Tata Power‘s share price continued to make gains for the third straight session on Thursday as the company released its numbers for the April-June period.
What Happened: The Tata Group company’s consolidated net profit for the period was up 22.39% to reach ₹972.5 crore as against the ₹794.6 crore profit it booked in the year-ago period. The number also beat consensus estimates of around ₹7,500 crore. The energy giant’s revenue from operations went up 4.5% to ₹15,213.3 crore compared to 14,495.5 crore in the June quarter of 2022.
The company’s EBITDA went up 74% year-over-year to ₹2,943.6 crore. EBITDA margin for the period came in at ₹19.35%. Basis earnings per share for the quarter came in at ₹3.04.
Praveer Sinha, Tata Power’s CEO and managing director, announced that the company achieved a 15th consecutive quarter of profit growth due to robust performance in all business sectors. He also added that Tata Power has outlined around ₹12,000 crore of capital expenditure for the current fiscal year.
Reacting to the results, global brokerage firm CLSA maintained its “sell” rating on the stock with a price target of ₹195. The firm said that the quality of results remains challenging as one-off items drove PAT. The analysts also added that at current valuations the stock is expensive.
Price Action: Tata Power’s share price was up 0.77% to trade at ₹236.70 as the markets opened on Thursday.
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