Tata Power’s consolidated net profit jumped by nearly 74 per cent to Rs 465.69 crore in the April-June quarter of 2021 compared to Rs 268.10 crore in the year-ago period. Total income during April-June 2021 increased to Rs 10,145.89 crore from Rs 6,540.42 crore in the year-ago period, according to a regulatory filing by the company.
The company said the increase in numbers is “mainly due to higher wind & solar power generation, all round better performances in solar EPC, rooftop, solar pumps business and favourable tariff order for CGPL (Mundra plant).”
Praveer Sinha, the CEO & Managing Director of Tata Power, said, “All our existing generation, distribution and transmission business units have reported a robust performance despite the challenges presented by the ongoing pandemic. This can be attributed to the excellent performance of all our businesses and capacity additions.”
“We aim to scale up our renewable portfolio from the current 4GW to 15GW by 2025 and to 25GW by 2030 thereby achieving 80 per cent clean generation capacity, up from the current 31 per cent. We will continue to expand and promote the mass adoption of rooftop solar & solar pumps, microgrids, home automation and focus on developing the EV charging infrastructure in the country.”
He also announced the re-entry of company into the development of greenfield transmission projects. “We are Future-Ready for a cleaner tomorrow and aim to capitalise on opportunities across hybrid renewable projects, floating solar and strengthen our partnerships for battery storage projects,” he said.
Despite the downside risks posed by COVID, the company remains optimistic and will continue to build a resilient tomorrow and advance our sustainability goals, he added.