Tata Power’s annual consolidated profit after tax (PAT) stood at ₹26.79 billion (~$401.48 million), up 144 percent when compared with the previous year, the company announced recently.

Tata Power’s underlying business EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization), including joint venture companies, increased by 17 percent to ₹101.04 billion (~$1.514 billion) in FY 2018, mainly due to a 46 percent increase in its renewable business.

The company’s consolidated FY18 revenue was up 6 percent at ₹289.21 billion (~$4.321 billion) as compared to ₹272.86 billion (~$4.0763 billion) last year. Standalone PAT was up 23 percent at ₹12.87 billion (~$192.267 million) before an exceptional loss, as compared to ₹10.49 billion (~$156.712 million) in FY17. Exceptional loss of ₹44.37 billion (~$662.852 million) in FY18 relates to Mundra power plant and other investments.

The company has reported a consolidated profit after tax (PAT) of ₹14.78 billion (~$222.164 million) for the fourth quarter of the financial year (FY) 2017-18. The company had recorded a net loss of ₹2.27 billion (~$34.121 million) for the same period in the previous year.

The company’s operating profit has also increased from ₹12.21 billion (~$182.98 million) in Q4 of FY 2017 to ₹14.45 billion (~$216.55 billion) in Q4 of FY 2018. This increase, again, can be mainly attributed to the performance of Tata Power’s renewable business, the company said in a media statement.

Commenting on the development, Praveer Sinha, the CEO of Tata Power, said, “Tata Power Solar has shown excellent performance and turn around and has been a significant contributor to the company’s robust performance. The renewable portfolio continues to do well and has once again made a healthy contribution to PAT”.

In November 2017, Tata Power Renewable Energy Ltd. (TPREL), a wholly-owned subsidiary of Tata Power, commissioned a 25 MW grid-connected solar photovoltaic (PV) project in Charanka Solar Park in Gujarat ahead of schedule. In the same month, the company also commissioned a 30 MW grid-connected solar PV project developed under India’s domestic content requirement (DCR) category at Palaswade village in Maan taluka, in the Satara district of Maharashtra.

The clean energy portfolio of Tata Power has increased to 3,417 MW as compared to 3,141 MW last year, according to the company’s portfolio. Its renewable business PAT also grew by 55 percent at ₹4.25 billion (~$63.69 billion).

According to Mercom’s India Solar Project Tracker, Tata Power has ~1.25 GW solar installed capacity, with 100 MW of projects under development.

Mercom previously reported that Tata Power’s Q3 consolidated net profit was ₹6.12 billion (~$95.32 million).

The company has also recently entered the electric vehicle (EV) business as both a manufacturer of EVs and a charging station infrastructure developer. In January 2018, Tata Power announced new additions to its strategic network of EV charging stations in India’s financial capital of Mumbai.

Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer