 2 2

D D e e c c - - 2 2 2 2

M M a a r r - - 2 2 3 3

J J u u n n - - 2 2 3 3

1.2 1.2

1 1

0.8 0.8

0.6 0.6

0.4 0.4

0.2 0.2

0 0

0.28

0.23

0.18

0.13

0.08

0.03

450

400

350

300

250

200

150

100

M a r - 2 0

J u n - 2 0

S e p - 2 0

D e c - 2 0

M a r - 2 1

J u n - 2 1

S e p - 2 1

D e c - 2 1

M a r - 2 2

J u n - 2 2

S e p - 2 2

D e c - 2 2

M a r - 2 3

J u n - 2 3

M a r - 2 1

J u n - 2 1

S e p - 2 1

D e c - 2 1

M a r - 2 2

J u n - 2 2

S e p - 2 2

D e c - 2 2

M a r - 2 3

J u n - 2 3

Polysilicon (US$/kg)

Wafer RHS (US$/piece)

Modules (US$/Watt)

Cell (US$/piece)

Source: Bloomberg

South African Coal (6000 kcal / kg) Source: World Bank and Global Coal

Australian Coal (6300 kcal / kg)

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0.030.080.130.180.230.28Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Business Highlights

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Q1 FY24 Highlights

Tata Power has been recognised as India's most attractive employer brand by “Randstad Employer Brand Research in 2023”

Tata Power has been recognised by Fortune India as “Employer of the Future” in 2023 for the second consecutive time

TPREL has received LoA to set up 966 MW Group Captive (379 MW solar and 587 MW wind power) RTC Hybrid Renewable Power Project for Tata Steel

EPC business currently has an order book of ~4,200 MW worth ₹17,600+ Cr (third party EPC accounts for 57% in value)

ICRA and CARE have upgraded Tata Power’s Credit Rating from AA/Stable to AA/Positive

TP Saurya Limited (subsidiary of TPREL) signs a PPA for 25 years with TPTCL to set up a 200 MW (280 MWp) solar project at Bikaner in Rajasthan

Smart Meter installations cross 6,50,000+ across Tata Power DISCOM’s in Odisha, Delhi and Mumbai

Partnered with Ayodhya Development Authority to install EV charging stations in various public-parking areas

Partnered with Le Roi Hotels and Golden Park Hotel & Resort to install chargers across various locations

tatapower.com

Solar Utility Scale EPC Update

WELL DIVERSIFIED UTILITY SCALE ORDER BOOK

TPSSL- Large EPC Order Book (IN ₹ CRORE)

BUSINESS UPDATES

• First ever capacitor bank commissioned in KSEB 110 MW project

• Orders have already

been placed for 1.6 GW modules, 1GW wafers and 800 MW cells to meet bulk of FY24 requirements.

• Order received for

TPTCL 200 MW EPC order.

Order book at the end of Q4 FY23

Orders received in Q1

Q1 Revenue

Order book at the end of Q1 FY24

tatapower.com

CUSTOMERORDER BOOK (₹ CR)Tata Power Group7,658 SJVN3,986 NTPC1,988 NLC1,510 NHPC1,270 SECI666 NHDC492 Others73 Order Book as on 30th June 2023 (₹ Cr)17,643 Total Capacity as on 30th June 2023 (MW)4,199 Tata Power – EZ Charge

OPERATIONAL HIGHLIGHTS

EV CHARGING PLATFORM STATISTICS

Public and Captive Chargers (Energized)

150k+ Registered Users

3,778

593

127

Cities and tow ns covered ( energised )

900k+ Charging Sessions

351

650

250

E4W Home Chargers

Units Consumed (in MUs)

39,580 10,850

7.0

2.0

Deployed 284 E -bus charging points to date

Cumulative E -mobility Supported (in million km)

234

Cumulative till Mar 23

Q1 FY24

BUSINESS HIGHLIGHTS

• Tata Power has energised

a total of 160+ EV charging points in Rajasthan (25 in Q1 FY24) across key highways

