汇丰：印度电力_配电公司发力

This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Utilities India Renewables shouldered a third of the demand growth in FY25. With total renewable (RE) capacity addition of c29GW in FY25 (c5GW in Mar-25), incremental RE contributed to c33% of the overall incremental demand raising its share in generation by 90bp in FY25 to 13.6%. Within renewables, Solar contributed to almost entire growth. Coal contribut ...