Tata Power’s eight-day gaining streak at the bourses came to a halt on early Friday, despite the company’s earnings for the March quarter exceeding estimates.

What Happened: Tata Power’s consolidated revenue grew 6% to ₹12,755 crore compared to the ₹12,085 crore revenue it booked in the year-ago period. The company attributed the rise to higher sales across Distribution Companies & capacity addition in Renewables.

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The Tata Group company’s consolidated EBITDA stood at ₹3,101 crore, up 38% year-over-over. The company’s net profits came in at ₹939 crore, up over 48% from the ₹632 crore profit it booked in the March quarter of 2022. Earnings per share for the quarter stood at ₹2.43. The company’s board also approved a ₹2/share dividend for the year ended March.

The company’s results received mixed reactions from brokerages. Bank of America maintained its ‘buy’ rating for the stock with a price target of ₹244 – a 20% upside from the stock’s last closing price of ₹203.85. Global brokerage firm CLSA, however, maintained its ‘sell’ rating on the stock with a price target of ₹189. The firm said that the quality of results remains challenging for the company as the PAT growth is supported by many one-offs.

Price Action: Tata Power’s share price was down 0.52% to trade at ₹202.80 in the early hours of trading on Friday.

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