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Tata Power Solar net sales grow 52% in 2016-17

Tata Power Solar net sales grow 52% in 2016-17

New Delhi: Tata Power Solar has turned around its solar business, with net sales growing 52 per cent in 2016-17, which is more than two and a half times in the past two years.

Net sales increased to touch a new high of Rs 2,262 crore in 2016-17 compared to Rs 1,490 crore in 2015-16, a statement from Tata Power said today.

Profit after tax zoomed 330 per cent during 2016-17, an achievement considering that solar EPC (engineering procurement and construction) is extremely low margin and the pressures faced by the domestic manufacturing sector, it added.

A key strategy that drove this change, according to the company, was shift to service focus — EPC — from products.

The company became a strong contender in utility as well as rooftop space and has been the biggest rooftop player for four years in a row, it said.

Tata Power Solar has carried out significant expansion and modernisation of its cell and module facility in Bengaluru.

Anil Sardana, CEO and MD, Tata Power, said: “Clean energy continues to be our key focus whether it is generation or manufacturing business. With a strong pipeline due to enhanced business volumes and efficient operational performance, we are set to achieve the ultimate objective of being the largest integrated player.

PTI