Integrated power company Tata Power Group’s FY2018-19 revenues increased to Rs 29,493 crore—up 12% from Rs 26,430 crore last year—driven mainly by renewable capacity addition among other factors. In particular, its renewable business crossed Rs 428 crore of profit after tax (PAT) and 2,549 MW capacity mark.
Year-on-year, consolidated EBITDA was up by 7% at Rs 6,753 crore mainly due to increase in renewable business and all-round performance across regulated and unregulated businesses.
Commenting on the company’s performance, Praveer Sinha, CEO and MD, Tata Power said, “All our subsidiaries and plants have reported robust performance despite sectoral challenges. The company continues to focus on growth in new businesses. Our renewable business added a capacity of 200 MW and another 400 MW is currently in pipeline. Our solar EPC business possesses a healthy order book of Rs 1360 crore.”
“We have launched solar rooftop solutions in several cities across the country and set up 65 EV charging stations. Through Resurgent platform, the company is in the process of acquisition of 1980 MW Prayagraj plant.”
Significantly, just recently the company signed a memorandum of understanding (MoU) with India’s largest CNG distributor Indraprastha Gas Limited (IGL) for setting up of commercial-scale electric vehicle (EV) charging/battery swapping stations and green energy solutions.
Aiming to grow its renewable energy footprint across the country, Tata Power has identified renewables, transmission, distribution and value-added businesses including rooftop solar, smart metering, EV charging stations and micro grids in rural areas as key growth areas.
Notably, during FY2018-19 the company commissioned 100 MW Pavagada solar plant in the fourth quarter. It also launched complete residential rooftop solutions in Gandhinagar, Kochi, Chennai, Chandigarh, Hyderabad, Guwahati and Kolkata.
Among new initiatives, Tata Power collaborated with AES and Mitsubishi Corporation to power up South Asia’s largest grid-scale energy storage system in India. Tata Power-DDL also collaborated with Enedis, Schneider Electric, Odit-e & VaasaETT to implement smart grid demonstrator.
Tata Power claims to be India’s largest integrated power company and, together with its subsidiaries and jointly controlled entities, has an installed capacity of 10957 MW. It has a presence across the entire power value chain—generation of renewable as well as conventional power including hydro and thermal energy, transmission and distribution, trading, and coal and freight logistics. Renewable energy assets in solar and wind account for 23% of the company’s portfolio.