The power generator reported a 43.6 percent on-year rise in consolidated revenue from operations to Rs 10,913.1 crore for the December quarter
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Tata Power Company share price slipped in the early trade on February 10, a day after the firm declared its December quarter numbers.
Tata Power on February 9 reported a 71.6 percent year-on-year rise in consolidated net profit to Rs 425.8 crore for the quarter ended December.
The power generator reported a 43.6 percent on-year rise in consolidated revenue from operations to Rs 10,913.1 crore.
The company’s cost of power purchase jumped sharply in the reported quarter to Rs 3,631.7 crore from Rs 1,802.3 crore. Similarly, transmission charges more than doubled on-year to Rs 250 crore.
The growth in the topline of the company was led by its transmission business, which reported an 83.5 percent year-on-year rise in revenues to Rs 7,125.7 crore.
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Here is what brokerages have to say about the stock and the company after the December quarter earnings:
Sharekhan
Sustained near-term high coal prices, higher execution/margin improvement at solar EPC business and expectation of sustained improvement in financial at Odisha discoms makes us confident of the company’s long-term earnings growth potential (expect 36 percent PAT CAGR over FY21-24E).
In addition, management’s business restructuring plans to increase share of high growth RE business would drive sustained improvement in ESG score and RE portfolio monetisation to help unlock value.
Hence, we maintain buy on Tata Power with a revised price target of Rs 275 (reflecting higher value for solar EPC and Odisha discoms).
CLSA
The broking house has kept the “sell” call on the stock, with the target at Rs 195 as it was a weak Q3 with the coal business disappointing.
Coal now accounts for 78 percent of EBITDA. The MSCI addition and a retail frenzy provide an exit opportunity.
However, the valuations are expensive at current levels.
Morgan Stanley
The research firm has kept “equal-weight” rating with the target price at Rs 217, as the profit was a miss driven by lower other income and lower profitability in Tata Projects.
Mundra’s profits were lower-than-expected, while Indonesian coal profits were 15 percent higher.
At 9.21 am, Tata Power was quoting at Rs 236.80, down Rs 1.15, or 0.48 percent, on the BSE.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
