TATAPOWERNSE14 May 2025

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 Sir/Madam,

May 14, 2025

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

Pursuant to Regulations 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, 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 quarter and financial year ended March 31, 2025.

The above information are also being made available on the Company’s website at www.tatapower.com

Yours Sincerely, For The Tata Power Company Limited

Vispi S. Patel Company Secretary FCS 7021

Encl: As above

F I N A N C I A L R E S U L T S – Q 4 F Y 2 5

1 4 M AY 2 0 2 5

3 2 0 M W B h a i n s a r a , R a j a s t h a n

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.

Agenda

About Tata Power

Sustainability: Manifesting a Greener Tomorrow

Industry Highlights

Business Highlights

Operational & Financial Highlights

Annexures

68 What sets us Apart

About: Tata Power Company Limited (TPCL)

tatapower.com tatapower.com

India’s largest vertically-integrated power company

Generation

New-age Energy Solutions

Generation

~25.7 GW

~16.8 GW

~8.9 GW

Total Capacity (Operational + Under construction)

Clean & Green Energy (Including 9.9 GW Under Construction)

Thermal energy generation (Installed capacity)

Transmission

Distribution

4,633 Ckm

Operational Transmission lines

2,414 Ckm

Transmission line under construction

12.8 Mn

Customers in Distribution

New-age Energy Solutions

~4.9 GW

Integrated module manufacturing capacity

2.8 GW

MoU signed for Pumped Hydro Project (PSP)

5,488

Public EV charging points energised across 600+ cities and towns

Renewables

Transmission & Distribution

Generation, Transmission and Distribution assets spread across India

Capacity Mix (Domestic + International)

8,860 MW Thermal

1,034 MW Wind

880 MW Hydro

25,668 MW

Total capacity (Operational + Under construction)

443 MW Waste Heat Recovery /BFG

4,516 MW Solar

9,935* MW Clean & Green capacity under construction

Distribution of installed capacity (Domestic & International) (%)

Thermal

Clean and Green

Solar

Wind

Waste Heat/BFG

Hydro

Transmission assets

Distribution assets

Generation assets

Transmission and Distribution

12.8 Mn

Customers in Distribution

4,633 Ckm

Operational Transmission lines

2,414 Ckm

Transmission pipeline under construction

*Includes 15MW of IEL and excludes Rooftop under-pipeline capacities

Assets located outside India

Georgia, Adjaristsqali

187 MW

Installed capacity

50%

TPCL stake

Zambia, Itezhi Tezhi (ITPC)

120 MW

Installed capacity

50%

TPCL stake

Bhutan, Khorlochhu

600 MW

Pipeline capacity

40%

TPCL stake

Bhutan, Dagachhu

126 MW

Installed capacity

26%

TPCL stake

Indonesia Coal Mines

78 MT

Total Capacity

Coal mines

Tata Power Share %

Kaltim Prima Coal (KPC) Baramulti Suksessarana (BSSR) Antang Gunung Meratus (AGM)

30% 26% 26%

*Operational Parameters

KPC

BSSR

AGM

Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24

Production (MT) Sales (MT)

12.4 11.9

14.5 13.5

1.1 1.1

1.6 1.4

2.8 2.7

4.0 3.6

Hydro

Coal Mines

Thermal Power Plant v

Under Construction Hydro Plant

54 MW

Installed capacity

30%

TPCL stake

Revenue (USDm) EBITDA (USDm) PAT (USDm)

811.1 28.7 16.1

1111.6 60.2 40.2

46.0 6.7 2.9

70.6 24.1 10.0

107.1 27.5 16.6

170.5 48.4 30.3

*Operational and Financial numbers on a 100% basis.

PT Citra , Indonesia

*Financial Parameters

KPC

BSSR Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24

AGM

Financial performance consistently improving over the years

Revenue (in ₹ Cr) 64,502

FY25

FY24

FY23

FY22

FY21

FY20

61,542

56,033

42,576

33,239

28,948

Reported PAT^ (in ₹ Cr) 4,775

FY25

FY24

FY23

FY22

FY21

FY20

4,280

3,810

2,156

1,439

1,316

EBITDA (in ₹ Cr)

14,468*

FY25

FY24

FY23

FY22

FY21

FY20

ROE (%) 12.8%

FY25

FY24

FY23

FY22

FY21

FY20

Underlying EBITDA (in ₹ Cr)

15,261**

FY25

12,701

10,068

8,192

7,978

8,317

FY24

FY23

FY22

FY21

FY20

13,878

13,268

10,134

8,851

9,269

EPS (₹) ^^

13.53

FY25

FY24

FY23

FY22

FY21

FY20

5.36

3.17

3.12

11.02

10.43

11.3

12.6

8.4

6.1

6.2

*Including other income | **Including Share of JV's and Associates | ^ Before Minority Interest | ^^Adjusted EPS (before exceptional items)

Clean & Green to account for ~65% capacity post project completions

Tata Power Capacity (IN MW)

Thermal

Solar

Wind

Hydro

WHRS

Hybrid

Operational

Wind

Solar

Hydro

Complex / FDRE

PSP

Hybrid

Total Clean & Green capacity

Project Pipeline

tatapower.com

Current Operational Capacity share (IN %)

5%3%

25%

56%

Thermal

Solar

Hydro

Wind

Hybrid

WHRS

Capacity share post completion of projects (IN %)

3%2%

35%

10%

11%

14%

18%

*WHRS: Waste Heat Recovery System

Thermal

Solar

Hybrid

PSP

Hydro

Complex/FDRE

Wind

WHRS

Sustainability: At the core of all that we do

Net Zero B y 2 0 4 5

tatapower.com

Water Neutral B y 2 0 3 0

Zero Waste to Landfill B y 2 0 3 0

Our sustainability aspirations

Become Net Zero by 2045

Become Water Neutral by 2030

Zero Waste to Landfill by 2030

No Net Loss to Biodiversity by 2030

Leverage technology to create the 'Utility of the Future’ (IOT, Smart Grids, BESS, Green H2, robotic panel cleaning etc.)

Education : Train 21 lakh+ people in digital & financial inclusion by 2028. Enable 7.5 lakhs+ conservation and STEM education champions by 2028.

Employability and Employment : 3.76 lakh+ youth to be trained and made employable by 2028 with over 40% outreach to women

Entrepreneurship : Enable 35,000+ community collectives (Self Help Group members) under Anokha Dhaaga by 2028

Impact Lives of 80mn by 2030 : Enabling Progressive practices in 4,000+ Community Institutions with 15% special outreach under Tata Affirmative Action.

Gender Diversity : Improve Gender Diversity to 20% by 2028

Train 7,000+ trainers in conservation education pedagogy

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

Inclusion in S&P Global Emerging Market List by 2027

Taking leaps towards our ESG goals

Pa rt i c u l ar s

D esc r i pt i on

Ba sel i n e

Prog res s

Ta rg et

V a l u e

Y ea r

V al ue

Y ea r

V a l u e

Y ea r

Clean & Green portfolio

16%*

2015

44%

2025

70%

2030

E n vi ron ment

Net Zero (Absolute Carbon Emissions) Scope 1 and 2 Water consumption (Total Water Consumption)

Zero Waste to Landﬁll

Total Non-Hazardous Waste (including Ash)

Education Employability & Employment

41.5 Million tonnes CO2e

2024

43 Million tonnes CO2e

2025

2045

320 Mn m3

2024

301 million m³

2025

100%

2030

6.73 Million Tonnes non-hazardous waste; 233 Tonnes hazardous waste

7.59 MT

26.25 Lakh

2.76 Lakh beneficiaries

2024

6.37 Million tonnes non- hazardous waste, 1,114 tonnes hazardous waste 26.65 Lakh

2025

28.5 Lakh

3 Lakh

2025

3.76 Lakh

2028

Entrepreneurship

30,000 beneficiaries

2024

40,000

2025

35,000

2028

S oc i a l

Gender diversity (%)

10%

2024

10%

2025

20%

2028

O n g oi n g ac t i on s

• ~ 44% Clean and Green Capacity • ~ 65% Clean and Green Capacity, post project

completions

•

Incremental Scop1 emissions increases is attributable to improved “Weighted average”

Improved waste-water utilisation

• Waste management plans for Biodegradable, Plastic and

E-waste

•CSR initiatives made a positive impact on 47.54 lakh lives directly benefitting across 18 Indian states during FY25 • 5 nation-wide, long-term initiatives launched with Government and Tata Group synergies •Special outreach made in 19 aspirational districts including the focus of PWDs, SC/ST • ₹ 74.27 crores CSR investments made across 100 neighbourhoods in Tata Power Group

•Women employees across roles •36% - Campus hires •23 % - Finance and Accounting •27 % - Digital and technology •Policies supporting women in all life stages and mentorship program

