Tata Power shares rise up to 2% as stock turn ex-dividend

Tata Power Ltd. announced a dividend payout of ₹2 per share of value ₹1 each for the financial year ended March 31, 2024, in May 2024. The company had paid a similar dividend of ₹2 per share in FY23 against ₹1.75 per share in FY22.

The company fixed July 4 as the record date for the dividend payout for FY 2023-24. Investors who held shares of the company before July 4 would be eligible for the dividend payment.

Tata Power shares rallied nearly 2% to hit a high of ₹442.25 apiece on NSE on Thursday as the stock turned ex-dividend.

The stock was trading 0.43% higher at ₹435.7 apiece on the NSE at 2:15 pm.

The Tata Group company reported its highest profit after tax of ₹ 4,280 crore for the financial year ended March 31, 2024, compared to ₹3,810 crore in the previous financial year.

The record profit growth of 12% was led by its highest revenue and EBITDA at ₹ 61,542 crore and ₹ 12,701 crore respectively, for FY24 backed by a strong rising share from core businesses of Generation, Transmission and Distribution, and Renewables.

Revenue rose by 27% in the last quarter of FY24 to ₹16,256 crore compared to ₹12,755 crore in Q4FY23. Profit after tax rose by 11% to ₹1,046 crore in the March quarter of FY24 compared to ₹939 crore in Q4FY23.

As of March 31, 2024, the company reported having 4.5 GW of renewable capacity operational and another 5.5 GW of projects under implementation, bringing its total green energy portfolio to over 10 GW.

The company has 6,277 Ckm (Circuit Kms) of transmission lines portfolio including 1,651 Ckm capacity in the pipeline.