Rs 17,643 crore order book: This multibagger power company signs PPA for 9 MWp on campus solar plant with Tata Motors Ltd!
The stock gave multibagger returns of 300 per cent in just 3 years whereas BSE Sensex Index is up by 70 per cent.
Tata Power Renewable Energy Limited (TPREL), a leading player in the renewable energy sector and a subsidiary of Tata Power Ltd signed a power purchase agreement (PPA) for 9MWp on campus solar plant with Tata Motors Ltd Pantnagar plant in Uttarakhand. This solar plant will be the largest on campus solar facility in the State. The solar installation includes an effective approach towards Tata Motors' sustainable future goals, with an estimated carbon emission reduction of 25 tons of CO2/kWp in Uttarakhand.
The project will be commissioned within 6 months from the PPA execution date. The solar installation will utilize both rooftop and ground-mounted units for installation. In an earlier partnership, TPREL and Tata Motors successfully established a 7 MWp solar project at the Pantnagar manufacturing facility. As a result, Tata Motors Pantnagar plant’s combined solar capacity now stands impressively at 16 MWp. The solar plants will generate annually 224 lakh units which will meet nearly 60 per cent of their annualized requirement.
On Tuesday, shares of TPL surged 0.33 per cent to Rs 240.15 per share with an intraday high of Rs 242.60 and an intraday low of Rs 239.60. The stock gave multibagger returns of 300 per cent in just 3 years whereas BSE Sensex Index is up by 70 per cent.
According to the consolidated Quarterly Results, the net sales increased by 2 per cent to Rs 15,003 crore (due to higher sales across Distribution Companies and capacity addition in renewables), EBITDA increased by 43 per cent to Rs 3,005 crore and the net profit increased by 29 per cent to Rs 1,141 crore in Q1FY24 compared to Q1FY23.
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Order Book Updates: The company order book as of June 30, 2023, stands at Rs 17,643 crore and the total capacity as of June 30, 2023, stands at 4,199 MW. The Rooftop Solar and Group Captive Order Book stands at Rs 2,504 crore.
Investors should keep an eye on this Large-Cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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