Managing Director

Embracing Opportunities
For Accelerated

Dear Shareholders,

It gives me great pleasure to share our progress during FY 2022-23 and the promising path ahead.

We have diligently de-leveraged our balance sheet by selling the wind assets and focused on investing in future-ready solutions. With strategic positioning in high growth segments like Transmission, FGD, AMI, and Data Centres, we are well equipped to capitalise on emerging opportunities in the market. Our strong order book add value from these segments provides revenue visibility for the next two years and positions us for accelerated growth.

Strong Growth Prospects in Diverse Segments

Our robust order book ensures revenue stability and predictability for shareholders over the next 24 months. A diversified revenue mix drives our success across four high-growth segments: Transmission, Flue Gas Desulphurisation (FGD), Advanced Metering Infrastructure (AMI), and Data Centre. Our strategic positioning enables us to pursue rapid growth and promising projects.

In the transmission segment, we have already secured a substantial order book of ₹14,334 million. and aim to achieve ₹30,000 million over the next five years. Our commitment to excellence is reflected in our ₹14,592 million order book for FGD, with a target of capturing ₹5,000 million annually. We are making significant strides in the smart meter market, with an order book of ₹2,774 million in FY 2022-23. Our ambitious goal is to reach ₹10,000-15,000 million annually, showcasing our dedication to innovation and cutting-edge solutions.

Diversifying into Data Centres for Future Growth

In line with our vision to tap into India's growing digital adoption wave, we have entered the Data Centre market with our inaugural project in Chennai. This Data Centre provides seamless connectivity to cable landing stations and domestic fibre networks, granting us access to crucial infrastructure within a robust ecosystem. Our in-house electromechanical capabilities have played a pivotal role in the successful development of this ultra-scalable and hyper-density data centre, requiring an investment of approximately ₹14,000 million. It is progressing as planned and expected to be operational by the end of FY 2023-24.

Looking forward, we are actively exploring opportunities to establish additional data centres nationwide, with Kolkata among the shortlisted cities for similar-sized projects. We are engaged in discussions with potential strategic partners and end customers, with a goal to secure a significant market share in the data centre domain within the next three to five years.

Prioritizing People and Communities

At TEECL, we value our workforce and their well-being as fundamental to our organization's growth and sustainability. We maintain a safe and secure work environment, offering various safety-training programs to educate and equip our employees with the knowledge and skills for best-in-class workplace safety practices. Additionally, we provide comprehensive training programs to enhance their competencies and support their career growth.

In our commitment to social responsibility, we actively engage in initiatives that uplift marginalized groups in society. Through health and education programs, we strive to mainstream these groups and offer them opportunities for a brighter future. As we move forward, our dedication to improving the communities around us remains unwavering.

The Path Forward

Looking ahead, our future is bright, and our growth momentum is just beginning. The power sector is undergoing reforms with a strong emphasis on ensuring the reliability and availability of supply. We're also prepared to accommodate up to 30% renewable power injection into the grid, up from the current 14-15%. With a strengthened portfolio and a clear vision, we are well prepared to overcome challenges and perform strongly in the coming years.

Finally, we extend our sincere thanks to our valued stakeholders for their continued trust and support. Our commitment to operational excellence, resilient performance, and strategic positioning in growth segments will drive our sustained growth. We eagerly anticipate turning challenges into opportunities while delivering sustainable value and growth.

P. P. Gupta

Managing Director