2025

100%

2030

• Beneficial utilisation of Ash waste

Govern a n c e

DJSI Emerging Markets List (Absolute Score) *Base year 2015 for Clean & Green portfolio in alignment with Paris Agreement

67/100

2023

2025

80/100

2027

• ESG Action Plan and gap analysis

Achieving 100% Clean & Green power generation by 2045

2015 Largely a coal-based company, having capacities to fulfil the energy demands of a developing India

2025 Transitioning towards a clean and green portfolio through renewable energy capacity expansion

2030 Clean & Green capacity will account for at least 70% of our overall capacity in 2030

2045 Transition away from thermal portfolio in 2045* as Power Purchase Agreements (PPA’s) for our thermal capacities expire

100

Clean & Green (%)

Thermal (%)

*Subject to completion of contractual obligations and useful life

Gradually improving our ESG ratings

CDP – Climate Change

CDP – Water

S&P - CSA (Higher score is better)

MSCI

Sustainalytics (Lower score is better)

2025

2024

2023

2022

2021

2020

2019

B-

BBB

37.5

37.4

38.5

41.2

38.6

Dates of last published ratings: CDP – Water : February 2025; CDP – Climate Change : February 2025; S&P-CSA – November 2024; MSCI – April 2025; Sustainalytics – January 2025

Powering Biodiversity Conservation

Present across 5 Ecosystems

Biodiversity Action Plans for all sites

TNFD pilot completed

No Net Loss for Biodiversity Action plan for 60 solar sites & 22 wind sites

Active partnerships with Government bodies, CII – IBBI, IUCN, SNEHA NGO, ICICI Foundation, Godrej

Empowering Communities

CSR Mission

To work with communities in our neighborhoods & specially identified regions to address 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

47.54

lakhs (FY25) Outreach Reaching out by Strengthening Community Institutions

14.99 lakhs FY25(Q4)

110+

Districts in 18 states

Public Private Partnerships (Collaboration & Leverage)

Improving access & creating opportunities

Far Reaching Impact on Community and Co- ownership

Optimal Utilization of Resources

Green Jobs

Technology Enablement

Institutionalization & Standardization

Tree Mittra leveraged for social afforestation

Key Programmes Footprint and Inclusion Focus

CSR footprint

Tata Power footprint

Density areas

TP presence

19 Aspirational Districts

110+ Districts

18 States

AA Density map

Thought Leadership for Social Inclusivity

• Pay Autention Bridgital Network, the toll-free helpline,

purple directory, and E-Sanidhya web platform promotes phygital support services and capability-building for neurodiverse individuals & care-givers; easing home-care & early diagnosis in India

• 18,000 families and caregivers in Maharashtra, NCR,

Odisha, Jharkhand, Tamil Nadu, Kerala, Andhra Pradesh, Karnataka via E-Sanidhya platform with NIEPID, MSJE- Govt. of India & Tata Elxsi; our tollfree helpline, home-care tutorials, dance-movement-play therapies & nutrition workshops, experiential immersions, street plays, fun-fairs, purple fests & Divya kala melas.

• Volunteers from over 12 Tata Group companies actively participate in awareness and skill-building initiatives.

• Working PwDs with for products hamper creation under Anokha Dhaaga, enabling PwD social -micro enterprises.

• Tata Affirmative Action ethos based special initiatives

ongoing with sanitation workers & other tribal women & farmers groups

NGOs

Clinical facilities

Researchers

Corporates

Government

Institutions

Volunteers

Parents and

Caregivers

Well-established Governance Systems

Our CSR and Sustainability Committee at the Board level guides the strategy, and the Apex Leadership Team enables its 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.

y g o o n h c e t

w e N

Leadership and Oversight on Sustainability

Advocacy

Leadership with care

Care for our environment (society at large) • • •

Environment conservation Efficient use of energy Investment in green technology

Initiatives that are based on, and are encompassing

What needs to be done (material to both, for 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

What we should take up as national thrust areas for development

Care for our people

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

Going beyond compliance

Architecture of Care

m e t s y S d n a

s e r u t c u r t S

a n o i t u t i t s n

Robust Governance Structure in place

Audit Committee

Nomination and Remuneration Committee

Shareholders

Board of Directors

Stakeholders Relationship Committee

Governance policies

 Tata Code of Conduct

 Code of Conduct for Independent Directors

 Code of Conduct for Non-Executive Directors

 Related Party Transactions Policy, Framework & Guidelines

 Whistle Blower Policy & Vigil Mechanism

 Risk Management Policy - ISO certified

 CSR Policy

 Tata Code of Conduct for Insider Trading and Corporate

Disclosure Policy

 Dividend Policy

CSR & Sustainability Committee

 Policy for determining Material Subsidiaries

 Policy for determining Materiality for Disclosures

Risk Management Committee

 Remuneration Policy for Directors, Key Managerial Personnel

and Other Employees

 Charters of various Board appointed Committees and others

Awards & Recognition

Autism Awareness Month Campaign

Purple Fest –2025 in collaboration with Ministry of Social Justrice, Rashtrapati Bhawan, New Delhi

IITs-linked research & innovation via Club Enerji model showcased at TMM. Showcased thought leadership in sustainability and innovation

Amplified Grassroots Voices Curated multimedia storytelling via Chronicles of Impact (COI) to highlight regional changemakers – 10 stories covered.

Karta scholarship – Under Affirmative Action awarded to 12 Girl students

E-Sanidhya launched in collaboration in NIEPID & Technical partner Tata Elexi

Industry Highlights

tatapower.com

Power Demand is up 4.2% Y-o-Y in FY25 despite unfavourable base

India has one of the lowest power consumption per capita (IN KW H)

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

Monthly Energy Requirement (IN BUs)

Coal-based plants' PLF % (IN %)

30,000

25,000

20,000

15,000

10,000

5,000

1,360 units

India’s Power Consumption Per Capita

6.0%

1.01x

0.91x

5.5%

4.8%

4.9%

FY15 - FY25

FY20 - FY25

GDP Growth (CAGR)

1.2x

1.1x

1.0x

0.9x

0.8x

0.7x

0.6x

0.5x

0.4x

175.0

155.0

135.0

115.0

95.0

75.0

55.0

35.0

15.0

-5.0

14%

11%

-1% 0%

-4%

-6%

J a n 2 4

F e b 2 4

M a r 2 4

A p r 2 4

M a y 2 4

J u n 2 4

J u

2 4

A u g 2 4

S e p 2 4

O c t ' 2 4

N o v 2 4

D e c ' 2 4

J a n 2 5

F e b 2 5

M a r ' 2 5

25%

85%

20%

80%

75%

70%

65%

60%

55%

50%

15%

10%

-5%

-10%

80%

74%

73%

68%

J a n 2 4

F e b 2 4

M a r 2 4

A p r 2 4

M a y 2 4

J u n 2 4

J u

2 4

A u g 2 4

S e p 2 4

O c t 2 4

N o v 2 4

D e c 2 4

J a n 2 5

F e b 2 5

M a r 2 5

Power Generation Growth (CAGR)

Energy Requirement

Power Gen growth: GDP growth (RHS)

YoY Growth

Central Sector

All India

State Sector

Private Sector

Source: RBI, Ministry of Statistics & Program Implementation & Powermin

Source: CEA

Source: NPP

N o r w a y

C a n a d a

U S

J a p a n

R u s s i 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

n d a

Data represents per capita power consumption for CY23

Source: ember-climate.org

tatapower.com

RE accounted for 89% of Capacity additions in India during FY25

Total Installed Capacity in India currently stands at 475 GW

~13.2 GW added in Q4FY25

(IN GW)

33.4 GW added in FY25* (IN GW)

Renewables (incl. Hydro) accounted for ~89% of capacity additions in FY25 (IN %)

12 8

106

247

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

0.1

3.0

0.0 0.0

2.4 2.2

0.2

1.4

1.5 1.6

0.7

J a n 2 4

F e b 2 4

M a r

2 4

A p r 2 4

M a y

2 4

J u n 2 4

J u

2 4

A u g 2 4

S e p 2 4

O c t

2 4

N o v

2 4

D e c

2 4

J a n 2 5

F e b 2 5

M a r

2 5

0.7

1% 5%

1.4 0.1

15.0

23.9

54%

46%

45%

0.1

10%

13%

15%

27%

28%

31%

34%

F Y 1 8

F Y 1 9

F Y 2 0

F Y 2 1

3.3

5.9

F Y 2 4

4.1

0.8

3.7

F Y 2 5

77%

80%

58%

72%

13%

23%

F Y 2 4

12%

11%

F Y 2 5

6% 3% 8%

F Y 2 2

14%

1% 7%

F Y 2 3

0.5

9.4

1.8 0.9

4.6

F Y 1 8

0.8

6.4

2.1 0.4

4.3

F Y 2 0

0.3 5.5

1.6 0.6

4.1

F Y 2 1

0.4 6.5

1.6 0.2 3.4

F Y 1 9

0.4

0.1

13.9 12.8

1.1 0.6 1.4

F Y 2 2

2.3 0.2 1.2

F Y 2 3

Thermal

Hydro (incl. small Hydro)

