
Tata Power Company experienced a significant setback on November 9 as its stock plummeted by over 2 percent. The decline came in the wake of the company’s fiscal second quarter results, which failed to meet investor expectations, leading analysts to maintain bearish calls on the stock.
In its Q2 FY24 report released on November 8, Tata Power disclosed that its consolidated net profit had witnessed a modest increase of 8.8% on a yearly basis, reaching Rs 1,017 crore. Although the company managed to achieve a 9 percent growth in consolidated revenue for the quarter, totaling Rs 15,442 crore, the results were not enough to appease market sentiment.
One notable highlight from the report was the impressive 51 percent surge in EBITDA, reaching Rs 3,087 crore in the July-September period.
Despite this positive indicator, investors remained dissatisfied, leading to a sharp decline in the company’s stock value.
At 09:17 hrs, The Tata Power Company was quoting at Rs 248.60, down Rs 6.30, marking a 2.47 percent decrease on the BSE.