Tata Power Share Price: A Steady Rise in Profits and Revenue
📈 Tata Power, the power company of the Tata Group, has announced its results for the December quarter. During the quarter, the company’s net profit increased by 2% to reach INR 1,076 crores, compared to INR 1,052 crores in the same quarter of the previous fiscal year.
💰 The company’s total income also saw a growth of 4% to reach INR 14,841 crores during the quarter, compared to INR 14,339 crores in the same quarter of the previous year.
📊 In the first nine months of the current financial year (April-December 2023), Tata Power’s profit rose to INR 3,235 crores, marking a 13% increase from INR 2,871 crores in the same period of the previous year.
💹 The company’s revenue for the first three quarters of the current financial year also showed a significant growth, reaching INR 45,286 crores, making it the highest in the company’s history for the same period.
🔋 As of December 31, 2023, Tata Power has a renewable energy capacity of 4,270 megawatts, generating 603.1 crore units of green energy.
🗣️ Tata Power’s CEO’s Statement:
Tata Power’s CEO and Managing Director, Praveer Sinha, said in a statement, “Our core businesses are performing well, and the consistent profitability in the 17th quarter has helped the company achieve a net profit. We are pleased with our performance.”
💹 Share Price Performance:
Last week, Tata Power’s shares witnessed a surge in value. The stock touched a 52-week high of INR 413 and closed at INR 392.10 on Friday. Moreover, during the trading session, the stock witnessed a decline of 4% or more.
📊 Analysts’ Expectations:
Despite the decline, brokerage firms are optimistic about Tata Power’s future performance. Antique Broking has set a target price of INR 450 for the stock, which was previously at INR 422.
With consistent growth in profits and revenue, Tata Power is poised for further success in the industry.
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