Wind

Solar

Nuclear

Other Renewable (Biomass, Waste to Energy)

As on 31st March’2025 *220 MW of gas based capacity and 655 MW of coal based capacity was decommissioned in April, 2024 and March, 2025 respectively

Source: Central Electricity Authority

tatapower.com

Cell and Module prices stable at trough level; Coal prices have dropped lately

Price Movement of Polysilicon & Wafer

Price Movement* of Solar Cell & Module

Thermal Coal Prices (US$/t)

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

5.51

0.15

M a r - 2 1

J u l - 2 1

N o v - 2 1

M a r - 2 2

J u l - 2 2

N o v - 2 2

M a r - 2 3

J u l - 2 3

N o v - 2 3

M a r - 2 4

J u l - 2 4

N o v - 2 4

M a r - 2 5

0.30

0.25

0.20

0.15

0.10

0.05

0.00

500

450

400

350

300

250

200

150

100

0.09

0.04

117.7

96.6

M a r - 2 1

J u l - 2 1

N o v - 2 1

M a r - 2 2

J u l - 2 2

N o v - 2 2

M a r - 2 3

J u l - 2 3

N o v - 2 3

M a r - 2 4

J u l - 2 4

N o v - 2 4

M a r - 2 5

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

S e p 2 3

D e c

2 3

M a r 2 4

J u n

2 4

S e p 2 4

D e c

2 4

M a r 2 5

Polysilicon (US$/kg)

Wafer RHS (US$/piece)

Cell (USD/piece)

Modules (US$/Watt)

Modules (USD/Watt)

Cell (US$/Watt)

Indonesia Coal(6322kcal/kg)

Australian Coal (6300 kcal / kg)

Source: Bloomberg

Source: Bloomberg, World Bank, and Global Coal

*Price for imported Cell & Modules (FOB basis); both tariff (BCD of 40% on modules and 25% on Cell) & non- tariff barriers (ALMM & DCR) results in domestic prices for Cell and modules trading higher than imported tatapower.com

RE auctions continue to gain momentum; at a record ~57 GW in FY25

Minimum e-reverse auction tariff’s in FY25 (₹/kWh)

Renewable energy auction volumes (GW)

60.0

4.8

4.3

3.8

3.3

2.8

2.3

1.8

4.1

3.3

2.7 2.5

2.4

3.3

2.8

2.7 2.5

4.4

3.8

3.2

3.1

2.7

4.4

3.6

3.4

3.2

2.6

3.6

3.3

2.8

2.4 2.0

3.3

3.2 2.7

2.3 2.1

3.2

2.5

2.4

2.3

50.0

40.0

30.0

20.0

10.0

1.4 1.7

9.2

0.4

2.2 6.8

2.5

0.1 1.9 1.5

11.1

0.3 2.5 1.5 3.1

6.7

1.4 0.6

7.3

5.4 0.8 2.5

34.6

1.7

6.2

10.6

9.3

6.6

3.1

19.4

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY20

FY21

FY22

FY23

FY24

FY25

Solar

Wind

Hybrid

Hybrid (with storage)

Floating Solar

Solar

Wind

Storage

FDRE

Hybrid (S+W)*

Hybrid (S+ESS)**

Source:- Elekore HSBC Research, JM Financial

Hybrid (S+W+ESS)***

*S+W = Solar + Wind **S+ESS = Solar + Energy storage solutions ***S+W+ESS = Solar + Wind + Energy storage solutions

Source:- JM Financials

Transmission auction bids continue to surge in FY25

₹9.3 tn transmission Capex anticipated in India between FY25-32E

Intra-State, ₹2.7 tn

Inter-State, ₹6.6 tn

Inter-State Transmission System Intra-State Transmission System

Sr. No.

Key Highlights

Current

2032E

4.91 Lakhs

6.48 Lakhs

Transmission line Length (CKm)

Transformation Capacity (GVA)

Peak Electricity Demand

Inter-regional transmission capacity

Source: National Electricity Plan (NEP) –Mar’25

FY25 Transmission Auction Bids surge nearly 3.1x FY24 Levels (In ₹ Bn)

1,577

506

212

107

100

148

105

132

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

1,290

2,342

Source:- Tata Power Estimates, ICICI Securities

235 GW

458 GW

119 GW

168 GW

India Distribution: On the mend but concerns remain

All India AT&C losses (%) have risen in FY24 after declining in the past two years

RDSS and LPS have helped reduce DISCOM overdues (In ₹ Cr)

All India basis

6 6 2

5 5 2

7 5 2

6 2 2

7 3 2

5 1 2

6 1 2

7 0 2

3 2 2

4 6 1

* 6 7 4 1 5 1

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F

* Provisional numbers,

FY24 final data is awaited

AT&C (Aggregate Technical & Commercial) Losses (%)

Source: PFC Report

1,05,330

1,02,780

83,716

59,127

25,016

26,242

20,353

25,419

FY19

FY20

FY21

FY22

FY23

FY24

FY25

Source: PRAAPTI portal

Current As On 14 May’25

While green shoots are visible in distribution sector, major concerns remain

Key challenges for State DISCOMs

Increased power purchase cost

Shift of subsidizing C&I customers to options of OA/GC/RTS

Limitation on taking RE benefits

Note: RDSS is Revamped Distribution Sector Scheme, LPS is Late Payment Surcharge

Business Highlights

tatapower.com

N e e m u c h 3 3 0 M W S o l a r P l a n t , M a d h y a P r a d e s h

Key Highlights

Tata Power crosses the milestone of ₹ 5,000 Cr PAT(before exceptional item) in FY25

Tata Power is partnering Tata Motors in a Co-branding initiative for deploying 100 chargers across Indias

TPREL ties up with Tata Motors to set up 131 MW Wind-Solar hybrid project

Signed an MoU with the Odisha Renewable Energy Development Agency (OREDA) to accelerate rooftop solar power adoption among residential customers under PM Surya Ghar program

Moody’s has upgraded its outlook on Tata Power from Ba1/ Stable to Ba1/ Positive

354 MWp Solar Rooftop installed in Q4 FY25 and executed 568MW of Utility scale EPC projects (incl. Group captive) during the quarter

Tata Power marks major milestone with 1.5 Lakh+ Rooftop Solar Installations

Tata Power led Odisha Discoms Ranked among India’s Best; secure A+ Ratings among Indian Power Utilities for FY24

All 4 cell lines ramped-up and achieved First Cell Out (FCO) of TOPCon pilot cell line

TP Solar has secured a contract to supply 292.5 MWp DCR modules worth ₹632 Cr from SECI

tatapower.com

Free charging offer in collaboration with Tata Motors for new customers — over 8,200 customers actively charging using our network

Solar Rooftop – Q4 & FY25 Highlights

3rd Party Rooftop Order Book (In ₹ Cr )

Revenue of 3rd Party Rooftop (In ₹ Cr )

1,072

864

Q4 FY25

864

827

1,036

Order book at the end of Q3 FY25

Orders received in Q4

Q4 Revenue

Order book at the end of Q4 FY25

Q3 FY25

509

Q4 FY24

617

3rd PARTY ROOFTOP • Order Book at Q4 FY25 stands at ₹ 1,036

crore

• 354 MWp Solar Rooftop installed in Q4

FY25

• Channel network crosses 600+ partners

across 400+ districts

437 MWp orders won in Q4FY25 (In%)

Revenue Breakup for FY25 (In ₹ Cr)

32%

68%

38%

62%

Rooftop Residential

Rooftop C&I

Rooftop Residential

Rooftop C&I

tatapower.com

Tata Power – EZ Charge

Cities and towns covered*

Public and Captive Charging Points*

641

555

541

430

178

5,488

5,488**

3,778

1,128

344

FY 21

FY 22

FY 23

FY 24

FY 25

FY 21

FY 22

F Y 23

FY 24

FY25

Home Chargers*

1,36,777

Bus Charge Points*

1,238

858

86,086

38,899

13,107

2,698

234

tatapower.com

*The above-mentioned data is on cumulative basis

**Charging points unchanged in FY25 due to rationalization of EV chargers and relocating some chargers from low utilization locations to higher utilization locations

FY 21

FY 22

FY 23

FY 24

FY 25

FY 21

FY 22

FY 23

FY 24

FY 25

Odisha Discoms - FY25 Highlights

Smart Meters Installed till Date

REDUCING AT&C LOSSES => PROMISING GROWTH ( Exc l . past ar r e ar s)

