Tata Power’s Share is on Fire because Tata Power’s Q3 net profit is Rs 1,076.12 crore which is 2% more than the same period last year. Tata Power’s Consolidated revenue increased by 6.2 percent to Rs 15,294.13 crore which was Rs 14,401.95 crore in Q3 last year.
Tata Power has been firmly entrenched in the power sector for many years and is giving good performance in the market. Tata Power has declared its net profit for the third quarter of 2023-24 on February 9. Tata Power has registered a net profit of Rs 1,076.12 crore in Quarter 3, which is a huge amount in itself. This figure is 2 percent more than last year.
Last year, Tata Power’s quarter 3 net profit was Rs 1,052.14 crore. The company said that such good profits have been achieved due to a healthy balance sheet and operational excellence. Praveer Sinha, CEO and Managing Director of Tata Power, said that our core business is continuously performing well due to which we have got good profit after deducting tax for the 17th consecutive time.
Our continued good efforts reflect our project execution capability. Seeing the continuously increasing demand for electricity in the country, Tata Power is working on its cutting-edge, customized, and cost-effective clean and green energy solutions. The company is working on 2.8 GW pumped hydro storage projects with an investment of Rs 13,000 crore to provide 24×7 dispatchable renewable energy.
Read More: Tata Motors Share hits All-Time high, It can cross ₹1100 within a few days According to Experts
Consolidated revenue of Tata Group company has increased by 6.2 percent to Rs 15,294.13 crore which was Rs 14,401.95 crore at the same time last year. The market cap of the entire Tata Group has crossed ₹30 lakh crore. Tata Power’s earnings before interest, taxes, depreciation, and amortization (EBITDA) have increased by 20 percent to Rs 3060.55 crore, which was earlier Rs 2607.61 crore.
Due to the net profit of Tata Power in this Q3, there is a continuous rise in the shares of Tata Power in the stock market. On February 9, the company’s shares increased by 3.76 percent to reach Rs 392.10. But if there is good performance, we may see a huge boom in the stock soon.
Read More: Sovereign Gold Bond: Investment Opportunity, You can invest from 12th to 16th February
Talking about the energy production of Tata Power, till December 31, 2023, the company had an operating capacity of 4,270 MW, which produced 6,031 MU of green energy. The company’s 4,752 MW of projects under TPREL and 4,120 MW of projects under TPSSL are currently under execution. But soon Tata Power’s total clean energy capacity will exceed 10,000 MW in the next 12-24 months.
So if the energy capacity of all these power plants will increase, there will be more profit due to the demand for electricity in the country and this will lead to even greater growth in the company’s shares. So if you have not invested in Tata Power shares then this could be a good opportunity.