Tata Power slips ahead of Q4 earnings as Mundra losses weigh heavy

Kotak Institutional Equities says it expects higher losses from Mundra, as the plant was barely operational during the fourth quarter

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Shares of Tata Power Company dropped about a percent in the morning trade on May 4 ahead of the energy company’s Q4 results. Investors fear the Tata group company’s earnings, expected later in the day, will be marred by losses at its Mundra plant, which was reflected in the negative sentiment.

At 10.7 am, Tata Power was quoting at Rs 203.05, down Rs 0.75, or 0.37 percent. It was trading with volumes of 172,806 shares, compared to its five-day average of 457,348 shares, a decrease of 62 percent.

Even though the stock has fallen around 2 percent this year, in the past three years, it has given returns of near 600 percent.

Sharekhan expects Tata Power to report strong earnings growth YoY due to a low base, though sequentially, net profit would decline due to losses at its 4,000 MW Mundra plant, which was operational for a few days in the March quarter, and moderation in coal realisation.

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“We expect higher losses from Mundra, as the plant was barely operational during 4QFY23,” Kotak Institutional Equities said.

Analysts pointed out that a better contribution from the renewable segment will support the energy company’s earnings. Tata Power has a generation capacity of 14,076 MW, of which 37 percent comes from clean energy sources.

Even Kotak Institutional Equities expects earnings from the renewable portfolio benefiting from a higher capacity base and strong execution at Tata Power Solar.

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