Rs 16,252 crore order book: TATA Group-multibagger solar microgrid power company signs Power Delivery Agreement with Tata Steel Ltd; details inside!
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 228.1 per share whereas BSE Sensex Index is up by 23.1 per cent in the same period.
TP Parivart Limited, a subsidiary of Tata Power Renewable Energy Limited, has entered into a Power Delivery Agreement with Tata Steel Limited to construct and operate a 70 MW group captive solar power plant in Akola, Maharashtra. This project is anticipated to generate 154 million units of electricity annually, contributing to a reduction of 115,000 tonnes of carbon emissions. As a subsidiary of Tata Power Company Limited, TP Parivart's initiative aligns with the company's broader commitment to sustainable and clean energy solutions.
About Tata Power Company Ltd
Tata Power, a leading integrated power company under India's largest conglomerate Tata Group, boasts a diverse portfolio of 14,707 MW spanning the entire power spectrum. This includes the generation of both renewable and conventional energy, along with transmission, distribution, trading, storage solutions and even solar cell and module manufacturing. As champions for clean energy, they've committed to achieving carbon neutrality before 2045. Beyond generation, Tata Power has established India's most comprehensive clean energy platform, offering rooftop solar solutions, microgrids, storage solutions, EV charging stations and home automation systems.
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According to the Quarterly Results, the net sales increased by 27 per cent to Rs 16,256 crore in Q4FY24 compared to Q4FY23. The company reported a net profit of Rs 1,046 crore in Q4FY24 compared to a net profit of Rs 939 crore in Q4FY23, an increase of 11 per cent. In its annual results, the net sales increased by 10 per cent to Rs 61,542 crore and net profit increased by 12 per cent to Rs 4,280 crore in FY24 compared to FY23. The company has delivered good profit growth of 75 per cent CAGR over the last 5 years and has been maintaining a healthy dividend payout of 23 per cent. The company's overall performance can be attributed to its effective management strategies.
With a robust order book of Rs 16,252 crore as of March 31, 2023, Tata Power is poised for an electrifying future. Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity.
The company has a market cap of over Rs 1.40 lakh crore. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 228.1 per share whereas BSE Sensex Index is up by 23.1 per cent in the same period. Investors should keep an eye on this mid-cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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