Tata Power’s renewables ops boost fiscal Q1 profits

The renewables unit of Indian utility Tata Power Co Ltd (BOM:500400) has generated a consolidated net profit of INR 1.09 billion (USD 17m/EUR 14.5m) in its first fiscal quarter ended June, growing from INR 260 million a year earlier.

The Indian firm operates renewables energy capacity of over 2 GW, while its green energy portfolio exceeds 3 GW, it said in a statement on Monday.

Tata Power’s CEO and managing director Anil Sardana noted that all businesses of the company achieved strong operational results, thus posting “significant jump” in profits.

“Despite the challenging environment in the power sector in recent years, the company has expanded its international presence and continues to look for viable business opportunities across the select international geographies,” Sardana said.

Overall, Tata Power booked a consolidated net profit of INR 1.64 billion in April-June, up 126% in annual terms, thanks to the strong results of its coal and renewable energy operations and overall good operational performance. Consolidated revenues climbed by 2% to INR 67.25 billion. The power utility noted that Indonesian Coal Companies, Tata Power Solar, Walwhan Renewable Energy Pvt (WREPL), Tata Power Solar and Tata Power Renewable Energy (TPREL) achieved strong growth and operational performance in the three months as compared to a year ago.

(INR 100 = USD 1.559/EUR 1.326)

Choose your newsletter by Renewables Now. Join for free!