TPCODL

~2,87,205

TPSODL

~3,31,550

TPWODL

~4,47,540

TPNODL

~2,63,245

FY25

19.6%

FY24

21.9%

FY25

20.8%

FY24

25.9%

FY25

17.1%

FY24

16.1%

FY25

12.6%

FY24

14.2%

STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS

T H E F T L O A D ( M W p )

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

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

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

Q 4 F Y 2 5

U pt o M a r ’ 25

Q 4 F Y 2 5

U p t o M a r ’ 25

Q 4 F Y 2 5

U p t o M a r ’ 25

Q 4 F Y 2 5

U p t o M a r ’ 25

411

0.9

12.3

250

478

324

0.8

7.7

168

305

417

0.6

8.6

234

460

107

0.4

9.9

211

685

tatapower.com

Key T&D segments have reported robust PAT (₹ Cr) growth over the years

240

209

183

147

162

303

318

316

227

197

FY 21

FY 22

FY 23 Mumbai Distribution

FY 24

428

439

440

453

FY25

843

FY 21

FY 22

FY 23

FY 24

FY25

Mumbai Transmission

439

236

253

308

FY 21

FY 22

FY 23

FY 24

FY25

FY 22

FY 23

FY 24

FY25

TPDDL (Delhi Distribution)

tatapower.com

Odisha DISCOM’s

4.3 GW Cell and Module Manufacturing Plant - Update

4.3GW Module plant operating at >90% utilisation

All Four Cell lines (1GW each) have ramped up

First Cell out(FCO) of 0.3GW TOPCon Pilot Cell line

Module production ramp up (GW)*

~3.70

0.88

3.29

0.93

0.87

0.61

Cell production ramp up (GW)* ~3.70

0.65

0.85

0.20

Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25

FY25

FY26E

Q3 FY25

Q4 FY25

FY25

FY26E

*Module plant commissioned in Q4FY24 and first 2GW cell line commissioned in September 2025 and second 2GW cell line in December 2025

tatapower.com

PM Surya Ghar Yojna (PMSGY): Will be the focus area for coming years

Salient features of PMSGY Scheme

Why The Scheme Works

1 Cr

Households with Solar Rooftops

Sr. No.

Type of Residential Segment

Central Financial Assistance (CFA)

₹11,000 Cr

Budget allocated for FY25

₹20,000 Cr

Budget for FY26

3 Mn

Households Tata Power’s target for next 3 years

Advance payment by customer to installer, subsidy later to customer

Up to 2 kW

Between 2 kW and 3 kW

₹30,000 per kW or part thereof

₹18,000 for additional kW or part thereof

Capacity beyond 3 kW

No additional CFA

₹18,000 per kW

Group Housing Societies/ Residential Welfare Associations (GHS/RWA) etc., for common facilities, including EV Charging, up to 500 kW (@3 kW per house), with the upper limit being inclusive of individual rooftop plants installed by individual residents in the GHS/RWA

Cost to Customer  Attractive subsidies till 3 kW  Program beneficial for developers also as

the process requires front ending of payment by customer to vendor

Easy Process  Feasibility check by DISCOM - simple requirements and online process

 Short inspection & disbursement timelines  National Portal for simplification of registration process (link). 1.45Cr registrations done

Finance Cost  Cheap loans at ROI of ~7%  PSU banks given disbursal targets  Push to lenders from the GOI & RBI

Awareness  Central government - leading the campaign  Vendors offline campaigns  Awareness programs

Program re- designed to simplify, fast track implementation and lower the cost of ownership

Tata Power is the market leader in Solar Rooftop EPC

Rooftop Solar has grown at 17% CAGR between 2019-23 (In MW)

India has 14.5GW of installed solar rooftop capacity (In MW)

Tata Power has 13.1% market share in Solar Rooftop EPC Market Size = 2,855 MW in CY23

2,855

2,640

2,196

731

1,085

7,619

3,669

3,196

1,534 180

965

389

1,351

358

659

334

746

1,039

411

2019

2020

2021

Residential

Commercial

Industrial

1,659

1,381

Split by Business Model Total Installed Capacity (In MW)

250

2022

389

2023

2,997

11,487

Commercial

Industrial

Residential

Source:- Bridge to India (CY23 report) 2024 data is awaited

tatapower.com

OPEX Model

CAPEX Model

Tata Power

Roofsol

13.1

2.31.6 1.4 1.3

Mahindra Hartek

Orb

Others 81.6

Notable Utility Scale FDRE/Hybrid Tenders won recently

SJVN 460MW* FDRE

NTPC 200MW* FDRE

MSEDCL 400MW* Hybrid PH IV

Tariff (₹/unit)

4.38

e-RA date

7 Nov 2023

Installed capacity (MW)

1,317 MW

Tender type

Capacity sizing (x)

FDRE

~3x

Commercial Operation

May, 2026

LoA status

PPA status

Received

Signed

*PPA Capacity Abbreviations: FDRE- Firm and Dispatchable Renewable Energy, e-RA- Electronic Reverse Auction

4.71

22 Mar 2024

585 MW

FDRE

~3x

April, 2027

Received

Signed

3.60

16 Aug 2024

501 MW

Hybrid

~1.3x

November, 2026

Received

Signed

Pumped Storage Hydro Plants (PSP) - Project Update

BHIVPURI PSP

Key Highlights

1,000 MW

Type Existing Off-stream

Upper Reservoir Thokarwadi ~348 MCM (million cubic meters)

Lower Reservoir New ~4.6 MCM

Daily Generation 8,000 MWhr

Tentative Capital Investment ₹ 5,666 Crores

Timeline Construction Activities: Started Completion: Aug-2028

tatapower.com

SHIRWATA PSP

Key Highlights

1,800 MW

Type Off-stream

Upper Reservoir New -15 MCM

Lower Reservoir Existing Shirwata Dam 197 MCM

Daily Generation 10,800 MWhr

Tentative Capital Investment ₹7,850 Crores

Timeline Construction to begin: Mid-2025 Completion: End-2029

MoU with Druk Green Power to develop 5,100 MW clean energy projects in Bhutan

15 GW

Bhutan’s vision 2040 for hydro

5 GW

Bhutan’s vision 2040 for solar

740 MW

2.4 GW

Total installed capacity in Bhutan

126 MW

364 MW

1,125 MW

600 MW

Bhutan

Chamkharchhu IV HPP

Dorjilung HPP

Khorlochhu HPP

Existing hydro station

Proposed Hydro Power Plants (HPP)

Potential Plants (HPP/ PSP)

Dagachhu HPP

Gongri HPP

Jerichhu PSP

1,800 MW

2.8 GW

Projects under execution

10.9 GW

Proposed projects

Plant name

Installed capacity (MW)

Design energy (GWh)

Project status

Khorlochhu HPP

Dorjilung HPP

Gongri HPP

Jeri Pumped Storage

Chamkharchhu-IV HPP

Solar project

Total

600

1,125

740

1,800

364

500

5,129

2,524

4,504

2,721

3,942

1,501

15,192

Construction started

Technical due diligence started

DPR in progress

PFS (2015)

Construction has begun at the ₹6,900 Cr Khorlochhu HPP that is expected to be commissioned in Sept 2029

Khorlochhu hydro power project details

600 MW Total project capacity

40% Tata Power Stake

90.62% Average TG efficiency

752.20 M Minimum head

Double circuit 400 KV line to Goling through Yangbari s/s Proposed power evacuation

1.12% Aux power consumption

>95% Availability

48% Plant load factor

145 Km Transmission line (to be constructed by Bhutan Power corporation)

Vertical Pelton @ 375 RPM Type of turbine

Construction commenced

October 2024

59 Months

Project completion period

September 2029

Project expected to commission

2/3rd of transmission projects are expected to commission in CY25

Year

Project

Tata Power Stake Under Construction

Capex

Date Of Commissioning

Revenue

2027

ERES XXXIX Transmission

2026

Paradeep Transmission

Rajasthan Phase IV Part C

Jalpura Khurja Power Transmission Limited

South East U. P. Power Transmission Company Limited

2025

Northern Region System Strengthening Scheme

100%

26%

377 Ckt Kms

₹2,500 Cr

December, 2027

₹290 Cr

384 Ckt Kms

₹2,300 Cr

November, 2026

682 Ckt Kms

₹1,544 Cr

December, 2025

162 Ckt Kms

₹756 Cr

October, 2025

₹256 Cr

₹163 Cr

₹92 Cr

732 Ckt Kms

₹4,750 Cr

September, 2025

₹544 Cr

77 Ckt Kms

₹500 Cr

June, 2025

₹49 Cr

Operational & Financial Highlights

tatapower.com

Q4 FY25 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

100

8.6

8.2

7.8

5.9

5.6

5.4

0.4

0.5

-0.4

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

Q4 FY24

Q3 FY25

Q4 FY25

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

tatapower.com

FY25 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

100

8.6

7.8

5.9

5.4

0.4

-0.4

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

FY24

FY25

tatapower.com

Financial Highlights – Q4 FY25 (In ₹ Cr)

