Tata Power's Q1 profit from renewable business jumps 339% to Rs 142 cr

Firm's capacity in the segment crossed the 2,000-MW mark

Tata Power on Wednesday said its renewable portfolio recorded a 329 per cent jump in consolidated net profit at Rs 142.18 crore in the quarter to June 30, against the corresponding three months a year ago.

The renewable business capacity of Tata Power crossed 2,000 MW and non-fossil fuel portfolio stood at 3,144 MW, a 92 per cent increase from a year ago, it said in a statement.

Another 500 MW of capacity is under construction by Tata Power Renewable Energy Ltd (TPREL), Tata Power's wholly-owned subsidiary. The operating renewable portfolio of TPREL has grown to 1,457.2 MW, comprising 530.2 MW wind and 927 MW solar, respectively, it said.

On its commitment to generate 30-40 per cent power by 2025 through clean energy sources, Tata Power MD and CEO Anil Sardana said, "In the last 5 years, we have become the largest renewable energy player and going forward, we will continue to invest in renewable energy projects, both organic and inorganic, as well as in cutting-edge technologies to maximise shareholder value."

Tata Power will continue to work towards ensuring that its renewable business remains the largest in the country, it added.