The company said that savings in finance cost and better performance in renewables business boosted the bottomline. The company’s consolidated revenue in the September quarter was up 13 per cent year-on-year at Rs 9,502 crore.
“Our focus continues to remain towards the expansion of our renewable and distribution businesses and go green strategy in our existing generation business. We aim to scale up renewable business towards our 2030 target. Clean energy currently makes up 32 per cent of Tata Power’s portfolio which is expected to touch 80 per cent by 2030,” said Praveer Sinha, chief executive officer and managing director.
The company’s renewable energy portfolio grew by 10 per cent in the second quarter from the previous quarter, by adding 256 megawatts capacity and winning bids of 580 mw. It commissioned 100 mw solar photovoltaic (PV) project at Raghanesda Solar Park, Gujarat and 150 mw solar PV project at Lohakari, Rajasthan.
The company said it completed installations of over 1000 electric vehicles (EV) public charging points across the country. It has also tied up with TVS Motor to develop EV charging station infrastructure and deploy solar power technologies at select TVS Motor locations. It is also partnering with HPCL to set up EV charging points at HPCL Petrol Pumps.
Shares of Tata Power closed at Rs 218.05 on BSE on Thursday, down 2.7 per cent.