Posted Y-o-Y PAT growth for the 22nd consecutive quarter

Revenue

Q4 FY25

Q3 FY25

Q4 FY24

6.6%

14.6%

17,328

15,118

16,256

EBITDA*

Q4 FY25

Q3 FY25

Q4 FY24

3,829

10.0%

Q4 FY25

3,481

3,358

Q3 FY25

Q4 FY24

14.0%

Underlying EBITDA (including share of JVs and Associates)

6.4%

PAT (before exceptional items)

Q4 FY25

Q3 FY25

Q4 FY24

tatapower.com

16.1%

8.4%

1,288

1,188

1,109

*Reported EBITDA includes other income

Reported PAT (after exceptional items)

Q4 FY25

Q3 FY25

Q4 FY24

1,306

1,188

1,046

24.9%

10.0%

Receivables

Q4 FY25

Q3 FY25

Q4 FY24

Q4FY25(+) 18 Cr: Deemed Dilution gain in Tata Projects ₹ 162 Cr offset by impairment of Goodwill of (₹ 106 Cr ) & assets of (₹ 38 Cr) in RE PY (-) 63 Cr: Impairment of Goodwill in RE (₹ 101 Cr) offset by profit on sale of Arutmin (net of tax) ₹ 37 Cr

3,911

3,668

3,675

6,933

6,868

7,675

6.6%

Financial Highlights - FY25 (In ₹ Cr) )

Robust fundamentals as core businesses reported highest ever EBITDA in FY25

Revenue

FY25

FY24

4.8%

EBITDA*

13.9%

Underlying EBITDA (including share of JVs and Associates)

10.0%

64,502

61,542

FY25

FY24

14,468

12,701

FY25

FY24

15,261

13,878

*Reported EBITDA includes other income

PAT (before exceptional items)

26.4%

Reported PAT (after exceptional items)

11.6%

Net Debt

FY25

FY24

tatapower.com

5,197

4,109

FY25

FY24

4,775

4,280

FY25

FY24

44,672

38,125

*Reported PAT of FY25 includes exceptional loss of (₹422 cr.) due to TPREL Merger( ₹440 cr.) , Impairment of Goodwill of (₹106 cr.) and assets (₹38 cr.) in RE, offset by deemed dilution gain on Tata Projects ₹162 cr. PY (+) 171 cr.: Deemed dilution gain on Tata Projects of ₹ 235 Cr & profit on sale of Arutmin ₹ 37 Cr offset by impairment of RE Goodwill of (₹ 101 Cr)

Comfortable Debt Position For Sustainable Growth

Net Debt (In ₹ Cr)

Q4 FY25

Q3 FY25

Q4 FY24

44,672

44,706

38,125

Net Debt has increased Q-o-Q due to higher capex requirements (In ₹ Cr)

Balance Sheet continues to be strong

Q3 FY25 Net Debt

Cash from Operations

Income from JVs

Others

WC Changes

Interest payments & Dividend paid

Business as Usual Debt

Capex

Q4 FY25 Net Debt

FY25

FY24

FY23

FY22

FY21

FY20

FY19

FY18

2.93

2.75

2.66

1.05

0.99

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 *Based on Trailing twelve months

tatapower.com

Credit Rating* (Consolidated)

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

FY21

FY22

FY23

FY24

AA /Stable AA /Stable AA- /Positive 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 /Positive AA+ /Stable AA /Positive AA /Positive BB+ /Stable Ba1 /Stable

*Credit Upgrades indicated by deepening shades of blue

Current (FY25)

AA+/Stable AA+ /Stable AA+/Stable AA+/Stable BBB-/Positive Ba1/Positive

Annexures

tatapower.com tatapower.com

1 2 6 M W p F l o a t i n g S o l a r O m k a r e s h w a r , M a d h y a P r a d e s h

49 49

Entity-wise Consolidated Performance - Q4 FY25

₹ Crore unless stated

Particulars

Consolidated before exceptional items Standalone & Key Subsidiaries Tata Power (Standalone) Maithon Power (MPL) * Delhi Discom (TPDDL) ** Power Trading (TPTCL) Solar EPC *** Renewable Generation (RE Gencos) *** TP Solar (4.3 GW Cell & module Manufacturing Plant) Coal SPVs incl. TPIPL (Investment Companies) TERPL (Shipping Co) TP Central Odisha Dist Ltd (TPCODL)** TP Southern Odisha Dist Ltd (TPSODL)** TP Western Odisha Dist Ltd (TPWODL)** TP Northern Odisha Dist Ltd (TPNODL)** Others TOTAL - A Joint Venture and Associates TOTAL - B Eliminations# Exceptional Items TOTAL - C

Op Income

EBITDA^^

PAT

Q4 FY25 17,328

Q4 FY24 16,256

Q4 FY25 3,829

Q4 FY24 3,358

Q4 FY25 1,288

Q4 FY24 1,109

5,756 729 2,024 79 3,110 1,021 1,506 - 217 1,518 700 1,806 1,108 667 20,240

20,240 (2,912) - 17,328

5,133 903 2,230 34 4,287 847 233 - 267 1,359 516 1,911 953 451 19,125

19,125 (2,869) - 16,256

1,215 159 146 21 234 896 403 44 86 202 144 234 189 31 4,003

4,003 (174) - 3,829

1,632 195 350 10 324 737 4 15 93 137 69 98 132 35 3,831

3,831 (472) - 3,358

409 99 138 15 164 162 189 (50) 57 78 46 86 65 (5) 1,454 83 1,537 (248) 18 1,306

846 90 122 6 186 166 (15) (150) 60 35 5 8 42 (5) 1,396 316 1,712 (603) (63) 1,046

Previous year numbers are restated for RE and Others including eliminations *TPCL stake-74%; **TPCL stake-51%; ***Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminations include inter-company transactions; ^^ including other income

tatapower.com

50 50

Entity-wise Consolidated Performance - FY25

₹ Crore unless stated

Particulars

Consolidated before exceptional items Standalone & Key Subsidiaries Tata Power (Standalone) Maithon Power (MPL) * Delhi Discom (TPDDL) ** Power Trading (TPTCL) Solar EPC*** Renewable Generation (RE Gencos) *** TP Solar (4.3 GW Cell & module Manufacturing Plant) Coal SPVs incl. TPIPL (Investment Companies) TERPL (Shipping Co) TP Central Odisha Dist Ltd (TPCODL)** TP Southern Odisha Dist Ltd (TPSODL)** TP Western Odisha Dist Ltd (TPWODL)** TP Northern Odisha Dist Ltd (TPNODL)** Others TOTAL - A Joint Venture and Associates TOTAL - B Eliminations# Exceptional Items TOTAL - C

Op Income

EBITDA^^

PAT

FY25

64,502

FY24

61,542

FY25

14,468

FY24

12,701

FY25

5,197

FY24

4,109

21,288 2,954 10,556 449 10,043 3,808 5,337 - 961 6,106 2,429 6,829 4,328 1,829 76,919 - 76,919 (12,417) - 64,502

20,297 3,360 10,206 249 11,726 3,426 233

913 5,450 2,096 7,085 3,803 1,112 69,957 - 69,957 (8,415) - 61,542

6,905 628 1,649 128 836 3,421 875 41 329 599 373 514 595 108 17,001 - 17,001 (2,533) - 14,468

5,957 865 1,337 96 720 2,974 (18) (9) 328 423 265 385 453 91 13,867 - 13,867 (1,166) - 12,701

3,133 346 842 88 509 602 422 (340) 210 150 59 73 158 (31) 6,219 793 7,013 (1,816) (422) 4,775

2,230 449 453 67 391 583 (36) (465) 199 63 37 75 133 (14) 4,165 1,178 5,343 (1,234) 171 4,280

51 51

tatapower.com

Cluster-wise Consolidated Performance - Q4 FY25

₹ Crore unless stated Particulars

Consolidated before exceptional items Thermal Generation, Coal and Hydro Maithon Power Limited (MPL) * Traditional Generation (incl. Mumbai and Hydro) ## IEL * PPGCL *** Others (Incl. eliminations#) ## Mundra, Coal and Shipping ## Renewables " RE Gencos (Incl. CSL) Solar EPC TP Solar (4.3 GW Cell & module Manufacturing Plant) Others (Incl. eliminations#) T&D Transmission Mumbai Powerlinks ** Distribution and Services Mumbai Odisha ** Delhi ** Others (T&D incl, TPADL**, TPTCL and eliminations#) Others (Incl. Tata Projects, Nelco and inter cluster eliminations#) Consolidated before exceptional items Exceptional items Consolidated after exceptional items

