Tata Power rallies 8% on merger proposal with 3 wholly-owned subsidiaries
Tata Power shares surged as much as 8.3 per cent to Rs 57.4 on the BSE on Thursday after the firm reported June quarter result post market hours on Wednesday. The company’s net profit rose by 10 per cent to Rs 268 crore for quarter ended June on the back of reduced expenses, compared to a net profit of Rs 243 crore reported during the same period a year ago.
However, it’s consolidated profit before tax (PBT) and exceptional items for the June quarter dipped 31 per cent to Rs 480 crore, as against Rs 605 crore PBT posted in Q1FY20. Q1FY21 consolidated EBITDA stood at Rs 2,037 crore including Renewable EBITDA of Rs 588 crore as compared to Rs 663 crore in Q1FY20 mainly due to delay in the solar EPC projects due to Covid-19.
