Tata Power Sees Surge in Demand for Solar Rooftops: CEO Praveer Sinha
Description: Tata Power anticipates a significant growth in market share for solar rooftops as CEO Praveer Sinha highlights the company's leadership in quality products and market access.
Tata Power is poised to capitalize on the increasing demand for solar rooftops, with CEO Praveer Sinha revealing the company's strong market position during an earnings call to discuss Q1FY25 results.
Key Points:
- The company holds a notable 50-60 percent market share in the solar rooftop segment.
- There has been a remarkable tenfold surge in demand in this segment compared to the previous year.
- Tata Power emphasizes its superior market access and product quality over competitors.
- The company's solar EPC business boasts an order book of 3.2 GW worth over Rs 15,500 crore, with a robust renewable projects pipeline of 5.3 GW.
Praveer Sinha envisions a substantial uptick in revenues from the rooftop solar division by the third to fourth quarter of the fiscal year, indicating a promising growth trajectory for Tata Power.
The company's Q1 results reflect a consolidated net profit of Rs 1,188.63 crore, showcasing a 4 percent year-on-year increase. Revenue from operations also saw a significant rise, reaching Rs 17,293.62 crore.
The Generation, Renewables, and Transmission & Distribution segments played a pivotal role in contributing 84 percent of the profit after tax for the quarter, signaling a strong performance across key business divisions.
Conclusion:
In conclusion, Tata Power's aggressive focus on the solar rooftop segment and strategic positioning within the market bode well for its future growth prospects. With a solid order book and a positive revenue outlook, the company remains poised for continued success in the renewable energy sector.
Tags:Tata Power, solar rooftops, Praveer Sinha, market share, renewable energy