Op Income

EBITDA^^

PAT

Q4 FY25 17,328 5,288 729 1,370 - - 30 3,159 3,457 1,021 3,110 1,506 (2,180) 9,590

419 -

1,060 5,132 2,024 956 (1,007) 17,328 - 17,328

Q4 FY24 16,256 4,855 903 1,407 - - 30 2,515 3,457 847 4,287 233 (1,910) 9,025

379 -

1,059 4,739 2,230 618 (1,081) 16,256 - 16,256

Q4 FY25 3,829 1,073 159 434 - -

Q4 FY24 3,358 787 195 290 - -

36 444 1,372 896 234 403 (161) 1,401

267 -

202 768 146 17 (17) 3,829 - 3,829

32 270 947 737 324 4 (119) 1,244

269 -

159 436 350 31 381 3,358 - 3,358

Q4 FY25 1,288 626 99 283 20 26 28 171 469 162 164 189 (46) 616

96 10

90 275 138 8 (424) 1,288 18 1,306

Q4 FY24 1,109 271 90 152 19 20 33 (43) 289 166 186 (15) (48) 411

109 9

56 89 122 24 138 1,109 (63) 1,046

Previous year numbers are restated for RE and Others including eliminations *TPCL stake-74%; **TPCL stake-51%; ***TPCL stake-20%;" Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminations include inter-company transactions; ^^ including other income; ## Change in Tax rate in PY.

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Cluster-wise Consolidated Performance - FY25

₹ Crore unless stated Particulars

Op Income FY25 64,502 19,739 2,954 5,261 - - 126 11,397 9,876 3,808 10,043 5,337 (9,313) 39,122

FY24 61,542 19,614 3,360 5,880 - - 131 10,243 10,175 3,426 11,726 233 (5,209) 36,207

1,412 -

4,418 19,692 10,556 3,044 (4,236) 64,502 - 64,502

1,261 -

4,388 18,434 10,206 1,917 (4,454) 61,542 - 61,542

EBITDA^^

PAT

FY25 14,468 4,183 628 1,285 - - 147 2,123 4,317 3,421 836 875 (814) 5,553

985 -

671 2,081 1,649 167 415 14,468 - 14,468

FY24 12,701 3,780 865 1,263 - - 144 1,508 3,422 2,974 720 (18) (255) 4,556

906 -

635 1,526 1,337 152 943 12,701 - 12,701

FY25 5,197 2,583 346 827 87 122 124 1,078 1,256 602 509 422 (277) 2,000

316 40

240 439 843 122 (642) 5,197 (422) 4,775

FY24 4,109 2,074 449 743 89 104 113 577 849 583 391 (36) (89) 1,457

318 42

209 308 453 127 (271) 4,109 171 4,281

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₹ Crore unless stated

Particulars

Operating Income

Operating Expenses Operating Profit Other Income EBITDA

Interest cost

Depreciation PBT before share of Assoc & JVs Share of Associates & JV's results PBT after share of JV Tax Expenses Net Profit before exceptional items

Exceptional Items (Net of Tax)

Tata Power (Consolidated) Performance

Q4 FY25 Q4 FY24

Var

FY25

FY24

Var Quarter Variance Remarks

17,329

16,256

1,073

64,502

61,542

2,960

Higher availability & PLF and lower under-recovery in Mundra and higher billing efficiency in Odisha DISCOMs

13,850 3,479 351 3,830

1,213

1,116 1,501 83 1,583 294 1,290

13,515 2,741 617 3,358

1,136

1,041 1,182 316 1,498 389 1,109

(63)

(335) 738 (266) 472

(77)

(75) 319 (233) 85 95 181

262

51,548 12,954 1,514 14,468

4,702

4,117 5,648 793 6,442 1,245 5,197

(422)

4,775

50,665 10,877 1,823 12,701

4,633

3,786 4,281 1,178 5,459 1,350 4,109

171

4,280

(883) 2,077 (309) 1,767

(69)

(330) 1,367 (385) 983 105 1,088

(593)

495

ITPC dividend in PY (-) 332 Cr

Higher finance cost in RE Gencos due to capacity addition, commissioning of 2 GW cell plant in previous quarter Capitalization for capacity addition in RE Gen Cos. & cell plant

Losses in Tata Projects, lower profits from overseas coal assets

Deemed dilution gain in Tata Projects offset by Goodwill & asset impairment in RE

Net Profit for the period * * As per line item 11 in the SEBI Adv

1,308

1,046

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Tata Power (Standalone) Financial Performance

₹ Crore unless stated Particulars Operating Income Operating Expenses Operating Profit

Q4 FY25 Q4 FY24 5,756 5,133 4,748 4,206 1,008 927

21,288 20,297 991 Higher PLF in Mundra, higher carrying cost on RA offset

FY24

FY25

Var 623 (542) 16,873 16,193 (680) by lower availability in MO-G 81 4,415

Var Quarter Variance Remarks

4,105

310

Other Income

207 705 (498) 2,489

1,852

637

Lower dividend income from ITPC in PY(₹331Cr) partially offset by Unit 5 Trombay insurance claim in Q4FY25(₹91Cr)

EBITDA Interest cost Depreciation PBT Tax Expenses PAT (before exceptional items) Exceptional items PAT for the period* * Line no. 7 of advertisement

948 5,957 1,215 1,632 (417) 6,905 162 2,257 510 539 29 2,095 6 1,188 297 328 31 1,194 1,104 2,511 (356) 3,615 409 765 281 (202) (81) (81) 483 - 903 3,133 (437) 409 - - - - - 903 (437) 3,133 409

846 - 846

2,230

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Maithon Power Limited - Highlights

₹ Crore unless stated

Particulars Generation (MUs) Sales (MUs) Availability (%) (Plant) PLF (%) Financials Operating Income Fuel Cost Other operating expense Operating profit Other Income EBITDA Interest cost Depreciation PBT Tax PAT

Q4 FY25 Q4 FY24 2,054 1,949 94% 90%

1,502 1,738 83% 79%

729 485 84 161 (2) 159 18 43 97 (2) 99

903 583 124 196 (2) 195 27 84 83 (7) 90

Var (552) (211)

(174) (98) (40) (35) 0 (36) (9) (41) 14 5 9

FY25 7,253 7,138 87% 79%

2,954 1,954 381 619 9 628 88 170 371 24 346

FY24 8,179 8,017 95% 89%

3,360 2,138 373 850 15 865 112 297 456 7 449

Var Quarter Variance Remarks (926) (879)

Lower Generation & Sales Lower Fuel cost

Better working capital management

(406) (184) 8 (231) (6) (237) (24) (127) (85) 17 (103)

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Prayagraj Power Generation Co. Ltd. - Highlights

₹ Crore unless stated

Particulars Generation (MUs) Sales (MUs) Availability (%) PLF % Financials Operating Income Operating expenses Operating profit Other Income EBITDA Interest cost Depreciation PAT

Q4 FY25 Q4 FY24 2,999 2,832 80% 70%

3,215 3,040 87% 75%

1,211 934 277 27 304 171 51 81

1,174 873 300 29 329 178 51 100

Var 216 208 7% 5%

37 (61) (23) (2) (25) 7 (0) (18)

FY25 12,987 12,256 87% 75%

5,014 3,795 1,219 91 1,309 703 204 403

FY24 12,699 11,973 83% 73%

4,856 3,689 1,168 65 1,233 695 202 336

Var Quarter Variance Remarks 288 283 4% 2%

158 Higher PPA sales partially offset by lower merchant sales

(106) Higher generation and fuel cost

51 26 76 (8) (2) 67

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Tata Power Delhi Distribution Ltd. - Highlights

Q4 FY25 2,176 2,068 9.2 7.5 6%

Q4 FY24 2,208 2,077 10.5 7.6 6%

2,024 1,642 259 1,901 123 23 146 53 100 (7) (145) 138

2,230 1,671 240 1,911 320 30 350 75 99 176 54 122

Var (32) (9) (1.3) (0.0)

(206) (29) 19 (10) (197) (7) (204) (22) 1 (183) (199) 16

FY25 11,435 10,807 9.5 7.1 6%

10,556 8,064 917 8,981 1,575 74 1,649 238 396 1,014 172 842

FY24 10,658 10,024 10.0 7.6 6%

10,206 8,048 876 8,924 1,283 55 1,337 288 390 659 205 453

Var Quarter Variance Remarks 778 783 (0.5) (0.5)

350 Slightly lower sales and lower realisations

16 Lower power prices 41 57 293 19 312 (50) Lower WC borrowings due to liquidation of RA &

6 reduction in long term borrowing rate

356 (34) Reversal of deferred tax recoverable and lower PBT 388

₹ Crore unless stated

Particulars Purchase (MUs) Sales (MUs) Revenue Per Unit PPC Per Unit AT&C losses (%) Financials Operating Income Power Purchase Other Operating Exp. Operating Exp. Operating Profit Other Income EBITDA Interest cost Depreciation PBT Tax PAT WC- Working Capital RA- Regulated Assets

