Tata Power shares in the red after Q1 net profit grows 4% YoY

The stock was down around 1%, in the aftermath of the company posting a modest 4% year-on-year (YoY) growth in the net profit for the June 2024 quarter.

The shares had opened in the positive territory, at ₹444 apiece on the National Stock Exchange (NSE), which was 1.6% higher than the previous session's close. Minutes into the trade, the shares began sliding.

At 9:51 am, the scrip was trading at ₹432.75 apiece on the NSE, down 0.9% as against the last closing price. On the BSE, the plunge was sharper as Tata Power was trading 1.43% lower at ₹430.55 per share.

Tata Power Q1 results

Following the market hours on Tuesday, August 6, Tata Powers released its quarterly results through regulatory filings. The consolidated net profit rose 4% YoY to ₹1,189 crore in the first quarter of fiscal year 2024-25 (Q1FY25), as against ₹1,141 crore in Q1FY24.

In a statement, however, Tata Power noted that the profit after tax before exceptional items has risen 31% YoY, as compared to ₹906 crore in the year-ago period.

The consolidated revenue from operations in Q1FY25 came in at ₹17,293.6 crore during the quarter under review, which was 13.7% higher as compared to ₹15,213.29 crore in the year-ago quarter.

The earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 11% to ₹3,350 crore in the reported quarter from ₹3,005 crore in Q1FY24.

"All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum," said Praveer Sinha, CEO and Managing Director, Tata Power.