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 on Thursday (24 August).
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 the 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 modernization 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.”