India’s largest power company Tata Power posted a massive profit figure for the financial year ending on March 2018. In terms of figures, the profit increased about 144 percent after adding tax. The Tata conglomerate reported a profit of INR 2,679 crore, the profit from renewable energy also increased to a new record.
The renewable business converted a profit of INR 425 crore. The major contributors were solar and wind energy projects. It comes out to be about 16 percent of the gross profit of the financial year.
But the year had mixed outcomes as the company faced its highest loss from Coastal Gujarat Power Limited, India’s largest coal-based power plant. These losses were a result of 25 percent increase in coal prices.
For the previous year, net profits stood at INR 1,397 crores and the contribution from renewable sources was about 12.5 percent at about INR 175 crore. The capacity of renewable energy was 3,141 Megawatts which increased to 3.417 megawatts. Tata Power acquired 1,140 megawatts of wind and solar projects from the Welspun Energy. This deal was the main reason for the increase in profits and capacity.
The total generation by Tata power was about 52.5 billion kWh in 2016-17 which increased to 53.5 billion kWh in 2017-18. Further, in this, the solar power was 919 million kWh and the wind energy resulted in a generation of 1.69 billion kWh.
Source: Clean Technica