Energy firm Tata Power announced results for the quarter ended March 31 on Wednesday.
What Happened: Tata Power’s net profit grew 11.38% to ₹1,045.69 crore in the fourth quarter, up from the ₹938.81 crore it earned in the same quarter last year. The figure was higher than analyst estimates of ₹909 crore.
The Tata firm’s revenue came in at ₹15,846.50, which was 27.24% higher than the ₹12,453.76 topline number it had posted last year. The figure missed street expectations of ₹16,271 crore.
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The company’s board also recommended a dividend of ₹2 per share. The record date for the dividend payment is Thursday, July 4, 2024.
Tata Power’s EBITDA rose 8% to ₹3,358 during the fourth quarter, with its generation and renewables businesses showing the greatest growth.
“The Odisha Discoms have demonstrated the success of the Public Private Partnership model and are now profitable within a short span of three years,” said Praveer Sinha, CEO and managing director of Tata Power. “We are well-poised to take on newer power distribution opportunities once they open for privatization.”
The company said it had 4.5 gigawatts of renewable capacity operational and another 5.5 gigawatts of projects under implementation, taking the total green energy portfolio to over 10 gigawatts, as of March 31.
Tata Power, formerly a part of the three entities jointly known as Tata Electric Companies, is one of India’s largest integrated power companies.
Price Action: At the close of trade on Wednesday, Tata Power’s share price ended 0.8% lower at ₹432.90. The stock has climbed over 30% so far this year.
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