Tata Power share price gains 2% as Street cheer over two-fold jump in Q3 net profit

Tata Power Share Price NSE: Shares of Tata Power on Monday gained more than 2 per cent on account of strong third-quarter performance in the current fiscal. The counter quoted Rs 210 apiece on NSE at 11 AM. The stock has hit a high of Rs 212.85 and a low of Rs 206.75 so far during today's trading session.

The counter had a total traded volume of 1,12,71,755 shares around 11 AM, according to data available on the NSE website.

Zee Business panellist and market expert Himanshu Gupta said that despite volatility in the market, the stock held lower levels and support zone. Those who have already Tata Power shares in their portfolio should hold. For those taking a fresh position, he said that the stop loss should be Rs 195. If stock touches Rs 215-220 levels, "there will be a further momentum and it can eventually move towards Rs 245-250".

Tata Power on Friday declared that its consolidated net profit almost doubled to Rs 1,052.14 crore in the quarter ended December 2022 compared to a year ago, mainly due to higher revenues. The consolidated net profit of the company was Rs 551.89 crore in the quarter ended on December 31, 2021, a BSE filing showed.

Its total income rose to Rs 14,401.95 crore in the quarter from Rs 11,018.73 crore in the same period a year ago. The consolidated PAT (net profit) was up by 88 per cent at Rs 2,871 crore in nine months ending December 2022 from Rs 1,523 crore in the corresponding period last fiscal.

Consolidated revenue also grew by 42 per cent to Rs 43,278 crore in the nine months as compared to Rs 30,491 crore in April-December 2021, on account of capacity addition in renewables, higher generation in thermal plants and higher sales across distribution companies.

Tata Power Solar Systems Ltd (TPSSL) order pipeline, including third-party projects, stood at 3.9 GW worth Rs 15,440 crore. The TPSSL installed around 12,000 solar pumps, highest ever execution in a single quarter, and reached a total deployment of more than 93,000 solar pumps; inching towards the 1-lakh milestone.

Tata Power has energised 3,080-plus public and captive electric vehicle (EV) charging points across 493 locations, along with 30,000-plus home chargers and 234 bus charging points.

At Auto Expo 2023, the company had announced setting up of 25,000 EV charging points by 2025. Total smart meter installations cross 5 lakh across Tata Power discoms in Odisha, Delhi and Mumbai.

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,101 MW. The company has its presence across the entire power value chain—generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution and trading.

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