• Deploying 1,018 e-bus charging points for Tata Motors CESL project in Delhi, Jammu, Srinagar and Bengaluru

• Partnered with Le Roi

Hotels and Golden Park Hotel & Resort to install chargers across various locations

• Joined forces with

Ayodhya Development Authority to install EV charging stations in public- parking stations

tatapower.com

Solar Rooftop, Group Captive and Pump Business – Q1 Highlights

ROOFTOP SOLAR AND GROUP CAPTIVES

SOLAR PUMP

Revenue (In ₹ Crore)

Q1 FY 24

Q4 FY 23

Q1 FY 23

549

561

Revenue (In ₹ Crore)

Q1 FY 24

170

1,097

Q4 FY 23

Q1 FY 23

241

457 MW orders w on in Q1 (In%)

Pumps Installed YTD

• Order Book (Incl. Group Captive) at Q1 FY24

end stands at ₹ 2,500+ crore

• Strong traction seen in Group Captive with orders

of 415 MW won in Q1 FY24

Installed 112 MW in Q1 FY24

• • Channel network crosses 480+ across 275+

districts

91%

Others

Comm & Industrial

Group Captive

• Order book as at Q1 end stands at ₹ 50+ crore. • Cumulative number of pumps installed 1,00,000+

2,800+

97,500+

Till FY23

Addition in Q1

tatapower.com

Odisha Discoms –Q1FY24 Highlights

STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS

TH E F T L O AD ( M W )

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

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

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

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

Q 1 F Y 2 4

U p t o J u n ’ 2 3

Q 1 F Y 2 4

U p t o J u n ’ 2 3

Q 1 F Y 2 4

U p t o J u n ’ 2 3

Q 1 F Y 2 4

U p t o J u n ’ 2 3

TPCODL

~57,750 smart meters installed till date

Q1 FY24

Q1 FY23

34%

35%

38.3

224

0.5

TPSODL

~48,930 smart meters installed till date

TPWODL

~42,820 smart meters installed till date

Q1 FY24

Q1 FY23

37%

36%

Q1 FY24

25%

Q1 FY23

34%

22.2

129

0.4

5.1

19.1

142

0.2

3.3

TPNODL

~36,580 smart meters installed till date

Q1 FY24

18%

Q1 FY23

28%

25.3

200

1.3

5.9

204

589

100

252

131

362

110

545

tatapower.com

Solar Cell & Module Manufacturing project remains on track

MARCH 2023

JULY 2023

4 GW MODULE FACILITY

4 GW CELL FACILITY

First module production expected by end of Sep-23

MARCH 2023

JULY 2023

tatapower.com

First cell production expected in Q4 FY24

Operational & Financial Highlights

tatapower.com

Q1 FY24 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

100

0.8

0.5

0.4

8.8

8.9

8.0

6.3

5.7

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

Q1 FY 23

Q4 FY 23

Q1 FY 24

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

tatapower.com

Financial Highlights

15th consecutive quarter of PAT growth (Y-o-Y)

Revenue

Q1 FY24

Q4 FY23

Q1 FY23

15,003

12,755

14,776

2% 18%

EBITDA*

43% -3%

Underlying EBITDA (including share of JVs and Associates)

15% 2%

Q1 FY24

Q4 FY23

Q1 FY23

3,005

3,101

2,107

*Reported EBITDA includes other income

Q1 FY24

Q4 FY23

Q1 FY23

3,356

3,280

2,910

PAT (before exceptional items)

3% -4%

Reported PAT (after exceptional items)

29% 22%

Receivables

Q1 FY24

Q4 FY23

Q1 FY23

tatapower.com

906

939

884

Q1 FY24

Q4 FY23

Q1 FY23

1,141

939

884

Q1 FY24

Q4 FY23

Q1 FY23

7,790

7,312

9,442

Comfortable Debt Position For Sustainable Growth

Net Debt (IN ₹ CRORE)

