After the market closed, a major announcement was made by Tata Power. Its subsidiary, TATA POWER RENEWABLE ENERGY, has entered into Power Purchase Agreements (PPAs) with TATA MOTORS for 9 MWp. These PPAs have been signed for the Pant Nagar plant in Uttarakhand.
Performance of Tata Power shares:-
In the past week, Tata Power shares have seen a 4% increase.
Over the past month, there has been a 10% increase.
Over the past three months, there has been a 16% increase.
Over the past three years, there has been a remarkable 290% increase.
Quarterly Results of Tata Power:-
In comparison to the April-June quarter of the financial year 2022-23, Tata Power has reported a profit growth from INR 794.6 crore to INR 972.5 crore in the same quarter of the financial year 2023-24.
In the April-June quarter of the financial year 2022-23, Tata Power’s revenue was INR 14,495.5 crore. In the same quarter of the financial year 2023-24, revenue increased to INR 15,213.3 crore.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has seen significant growth, rising from INR 1,683.4 crore to INR 2,943.6 crore. The margin has also increased from 11.6% to 19.4%.
Explanation of Power Purchase Agreement (PPA):-
A Power Purchase Agreement is a long-term contract between a power generator, typically a utility or company, and a power purchaser, usually a utility or business. PPAs can range from 5 to 20 years or more, during which the power purchaser buys electricity at a predetermined price.