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Q4 FY25 Odisha Discoms – Highlights

₹ Crore unless stated

Particulars

Purchase (MUs) Sales (MUs) Revenue per unit Power Cost per unit Actual Technical losses (%) Actual AT&C losses* (%) Vesting order Target AT&C (%)

TPCODL

TPSODL

TPWODL

TPNODL

Q4 FY25 2,553 2,131 6.8 3.4 17% 10% 20%

Q4 FY24 2,445 1,943 6 .7 3 .3 21% 13% 22%

Q4 FY25 1,097 852 8.2 2.2 22% 5% 30%

Q4 FY24 1,040 748 6.9 2.3 28% 8% 26%

Q4 FY25 2,852 2,415 7.0 4.3 15% 8% 21%

Q4 FY24 3,245 2,802 6.5 4.5 14% 8% 19%

Q4 FY25 1,653 1,498 6.7 3.7 9% 5% 18%

Q4 FY24 1,598 1,378 6.4 3.5 14% 8% 19%

Income from Operation EBITDA PAT

1,518 202 78

1,359 137 35

700 144 46

516 69 5

1,806 234 86

1,911 98 8

1,108 189 65

953 132 42

(* Excl. past arrears)

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FY25 Odisha Discoms – Highlights

₹ Crore unless stated

Particulars

Purchase (MUs) Sales (MUs) Revenue per unit Power Cost per unit Actual Technical losses (%) Actual AT&C losses* (%) Vesting order Target AT&C (%)

Income from Operation EBITDA PAT

(* Excl. past arrears)

TPCODL

TPSODL

TPWODL

TPNODL

FY25 11,981 9,692 6.1 3.4 19% 20% 20%

6,106 599 150

FY24 11,299 8,853 5.9 3.3 22% 22% 22%

5,450 423 63

FY25 4,576 3,507 6.9 2.2 23% 21% 30%

2,429 373 59

FY24 4,345 3,195 6.6 2.3 26% 26% 26%

2,096 265 37

FY25 11,831 9,912 6.4 4.4 16% 17% 21%

6,829 514 73

FY24 12,752 10,644 6.3 4.4 17% 16% 19%

7,085 385 75

FY25 7,389 6,468 6.2 3.7 12% 13% 18%

4,328 595 158

FY24 7,047 6,017 5.9 3.5 15% 14% 19%

3,803 453 133

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RE Generation*

₹ Crore unless stated

Particulars Capacity - Total (MW) Capacity - Wind (MW) Capacity - Solar (MW) Generation (MUs) Sales (MUs) Avg PLF (%) - Solar Avg PLF (%) - Wind Financials Operating Income Operating Expenses Operating profit Other income EBITDA Interest cost Depreciation PBT Tax PAT

Q4 FY25 Q4 FY24 Var

5,540 1,030 4,510 2,660 2,588 25.1% 12.8%

1,021 222 799 97 896 386 308 202 39 162

4,515 1,030 3,485 2,031 2,013 24.1% 13.9%

847 244 604 133 737 274 249 215 48 166

1,026 0 1,026 629 575

173 (23) 195 (36) 159 112 60 (13) (9) (4)

FY25 5,540 1,030 4,510 9,894 9,624 22.9% 19.4%

3,808 731 3,077 344 3,421 1,486 1,149 786 184 602

Quarter Variance Remarks

FY24 Var 4,515 1,030 3,485 8,067 7,962 22.7% 20.2%

1,026 0 1,026 1,827 1,662

3,426 747 2,678 295 2,974 1,233 1,008 733 149 583

383 Capacity addition of ~1 GW & higher solar PLF offset by lower (16) wind PLF 399 48 446 252 Higher borrowings for capacity addition 141 Capitalisation of assets 53 34 19

Previous year numbers are restated * All renewable generation companies including WREL (Walwhan) and CSL (Chirasthayee Solar Limited)

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Solar EPC* – Highlights

₹ Crore unless stated

Particulars Operating Income -Large projects & Group Captive -Solar Rooftop Operating expenses Operating profit Other income EBITDA -Large projects & Group Captive -Solar Rooftop Margin -Large projects & Group Captive -Solar Rooftop Interest cost Depreciation PBT Tax PAT Margin

Q4 FY25 3,110 2,246 864 2,888 222 12 234 102 132 7.5% 4.5% 15.3% 14 15 206 42 164 5.3%

Q4 FY24

Var 4,287 (1,177) (1,425) 3,671 248 616 1,070 3,958 (105) 328 (16) (4) (90) 324 (145) 247 77 55 7.6% 6.7% 12.5% 63 14 247 61 186 4.3%

49 (1) (41) 19 (22)

FY25 10,043 7,833 2,210 9,275 769 67 836 543 293 8.3% 6.9% 13.3% 88 64 685 175 509 5.1%

FY24

Var Quarter Variance Remarks

116 57 59

11,726 (1,682) (2,178) 10,011 495 1,715 1,754 11,028 71 697 23 44 Govt subsidy & vendor write back 720 486 234 6.1% 4.9% 13.6% 133 63 523 132 391 3.3%

45 Due to Hedging impact (1) 161 (43) 118

*Solar EPC division (erstwhile TPSSL) was merged into TPREL on 18 September 2024, with 1 April 2023 being the effective date

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TP Solar (4.3GW Cell & Module Plant) – Highlights

₹ Crore unless stated

Particulars Module produced (MW) Module sold (MW) Cell produced (MW) Financials Operating Income Operating expenses Operating profit Other income EBITDA Margin Interest cost Depreciation PBT Tax PAT Margin

Q4 FY25 879 913 650

1,506 1,107 400 3 403 27% 106 70 227 38 189 13%

Q4 FY24

130 109 -

233 229 4

4 2% 17 5 (18) (3) (15) -6%

Var 749 804 650

1,273 878 396 3 399

89 65 245 41 204

FY25 3291 3241 846

FY24 130 109 -

5,337 4,467 870 4 875 16% 240 123 511 90 422 8%

233 251 (18) - (18) -8% 18 5 (42) (6) (36) -15%

Var 3,161 3,132 846

5,104 4,216 889 4 893

222 118 553 96 457

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Renewables – Consolidated View

₹ Crore unless stated Key Parameters - Renewables Revenue EBITDA PAT (before exceptional items) Gross Debt Net Debt Net Worth RoE Previous year numbers are restated

Q4 FY25 Q4 FY24 3,457 947 289 19,524 18,294 12,915

3,457 1,372 469 29,605 27,585 13,501

FY25

9,876 4,317 1,256 29,605 27,585 13,501 9.5%

FY24 10,175 3,422 849 19,524 18,294 12,915 6.7%

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Regulated - Equity And Assets

₹ Crore unless stated

Particulars Regulated Equity Mumbai Operation Jojobera Tata Power Delhi Distribution (100%) TP Central Odisha Dist Ltd (100%) TP Southern Odisha Dist Ltd (100%) TP Western Odisha Dist Ltd (100%) TP Northern Odisha Dist Ltd (100%) Maithon Power Limited (100%) Industrial Energy Limited (100%) Powerlinks Transmission (100%) Total Regulated Assets (As per financial books) Mumbai Operation Jojobera Tata Power Delhi Distribution (100%) TP Central Odisha Dist Ltd (100%) TP Southern Odisha Dist Ltd (100%) TP Western Odisha Dist Ltd (100%) TP Northern Odisha Dist Ltd (100%) Maithon Power Limited (100%) Total

Q4 FY25

Q3 FY25

Q2 FY25

Q1 FY25

Q4 FY24

551

4,778 4,927 4,913 4,935 4,914 551 554 551 2,070 2,052 2,035 2,018 2,008 705 695 849 511 511 678 666 687 840 720 564 564 1,643 1,643 1,684 1,684 1,670 720 721 723 468 468 468 12,780 12,829 13,320

705 511 672 564

719 511 732 564

721 468 12,829

722 468 12,888

3,719 3,631 3,922 4,073 4,242 32 30 39 4,236 4,516 4,711 5,063 5,321 (5) (64) 28 40 289 622 1,138 886 680 763 (716) (139) (457) (544) 626 326 82 119 160 (326) (332) (311) (291) (273) 9,336 9,276 8,514 8,736 10,240

191

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Key Segments - Debt Profile

₹ Crore unless stated

Company

Tata Power (Standalone) Maithon Coal SPVs + TPIPL

Total Gross Debt (LT + ST)

Q4 FY25 Q3 FY25 16,935 1,327 4,089

16,777 1,276 4,001

QoQ Q4 FY24 19,498 (158) 1,600 (51) 4,161 (88)

YoY (2,721) (324) (160)

