Street cautious on Tata Power stock after Q2 results; bearish calls persist

Tata Power reported consolidated Q2FY24 revenues, operating, and net profit of Rs 15,442 crore, up 12 per cent year-on-year (Y-o-Y), Rs 3,087 crore, up 76 per cent Y-o-Y, and Rs 1,017 crore, up 9 per cent Y-o-Y, respectively.

Results were boosted by higher plant utilisation (60 per cent) at Mundra UMPP, driven by Section 11 tariffs. 

The adjusted profit was Rs 875 crore.

Profits from associates (mainly the coal segment) were down 79 per cent Y-o-Y because imported coal prices have declined.

Lower other Income was also due to lower dividends from coal subsidiaries.

Tata Power Solar saw revenues touching