TATA POWER Chairmans Speech

Dear Shareholders,

It is with great pride that I write to you as the CEO & Managing Director of this historic organisation which has carved a leadership position for itself as the largest integrated power company over the past century. Despite the challenging environment in the power sector in recent years, it has continued to reinvent itself through its vast portfolio of Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and Logistics, Solar Photovoltaic (PV) manufacturing and associated Engineering, Procurement, Construction (EPC) services businesses. It has expanded its international presence and continues to look for viable business opportunities in both, domestic and overseas growth markets to deliver value to shareholders.

At its very inception, Tata Power was driven by its Founder Shri Jamshetji Tata’s vision - ”Clean, affordable & abundant power is one of the basic ingredients for the economic progress of a city, state or country”. Tata Power remains true to this vision of partnering consumers’ growth by supplying reliable power at competitive pricing. As India moves towards self-sufficiency in power, your Company is increasingly engaging on customer centricity by employing the best suited technologies to improve user experience.

The power sector is positioned at a juncture where multiple changes are envisaged. Digitalization, decarbonisation and decentralized model of energy linkage are poised to disrupt present paradigms of business. Your Company is continually evaluating opportunities for improvement on these fronts and integrating them within their operations, execution and growth processes as the pioneer in the industry.

There are some challenges to functioning in a highly regulated industry. One of the key issues being faced since Indonesia changed its coal export norms is that of CGPL compensatory tariff. We have approached all courts of appeal and are continuing to explore viable options to address the issues at hand including sourcing of suitably priced coal, holding continued discussions with the power procuring states and finding the right legal recourse.

Tata Power has a strong ethical, value based culture which is exercised not only in its business activities, but also in its interactions with its communities and through sustainability initiatives, making it a neighbour of choice. In addition, responsible employee practices have led to an engaged and productive work force which is dedicated to keeping your Company at the helm in the industry.

The entire team of Tata Power joins me in expressing our deep appreciation to the employees, the unions, the Board of Directors, all our partners and Governments at the Centre and the States; Regulators as also our international stakeholders, for their support, cooperation and understanding. I would also like to express our appreciation to you, our shareholders, for your support and understanding, both, in good times and in challenging times. It will be my continuing endeavour to fulfil Tata Power’s commitment to light up lives.

Best Regards

Anil Sardana

CEO & Managing Director

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