Encouraging results for April-June quarter of FY24 lifts Tata Power stock

However, analysts have mixed views due to muted coal price outlook

Tata Power declared encouraging results for the April-June quarter (Q1) of the 2023-23 financial year (FY24). The firm’s revenue rose 5 per cent year-on-year (Y-o-Y) to Rs 15,210 crore. It was driven by higher sales to distribution companies (discoms) and capacity addition in renewables.

Company’s adjusted profit after tax (PAT) rose 3 per cent to Rs 906 crore with reported PAT at Rs 1,100 crore on a one-time gain of Rs 235 crore. Tata Power’s stake was diluted to 31 per cent in Tata Projects, from an earlier 48 per cent, resulting in this gain of Rs 235 crore due