India’s Tata Power increased profit after tax to Rs109 crores in the first quarter of the 2018 financial year, compared with Rs26 crores for the same period last year. Earnings before interest, tax, depreciation and amortization were also up to Rs539 crores.
It said that Indonesian coal companies — Tata Power Solar, Walwhan Renewable Energy Pvt Ltd (WREPL), Tata Power Solar and Tata Power Renewable Energy Ltd (TPREL) — reported strong growth and operational performance in the first quarter as compared to the corresponding period.
The increases were mainly due strong performances in the renewable energy sector, the company said. Tata Power chief executive and managing director Anil Sardana said: “Tata Power Solar, WREPL and Tata Power Renewable Energy have demonstrated excellent performance and reported a significant jump in profits.”
Tata Power’s renewable energy capacity passed 2000MW during the period, the company added.
Its overall net profit for April to June this year rose by 126% to Rs164 crores, compared with Rs72 crores for the same period last year.