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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

Press Trust of India  |  New Delhi 

renewable energy, power sector

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 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, August 23 2017. 14:57 IST