Q1 FY24

Q4 FY23

Q3 FY23

37,749

35,328

38,131

Balance Sheet Continues to Strengthen

Q1FY24

FY23

FY22

FY21

FY20

FY19

FY18

2.75

2.66

1.09

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

Sequential increase in Net Debt due to higher Working Capital and Capex (IN ₹ CRORE)

Q4 FY23 Net Debt

Cash from Operations

Income from JVs

WC Changes

Dividend

Interest Payment & others

Business as Usual Debt

Capex

Q1 FY24 Net Debt

Credit Ratings (Consolidated)

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

2019-20

2020-21

2021-22

2022-23

Current

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

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

tatapower.com

Annexures

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31 31

Consolidated Performance – Q1 FY24

₹ Crore unless stated

tatapower.com

32 32

ParticularsQ1 FY24Q1 FY23Q1 FY24Q1 FY23Q1 FY24Q1 FY23Consolidated before exceptional items15,003 14,776 3,005 2,107 906 884 Standalone & Key SubsidiariesTata Power (Standalone)5,006 5,270 1,486 1,271 446 421 Maithon Power (MPL) *850 755 294 188 189 80 Delhi Discom (TPDDL) **2,806 3,123 337 341 116 121 Power Trading (TPTCL)43 73 16 (14) 11 (12) Solar EPC (TPSSL)***1,492 1,353 64 15 11 (33) Renewable Generation (RE Gencos) ***933 905 844 795 235 230 Coal SPVs incl. TPIPL (Investment Companies)0 0 (7) 0 (113) (94) TERPL (Shipping Co)68 166 34 59 4 26 TP Central Odisha Dist Ltd (TPCODL)**1,405 1,298 70 67 (9) 7 TP Southern Odisha Dist Ltd (TPSODL)**548 521 71 45 19 18 TP Western Odisha Dist Ltd (TPWODL)**1,686 1,356 92 5 23 (23) TP Northern Odisha Dist Ltd (TPNODL)**983 786 102 43 31 7 Others225 270 20 51 2 0 TOTAL - A16,043 15,876 3,422 2,865 964 750 Joint Venture and Associates- - - - 351 803 TOTAL - B16,043 15,876 3,422 2,865 1,315 1,553 Eliminations#(1,040) (1,100) (417) (758) (409) (670) Exceptional Items- - - - 235 - TOTAL - C15,003 14,776 3,005 2,107 1,141 884 Op IncomeEBITDA^^PATPrevious year numbers are restated*TPCL stake-74%; **TPCL stake-51%; ***Tata Power currently owns 93.94% stake in Renewables (TPREL). CCPS has been issued which will result in further dilution of 5.37% equity stake in TPREL, # Eliminations include inter-company transactions; ^^ including other incomeTata Power (Consolidated) Performance

₹ Crore unless stated

tatapower.com

33 33

ParticularsQ1 FY24Q1 FY23VarQuarter Variance RemarksOperating Income15,00314,776227Higher sales and power prices in Odisha discoms, capacity addition in renewables and order impact in MPLOperating Expenses12,27012,812542Operating Profit2,7341,964770Other Income271143128Higher interest income from investmentsEBITDA3,0052,107898Interest cost1,2211,026(195)Higher borrowings for capex and working capitalDepreciation893822(71)Capacity additionPBT before share of Assoc & JVs890259631Share of Associates & JVs results351803(452)Lower profit from coal companiesPBT after share of JV1,2411,062179Tax Expenses335179(156)Higher taxes due to higher PBT and unwinding of deferred taxNet Profit before exceptional items90688423Exceptional Items235 0235Deemed dilution gain on Tata ProjectsNet Profit for the period *1,141884257* As per line item 11 in the SEBI AdvtTata Power (Standalone) Financial Performance

₹ Crore unless stated

tatapower.com

34 34

ParticularsQ1 FY24Q1 FY23VarQuarter Variance RemarksOperating Income5,0065,270(264)Operating Expenses3,9634,721758Lower generation and fuel priceOperating Profit1,043549493Other Income443722(278)Lower dividend income receivedEBITDA1,4861,271215Interest cost598563(35)Depreciation2902911PBT599417181Tax Expenses152(4)(156)Higher deferred taxesPAT for the period44642125Maithon Power Limited - Highlights

