Tata Power gains 9% after strong Q1 performance
Click here to read full article from source
MUMBAI, Aug. 13 -- Shares of Tata Power jumped 8.8% after the company reported a 10.3% year-on-year rise in its June quarter consolidated net profit to Rs.268.10 crore.
At 1225 pm, the stock traded at Rs.57.05 apiece, up 7.7% from previous close while the benchmark Sensex was down 0.3% at 38239.01.
Net sales of the company fell 16.9% to Rs.6,452.99 crore in Q1FY21 from Rs.7,766.72 crore in the year-ago period.
Revenues fell primarily due to lower demand, delay in solar EPC businesses on account of covid-19 and lower coal prices. The company reported strong cash generation due to robust collection and tighter control over working capital.
Analysts at Motilal Oswal, in a result note said, "Net debt declined to Rs.44,400 crore...Debt red...
To read the full article or to get the complete feed from this publication, please Contact Us