Tata Power has posted a 73.70 percent jump in its consolidated net profit at Rs 465.69 crore in the quarter ended June 2021.Total income during April-June 2021 increased to Rs 10,145.89 crore from Rs 6,540.42 crore in the year-ago period
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Tata Power share price touched a 52-week high of Rs 137.90, rising 2 percent in the early trade on August 9 after the company posted a 73.70 percent jump in its consolidated net profit at Rs 465.69 crore in the quarter ended June 2021.
It has reported a consolidated net profit of Rs 268.10 crore in the same quarter last year. Total income during April-June 2021 increased to Rs 10,145.89 crore compared with Rs 6,540.42 crore in the year-ago period.
The company’s Q1FY22 consolidated EBITDA was at Rs 2,365 crore, up 16 percent from Rs 2,037 crore in Q1FY21.
Here is what brokerages have to say about the stock and the company after the June quarter earnings:
CLSA | Rating: Buy | Target: Raised to Rs 160
CLSA has maintained a buy rating as repricing of debt and net long coal drove a solid Q1.
The core Q1 EBITDA was up 12 percent year-on-year (YoY) led by a strong coal and lower loss-making generation at Mundra Project. The emerging RE play and NCLT approval for the merger of CGPL are the key.
JPMorgan | Rating: Overweight | Target: Raised to Rs 155
The broking house has maintained an overweight call on the stock as the Q1FY22 was a beat and strategic objectives of ESG, growth and deleveraging remain in sight.
The management’s key focus remains to scale up renewables and adjacent businesses and keeping the leverage contained. It is our top pick in utilities, JPMorgan has said.
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Macquarie | Rating: Underperform | Target: Rs 101
The broking firm remains stays an “underperform” rating on expensive valuation. The renewables platform monetisation could take up to 18 months and this may further delay deleveraging.
Edelweiss | Rating: Buy | Target: Rs 170
Edelweiss kept a buy rating on the company as it began FY22 on a strong note with a 10 percent PAT outperformance in Q1.
The integrated CGPL and coal mining business reported Rs 150 crore PAT on higher coal prices.
There was Rs 3,000 crore sequential increase in net debt, largely due to refinancing of perpetual debt.
It reported a strong ramp-up in EPC, but with less than 4 percent margins due to higher module prices. Odisha AT&C loss increased by 200 bps, impacted by the second COVID wave.
Motilal Oswal | Rating: Buy | Target: Rs 156
We expect Solar EPC to give a leg up in earnings for the next two years. Recent award wins, particularly from NTPC, have seen its EPC order book inflate to around Rs 85b billion, thereby providing strong visibility.
EBITDA from Solar EPC is expected to post a 30 percent CAGR to Rs 5.2 billion over FY21–23.
This—coupled with the commissioning of renewable projects and the takeover of Odisha DISCOMs—should lead to a 33 percent PAT CAGR over FY21–23
Sharekhan | Rating: Buy | Target: Rs 165
The company’s focus on business restructuring and balance sheet deleveraging plan would play a crucial role for a sustained improvement in earnings profile (high growth from RE and power distribution segments) and improve investor confidence.
The rising share of the RE portfolio would improve ESG score and a potential IPO of the RE business (although there have been some delays but focus remains on a better deal) would be key catalysts for valuation re-rating.
At 09:19 hours, Tata Power Company was quoting at Rs 133.60, down Rs 1.55, or 1.15 percent on the BSE.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