₹ Crore unless stated

tatapower.com

35 35

ParticularsQ1 FY24Q1 FY23VarQuarter Variance RemarksGeneration (MUs)1,9982,000(2)Sales (MUs)2,0131,96053Availability (%) (Plant)96%95%1%PLF % 87%87%0%FinancialsOperating Income85075595Favourable order impact for heat rate, Settlement with TPDDL with regards to the PPA disputeFuel Cost48149817Other Operating expenses7876(2)Operating profit291181110Other Income48(4)EBITDA 294188106Interest cost30333Depreciation6968(1)PBT19687109Tax77(0)PAT18980108Prayagraj Power Generation Co. Ltd. - Highlights

₹ Crore unless stated

tatapower.com

36 36

ParticularsQ1 FY24Q1 FY23VarQuarter Variance RemarksGeneration (MUs)3,2353,023212Sales (MUs)3,0512,847205Availability (%)88%74%14%PLF % 75%70%5%FinancialsOperating Income1,1951,000195Higher tariff in merchant sales and higher units soldOperating expenses908858(50)Operating profit288142145Other Income10108(97)Late payment surcharge cess received in Q1 FY23 EBITDA 29825048Interest cost1711765Depreciation5049(1)PBT762551Taxes000PAT762551Tata Power Delhi Distribution Ltd. - Highlights

₹ Crore unless stated

tatapower.com

37 37

ParticularsQ1 FY24Q1 FY23VarQuarter Variance RemarksPurchase (MUs)2,7953,188(393)Sales (MUs)2,6262,982(356)Revenue Per Unit9.708.820.88PPC Per Unit8.096.61(1.49)AT&C losses (%)5.7%8.0%2.3%FinancialsOperating Income2,5482,659(111)Lower units sold on account of lower demand Power Purchase 2,0142,10794 Other Operating Exp.21323522Operating Exp.2,2272,342115Operating Profit3213174Other Income1524(8)EBITDA337341(4)Interest cost7471(3)Depreciation9694(2)PBT167176(10)Tax51554PAT116121(6)Q1 FY24 Odisha Discoms – Highlights

₹ Crore unless stated

tatapower.com

38 38

ParticularsTPCODLTPSODLTPWODLTPNODLPurchase (MUs)3,202 1,170 3,165 1,908 Sales (MUs)2,444 884 2,597 1,631 Revenue per unit5.5 6.2 6.3 5.7 Power Cost per unit3.3 2.3 4.4 3.6 Actual Technical losses (%)24%24%18%15%Actual AT&C losses (%) 34%37%25%18%Vesting order Target AT&C losses (%)22%26%19%19%Income from Operation1,405 548 1,686 983 EBITDA70 71 92 102 PAT(9) 19 23 31 RE Generating Companies*

₹ Crore unless stated

*All renewable generating companies including WREL (Walwhan) and CSL (Chirasthayee Solar Limited)

tatapower.com

39 39

ParticularsQ1 FY24Q1 FY23VarQuarter Variance RemarksCapacity - Total (MW)4,1023,623479Capacity - Wind (MW)96592838Capacity - Solar (MW)3,1362,695441Generation (MUs) 2,1461,896250Sales (MUs)2,1231,873250Avg PLF (%) - Solar25%24%1%Avg PLF (%) - Wind23%26%-3%FinancialsOperating Income93390528Revenue from higher capacity addition and higher solar PLF partially offset by lower wind PLFOperating Expenses155132(22)Operating profit7787725Other income662244Higher interest income from investmentsEBITDA84479549Interest cost309271(38)Higher borrowings made for capexDepreciation240230(9)Capacity additionPBT2952941Tax60644PAT2352305Tata Power Solar Systems Limited – Highlights

