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Motilal Oswal Report
Tata Power Company Ltd.'s results reflect a better-than-expected performance from the Mundra–Coal joint venture and a reduction in interest costs.
Adjusted profit after tax stood at Rs 4.3 billion and was significantly higher versus our estimate of Rs 3.6 billion.
Tata Power's divestment-related measures and infusion from the promoter have aided a debt reduction.
Furthermore, the engineering, procurement and construction and renewables businesses are set to gain momentum, led by a healthy project pipeline.
The possible benefit from the merger of Coastal Gujarat Power Ltd. with itself presents an upside to profitability.
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