Tata Power Solar, a manufacturing and EPC arm of Tata Power, said its sales increased by 52 per cent to ₹2,262 crore in FY-17 compared with ₹1,490 crore in FY-16, while its revenue more than doubled in the past two years.
According to the company, the key strategy that drove this change was shifting of focus from manufacturing to services — EPC contracts both in utility and rooftop segments.
Up until 2013, the company’s core business was manufacturing of panels, inverters, pumping and power backup products for solar sector, among other products.
Since then, the company has been increasing its focus on EPC business and despite this segment being a low margin one, Tata Power Solar registered 330 per cent rise in net profit during FY-17.
During the last financial year, Tata Power Solar commissioned a 100-MW plan in Andhra Pradesh for NTPC, among other projects, and currently has an EPC order pipeline of above 1 GW.
“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,” said Anil Sardana, CEO & MD.