Quarterly movement Remarks

RE Gencos

24,590

22,249

2,341

17,830

6,760

New capacity additions

TP Solar

TPDDL

Odisha DISCOMs Others Total Debt

4,732

1,319

4,531 919 58,146

4,427

1,401

3,866 542 54,835

305

(82)

665 377 3,311

2,132

1,806

2,808 369 50,205

2,600

(487)

1,723 550 7,941

Note: TPREL has successfully concluded the merger of 23 subsidiaries including WREL, TPSSL (Solar EPC business) and CSL in Q2FY25

Increase in Regulatory assets

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Tata power - Debt Profile

₹ Crore unless stated

Particulars

Long term Short term Current Maturity of LT Total Debt Less: Cash & Cash Equivalents Less: Related Party Debt Net External Debt Networth Net Debt to Equity

Rupee 43,280 4,076 6,788

Q4 FY25 Forex 850 420 2,731

Consolidated

Total 44,130 4,496 9,520 58,146 13,053 420 44,672 42,605 1.05

Q3 FY25 Q4 FY24

Total 40,880 4,286 9,670 54,835 9,625 504 44,706 41,010 1.09

Total 37,622 5,000 6,858 49,480 10,630 725 38,125 38,333 0.99

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What sets us apart

Deeply entrenched power company with history of more than 100 years

1910-1955

•

1910: 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)

1956-2000

•

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

2001-2005 •

•

2001: Commissioned first wind asset of 17 MW at Supa Maharashtra 2002: Took over distribution of Delhi, later renamed as TPDDL a JV between Tata Power (51%) and Delhi Government (49%) 2003: Entered a JV with PGCIL, to develop a 1,200 Km long transmission line to bring electricity from Bhutan to Delhi

2012-2013

• 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: Acquired 26% share in the Indonesian coal mine BSSR for $ 152 Mn

2011 • Commissioned first solar asset of 3 MW at Mulshi, Maharashtra

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

2007

•

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

•

2014-2015

• 2014: Entered into

agreement to sell 30% stake in Arutmin for $401 Mn

• 2015: Commissioned

the 126 MW Dagachhu Hydro Power Corporation in Bhutan

2016-2017 • 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) formed to take over supply and distribution of Ajmer

2021

•

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

2020

• •

Sold 3 ships for $213 Mn 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 Took over the distribution in Central Odisha TPCODL formed as JV between Tata Power (51%) and Odisha Government (49%)

2018-2019

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

• Announced the sale of

South African JV Cennergi for $84 Mn • Won bid for the

installation of 105 MWp largest floating solar plant in Kayamkulam, Kerala

•

2023 • Received second tranche of ₹2,000 Cr from Blackrock and Mubadala Consortium TPREL Received LoA for 966 MW Hybrid RE Project from Tata Steel Signed MoU with Maha Govt. for development of 2.8 GW of Pumped Storage Project (PSP) 4.3 GW Cell & Module Plant achieved First Module Out (FMO)

•

• Won bids for Bikaner-

Neemrana & Jalpura-Khurja transmission projects worth ₹2,300 Cr

2022 • Mundra (CGPL) amalgamated

•

into Tata Power Tata Power Renewable Energy Limited (TPREL) entered into an agreement to raise ~₹4,000 ($525 Mn) 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)

2025

•

Tata Power crosses 1GW of RE capacity addition in FY25 Tata Power marks major milestone with 1.5 Lakh+ Rooftop Solar Installations, ~ 3 GW Capacity; Expands Footprint across 700+ Cities

• All 4 cell lines ramped-up and

•

achieved First Cell Out (FCO) of TOPCon pilot cell line Tata Power crosses the milestone of ₹ 5,000 Cr of Adjusted PAT for the year.

2024

•

TPREL received a Letter of Award (LOA) for developing a 585 MW Firm and Dispatchable Renewable Energy (FDRE) project with NTPC Limited Partnership with Bhutan’s Druk Green Power Corporation Ltd. to develop 5,100 MW of clean energy projects in Bhutan

• Won bids for Paradeep & Gopalpur Transmission Project of 761 Ckt km in Odisha

• Won MSEDCL Hybrid Project of 501 MW (400 MW PPA) with tariff of ₹3.6/unit TP Solar commissioned 4.3GW Module and 4.0GW Cell capacity

•

Diversified business and hence stable margins

Tata Power Company Limited (TPCL) FY25

Revenue (₹ Cr) 64,502

EBITDA (₹ Cr) 14,468

Net Debt (₹ Cr) 44,672

PAT*** (₹ Cr) 5,197

Thermal Generation, Coal & Hydro

Renewables^

Transmission and Distribution

Revenue (₹ Cr) 19,739

EBITDA (₹ Cr) 4,183

PAT (₹ Cr) 2,583 9,876

Revenue (₹ Cr)

EBITDA (₹ Cr) 4,317

PAT*** (₹ Cr) 1,256 39,122

Revenue (₹ Cr )

EBITDA (₹ Cr ) 5,553

PAT (₹ Cr ) 2,000

CAPACITY

FUEL

STAKE

THERMAL

Mundra Trombay Maithon (MPL) Prayagraj (PPGCL)* Jojobera Haldia IEL Rithala PT CKP

Coal 4,150 MW Coal/Gas 930 MW Coal 1,050 MW Coal 1,980 MW Coal 428 MW 120 MW WHRS 483 MW Coal/ WHRS Gas 108 MW Coal 54 MW

INDONESIA COAL MINES, SHIPPING & INFRA

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

HYDRO Bhira

Bhivpuri Khopoli

Dagachhu

Itezhi Tezhi

Adjaristsqali

UNDER CONSTRUCTION Khorlochhu HPP

Bhivpuri PSP

Shirwata PSP

Dorjilung HPP

CAPACITY 60 MT 18 MT - -

CAPACITY 300 MW

75 MW 72 MW

126 MW

120 MW

187 MW

600 MW

1,000 MW

1,800 MW

1,125 MW

100% 100% 74% 20% 100% 100% 74% 51% 30%

STAKE 30% 26% 30% 100%

STAKE 100%

100% 100%

26%

50%

40%

100%

RENEWABLES

Solar Power Wind Energy

UNDER CONSTRUCTION

Solar Power Hybrid Wind Complex/FDRE

EV CUMMULATIVE CHARGING POINTS

Public Home E-Bus

SOLAR EPC ORDER BOOK

CAPACITY

4,516 MW 1,034 MW

720 MW^^ 2,777 MW 11 MW 1902 MW

5,488 1,36,777 1,238

PARTICULARS

CAPACITY/ ORDER BOOK

Utility Scale & Group Captive Solar EPC Rooftop EPC

SOLAR CELL AND MODULE CAPACITY

Module Cell

₹11,381 Cr ₹864 Cr

4,900 MW 4,900 MW

DISTRIBUTION LICENSE

CUSTOMERS

STAKE

Mumbai Tata Power Delhi (TPDDL) Odisha

0.79 Mn 2.10 Mn 9.74 Mn

100% 51% 51%

DISTRIBUTION FRANCHISE

CUSTOMERS

STAKE

Ajmer (TPADL)

0.17 Mn

100%

EBITDA Margins

POWER TRADING COMPANY

TPTCL

STAKE

100%

19%

18%

21%

22%

TRANSMISSION

CIRCUIT KM

STAKE

Mumbai Powerlinks SEUPPTCL NRSS XXXVI UNDER CONSTRUCTION SEUPPTCL NRSS XXXVI Jalpura Khurja Bikaner Neemrana Paradeep Transmission Gopalpur Transmission

1,291 2,328 789 225

732 77 162 682 384 377

100% 51% 26% 26%

26% 26% 100% 100% 100% 100%

21%

35%

42%

FY22

29%

32%

38%

30%

27%

36%

FY23 EBITDA Share

FY24

Thermal Generation, Coal & Hydro

Renewables

Transmission & Distribution

Eliminations/Others

*Resurgent owns 75% in Prayagraj | **TERPL is a wholly owned subsidiary of Tata Power International Pte Ltd., which is wholly owned by Tata Power | ***Adjusted PAT before Minority Interest and exceptional items | ^Tata Power currently owns 88.57% stake in Renewables (TPREL). ^^15 MW is for IEL

JVs and associates

Standalone divisions

29%

30%

38%

FY25

Subsidiary 70

Eliminations/ Others (Incl. corporate taxes, expenses and

interest) Revenue (₹ Cr ) (4,236)

ENTITY

Tata Projects Nelco Corporate

EBITDA (₹ Cr ) 415

PAT (₹ Cr ) (642)

BUSINESS MODEL EPC Communication

STAKE

31% 50%

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

Mr. Rajesh Lachhani Head – Investor Relations Email: rajesh.lachhani@tatapower.com

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Tata Power Company Limited has informed the Exchange about Investor Presentation

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