Tata Power stock rises 2% after a robust performance in Q3FY22

10 Feb 2022 , 12:44 PM

Tata Power Company stock was in the fast lane on Thursday after a robust performance in financial earnings for the quarter ending December 2021 (Q3FY22).

The company’s consolidated PAT was up by 74% YoY at Rs552 crore versus Rs318 crore in Q3FY21 on the back of strong all-around business performance by all verticals. Consolidated revenue was up 42% at Rs11,015 crore versus Rs7,756 crore in Q3FY21 due to expanded operation in Odisha DISCOMs, higher project execution by Tata Power Solar Systems Ltd. (TPSSL), and strong performance of all other businesses.

Dr Praveer Sinha, CEO and Managing Director, Tata Power said, “Tata Power has delivered a strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility. We are committed to focusing on key growth areas of renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging. We will focus on utilizing technology to offer smart, green energy solutions and provide a world-class experience to our 12 million-plus customers.”

For 9MFY22, the company’s consolidated PAT was up by 59% at Rs1,523 crore as compared to Rs957 crore over 9MFY21. Consolidated revenue was up by 33% at Rs30,491 crore as compared to Rs22,860 crore over 9MFY21.

At around 12.42 pm, Tata Power was trading at Rs242.30 per piece up 1.8% on BSE. The stock was near the day’s high of Rs243.75 per piece on the same exchange.