Tata Power shares in focus after dividend, Q4 results; stock up 76% in six months
Tata Power shares in focus after dividend, Q4 results; stock up 76% in six months
Shares of Integrated power company Tata Power Ltd will be in focus on Thursday morning after the Tata group firm reported 11 per cent year-on-year (YoY) jump in profit after tax (PAT) at Rs 1,046 crore for the March quarter compared with Rs 939 crore in the same quarter last year. This was the 18th consecutive quarter of profit growth for the Tata firm. The stock will also be in news after the power company declared a dividend of Rs 2 per share, subject to shareholders’ approval.
Tata Power said its revenue for the quarter grew 27 per cent YoY to Rs 16,256 crore from 12,755 crore in the same quarter last year. The operational and financial performances of all core businesses – Generation, T&D and Renewables – were strong and on a growth path, said CEO and MD Praveen Sinha.
“Today, Tata Power stands at the forefront of India’s energy transition with its integrated presence across the value chain. Our clean energy portfolio will touch 15 GW by FY27 and we are committed to supplying round-the-clock renewable energy to our consumers with a mix of solar, wind and Pumped Hydro Storage Projects in our portfolio,” Sinha said.
Sinha said Tata Power’s rooftop solar business is displaying growth momentum and with a portfolio of over 2 GW and said his company is well-positioned to tap the increasing opportunities, especially under the PM Surya Ghar Yojana that aims to light up one crore households.
As of March 31, Tata Power had 4.5 GW of renewable capacity operational and another 5.5 GW of projects under implementation, taking the total green energy portfolio to over 10 GW.
Besides, Tata Power had 6,277 Ckm (Circuit Kms) of transmission lines portfolio including 1,651 Ckm capacity in pipeline. During FY24, the company won two projects worth Rs 2,300 crore under Tariff-Based Competitive Bidding (TBCB) process –the Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission Ltd and the Intrastate Transmission Scheme in Uttar Pradesh through SPV JalpuraKhurja Power Transmission Ltd.
“Odisha Distribution Business, a turn-around success story, continues to report profit. Backed by continuous reduction in AT&C losses and better working capital management, it reported PAT growth of 21 per cent to Rs 307 crore for FY24,” Tata Power said.
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