Tata Power It is one of the largest integrated power companies in India and with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,171 MW. Company’s consolidated net profit up 71% 426 crore for the third quarter from 248 crore reported in the corresponding period of last year.
“With a focus on sustainable and clean energy development, the company aims to go net carbon zero by 2050, as it seeks to rapidly scale up its green energy portfolio,” brokerage house Anand Rathi said in a note.
With rapidly growing production capacity at its disposal, with a focus on EV and renewable businesses, it expects the company’s performance to improve from current levels. The brokerage has downgraded its rating on Tata Power stock to . Upgraded to buy with a revised target price of 273 per share.
The company has participated in the PLI scheme launched by the government to promote domestic solar manufacturing and thus, expects an incentive of around Rs. 15 billion against this capex. It is also strengthening its EV charging segment by signing MoUs with TVS Motors, Apollo Tires and several auto companies to deploy charging stations.
It offers EV charging solutions across segments including home charging, public charging, workplace charging and captive charging.
Tata group company’s revenue from operations up 44% 10,913 crore during the reporting period as compared to 7,597 crore in the same quarter last year. This growth was on account of expanded operations in Odisha DISCOMs, higher project execution by Tata Power Solar Systems Limited (TPSSL) and strong performance of all other businesses.
multibagger stock has increased by more than 153% over a period of one year, increasing from approx. 90 per share level in February 2021. The stock has gained 76% over the past six months while it has gained nearly 3% so far in 2022 (year-to-date or YTD).
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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