₹ Crore unless stated

tatapower.com

40 40

Particulars Q1 FY24 Q1 FY23 Var Quarter Variance RemarksOperating Income1,4921,353139Higher execution of EPC projectsOperating expenses1,4521,340(111)Operating profit401228Other income23221Upfront loss reversal due to extension of timelinesEBITDA641549Margin4.3%1.1%Interest cost324210Higher forex losses in previous yearDepreciation1615(1)PBT15(42)57Tax5(9)(14)PAT11(33)44Margin0.7%-2.4%Renewables – Consolidated View

₹ Crore unless stated

Note: EBITDA includes other income

tatapower.com

41 41

Key Parameters - RenewablesQ1 FY24Q1 FY23Revenue2,089 2,090 EBITDA908 778 PAT240 181 Gross Debt16,374 17,184 Net Debt12,592 16,882 Net Worth12,444 8,222 Regulated - Equity And Assets

₹ Crore unless stated

tatapower.com

42 42

ParticularsQ1 FY24Q4 FY 23Q3 FY 23Q2 FY 23Regulated EquityMumbai Operation 4,642 4,639 4,394 4,380 Jojobera 548 542 542 522 Tata Power Delhi Distribution (100%) 1,945 1,931 1,861 1,846 TP Central Odisha Dist Ltd (100%) 590 590 504 504 TP Southern Odisha Dist Ltd (100%) 369 369 248 248 TP Western Odisha Dist Ltd (100%) 480 480 360 360 TP Northern Odisha Dist Ltd (100%) 398 398 295 295 Maithon Power Limited (100%) 1,684 1,666 1,671 1,669 Industrial Energy Limited (100%) 718 718 718 690 Powerlinks Transmission (100%) 468 468 468 468 Total 11,842 11,801 11,061 10,982 Regulated Assets (As per financial books)Mumbai Operation 3,384 3,500 3,193 2,908 Jojobera (6) (9) (4) 1 Tata Power Delhi Distribution (100%) 6,117 6,139 6,106 5,942 TP Central Odisha Dist Ltd (100%) (4) 83 (22) 28 TP Southern Odisha Dist Ltd (100%) 344 298 284 210 TP Western Odisha Dist Ltd (100%) (1,171) (1,227) (1,234) (1,043)TP Northern Odisha Dist Ltd (100%) (18) (8) 20 5 Maithon Power Limited (100%) (291) (255) (248) (253)Total 8,355 8,521 8,095 7,797 Key Segments - Debt Profile

₹ Crore unless stated

tatapower.com

43 43

Q1 FY24Q4FY23QoQQ1 FY23YoYCoal SPVs + TPIPL4,610 4,722 112 4,676 66 TPDDL2,245 2,442 197 2,831 586 TPREL & Subsidiaries (Excl. TPSSL & WREL)12,178 11,727 (451) 11,564 (614) Capex for additional capacitiesWREL3,467 3,588 121 3,971 504 TPSSL730 880 150 1,649 919 Maithon1,626 1,615 (11) 1,645 19 Odisha DISCOMs2,130 2,165 35 1,700 (430) TATA Power23,368 21,790 (1,578) 21,579 (1,790) Higher working capital, capex and dividend distributionOthers44 45 1 79 35 Total Debt50,398 48,974 (1,424) 49,693 (705) CompanyTotal Gross Debt (LT + ST)Quarterly movement RemarksTata Power- Debt Profile

₹ Crore unless stated

tatapower.com

44 44

Q4FY23Q1 FY23RupeeForexTotalTotalTotalLong term26,536 2,608 29,144 30,708 30,014 Short term10,900 1,187 12,087 9,201 11,007 Current Maturity of LT8,353 814 9,167 9,065 8,672 Total Debt45,788 4,610 50,398 48,974 49,693 Less: Cash & Cash Equivalents11,462 12,356 5,987 Less: Debt against dividend in Coal SPVs1,187 1,291 1,363 Net External Debt37,749 35,328 42,343 Networth34,672 34,204 27,284 Net Debt to Equity 1.09 1.03 1.55 ParticularsConsolidatedQ1 FY24w 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

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