NTPC released its annual report for the 2023-24 period on Tuesday.

What Happened: In the report, Chairman and Managing Director Gurdeep Singh laid out the company's plans to address the growing risks of climate change. 

"We are constantly evolving and developing new strategies and business models for fast-tracking the renewable capacity addition," Singh said.  The company is poised to achieve 60 gigawatts of renewable capacity by 2032.

To address climate change the company is actively diversifying its portfolio beyond traditional sources. The company’s renewable energy installed capacity has reached 3.6 gigawatts.

NTPC said it has invested in renewables and storage solutions, with more than 11 gigawatts of renewable energy and hydro projects currently under construction, and a robust pipeline of over 20 gigawatts in various stages of tendering.

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The company also laid out its various projects in the pipeline. It is fast-tracking the development of hydro projects through subsidiaries, THDC and NEEPCO.

The commissioning of a 1000 megawatt pumped storage project at the existing Tehri hydro project complex is nearing completion. Additionally, the Government of Tamil Nadu has assigned the firm a 1000-megawatt Upper Bhavani PSP project to be carried out as a joint venture, on which the work has already begun.

With the current plan, the company's fossil and non-fossil energy mix is expected to approach 60:40 by 2032, the public sector firm said.

NTPC has also joined forces with players like IOCL, ONGC, HPCL Mittal Energy and NALCO to develop large-scale renewable energy parks.

NTPC's consolidated net profit rose to 12.20% to ₹5,506.07 crore in the June quarter. Its revenue from operations surged by 12.64% to 48,520.57 crore.

Price Action: NTPC was trading 0.83% higher at ₹416.70 on Tuesday.

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