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."