Tata Motors' revenue was up ~7% YoY at Rs 173 billion, partly due to higher availability and generation in Mundra plant. Profit in Q4 stood at Rs 10.4 billion (+16.5% YoY). Its solar manufacturing capacity reported an excellent set of result – Rs 15 billion in revenue and Rs 1.9 billion in profit in Q4.
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ICICI Securities Report
Tata Power Company Ltd. reported a good set of result in Q4 FY25. Ebitda came in at Rs 34.8 billion (+27% YoY) driven by strong performance in renewables segment – solar manufacturing and renewable generation, coupled with strong show by Odisha discoms.
Revenue was up ~7% YoY at Rs 173 billion, partly due to higher availability and generation in Mundra plant. Profit in Q4 stood at Rs 10.4 billion (+16.5% YoY). Its solar manufacturing capacity reported an excellent set of result – Rs 15 billion in revenue and Rs 1.9 billion in profit in Q4.
Note that 4.3GW of solar cell capacity was commissioned in H2 FY25 and once fully ramped up, it will further aid earnings. This, along with commissioning of new assets, is likely to drive growth in next 18-24 months. It is targeting to add 2.5-2.7GW of renewable capacity and 4 transmission projects with estimated Ebitda of Rs 5.8 billion in FY26. Maintain Buy with an SoTP-based target price of Rs 470 (unchanged).
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