Rs 17,643 crore order book: This multibagger power company signs PDA for 26 MW AC Group Captive Solar Plant with Neosym Industry Limited!

The stock gave multibagger returns of 340 per cent in just 3 years whereas BSE Sensex Index is up by 65 per cent.

Tata Power Renewable Energy Limited (TPREL), a leading renewable energy company in India and a subsidiary of Tata Power Company Ltd, signed a Power Delivery Agreement (PDA) with Neosym Industry Limited (Neosym), a leading Gray & S.G. Iron casting, manufacturing company in India, for 26 MW AC Group Captive Solar plant.

The project, located at Jamkhed, Ahmednagar in Maharashtra with an anticipated electricity generation capacity of 59 million units annually will start from March 2024. The plant is expected to reduce 32,500 tons of CO2 emissions annually. This substantial reduction in greenhouse gas emissions aligns with India's commitment to combat climate change and underscores TPREL and Neosym's joint commitment to environmental stewardship.

On Tuesday, shares of TPL plunged 0.73 per cent to Rs 258.4 per share with an intraday high of Rs 262.50 and an intraday low of Rs 255.70. The shares of the company also made a new 52-week high of Rs 262.50 per share. The stock gave multibagger returns of 340 per cent in just 3 years whereas BSE Sensex Index is up by 65 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.

The total renewables capacity of TPREL stands at 7,821 MW including 3,689 MW projects under various stages of implementation. The company's operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.

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.