Tata Power Q3 Results Review: Motilal Oswal Reiterates 'Buy' On The Stock, Sees 35% Upside — Here's Why

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Motilal Oswal Report

Tata Power Company Ltd.’s Q3 FY25 Ebitda came in 4% below our estimate but was up 38% on a YoY basis. The rise in Ebitda was driven by:

1. robust growth in the standalone business amid strong PLFs and regulatory upside in Mundra and

2. rising contribution from the renewables business amid progressive commissioning of renewable generation capacity and earnings contribution from the cell and module business.

Profitability at the PAT level was driven by other income, which came in higher than our estimates.

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