Tata Power gains on strong Q1 earnings

Tata Power reported a 5 percent year-on-year rise in revenue from operations at Rs 15,213.3 crore

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Tata Power shares were up 2 percent in the morning trade on August 10, a day after the company reported a 29 percent year-on-year (YoY) increase in the June quarter net profit at Rs 1,141 crore. The net profit included an exceptional item of Rs 235 core.

The Tata group company reported a 5 percent YoY rise in revenue at Rs 15,213.3 crore. Earnings-before-interest-taxes-depreciation and amortisation (EBITDA) were up 43 percent at Rs 3,005 crore. The EBITDA margins was up 577 basis points to 20.02 percent.

One basis point is one-hundredth of a percentage point.

“The company has planned nearly Rs 12,000 crore of capex for the current financial year that would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business,” CEO and managing director Praveer Sinha said.

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Tata Power is engaged in the power generation, transmission and distribution. The company’s operations involve the production of electricity through various sources, including thermal, hydro, renewable, and solar power.

CLSA has a “sell” rating on Tata Power at a target price of Rs 195 per share. “Quality of results remains challenging, with one-offs supporting PAT. Stock remains expensive at a 22x FY25 PE,” the brokerage said.

At 9.45 am, Tata Power stock was quoting at Rs 239.40, up 1.92 percent from the previous close.

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