Tata Power Shares Gain As Q1 Profit Beats Estimates
The stock rose as much as 1.97% in early trade to Rs 445.30 apiece on the NSE.
Shares of Tata Power Co. rose in early trade on Wednesday after its consolidated net profit in the first quarter of the current financial year beat analysts' estimates.
The power generating company's profit rose 4% year-on-year to Rs 1,189 crore for the three months ended June 2024, according to an exchange filing. Analysts tracked by Bloomberg had estimated a profit of Rs 957 crore.
Tata Power Q1 FY25 Highlights (Consolidated, YoY)
Revenue up 14% to Rs 17,294 crore versus Rs 15,213 crore (Bloomberg estimate: Rs 16,855 crore).
Ebitda up 22% to Rs 3,587 crore versus Rs 2,944 crore (Estimate: Rs 3,004 crore).
Ebitda margin expanded to 20.7% versus 19.3% (Estimate: 17.8%).
Net profit up 4% to Rs 1,189 crore versus Rs 1,141 crore (Estimate: Rs 957 crore).
Tata Power's stock rose as much as 1.97% during the day to Rs 445.30 apiece on the NSE. It pared gains to trade 2% lower at Rs 427.95 apiece, compared to a 1.04% advance in the benchmark Nifty as of 10:15 a.m.
The stock has risen 83.83% in the last 12 months and 29.43% on a year-to-date basis. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was 44.63.
Out of the 23 analysts tracking the company, 11 have a 'buy' rating on the stock, as many recommend 'sell' and one suggests 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 10.7%.
