Should you buy Tata Power shares after Q3 results 2024?
stock market observers on Monday after the announcement of Tata Power results for Q3FY24 on Saturday. In Q3 results 2024, Tata Power recorded a marginal increase in operational income but the Tata Group company demonstrated significant operational and financial performance.
In Tata Power results announced on Saturday, the company has posted consistent growth in Profit After Tax (PAT) for the 17th consecutive quarter. According to stock market experts, the financials of Tata Power still looking strong as its net debt to EBITDA ratio is still at a comfortable level.
The Tata Group company has managed to keep its core business in sound condition. In the alternative energy segment, Tata Power's order book has further strengthened.
They said that Tata Power share has strong support placed at ₹330 whereas it is facing a hurdle at ₹420 to ₹440 zone. Speaking on Tata Power results for Q3FY24, Dhruv Mudaraddi, Research Analyst at StoxBox said, "Tata Power has reported a tepid performance in Q3FY24, missing market estimates in revenue and EBITDA growth but beating its net profit expectations owing to higher power prices, higher PLF in Mundra, higher other income and lower taxes on lower dividends from Coal SPVs.
However, despite the moderate topline, Tata Power has exhibited robustness in its core business operations, which have been supplemented by its diversification into group captive orders and alternative energy segments such as rooftop solar energy. In addition, the utility-scale solar EPC business has secured significant orders totaling 612MW worth ₹2,193 crores during Q3FY24, indicating a strong demand and market presence in the renewable energy sector." Also Read: Gold price dropped 1.4% last week as US Fed rhetoric
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