Tata Power’s June Quarter Profit Slumps 76%; Stock Falls
Tata Power Company Ltd. shares slumped after its June quarter profit declined 76 percent, missing analyst estimates by a wide margin.
Net profit for the April to June period stood at Rs 72.5 crore compared to Rs 303 crore in the same period last year, according to a filing on the exchanges. The consensus estimate of analysts tracked by Bloomberg stood at Rs 336.5 crore.
The company posted a forex loss of Rs 159.7 crore against Rs 171 crore loss the year earlier. Other income dropped 54 percent to Rs 112 crore.
Net sales fell 5 percent to Rs 6,806.5 crore, trailing analyst estimates. Earnings before interest, tax, depreciation and amortisation decreased 11.3 percent to Rs 1,635.5 crore, while EBITDA margin contracted to 23.9 percent versus 25.6 percent in the same quarter last year.
The company’s shares slumped as much 3.7 percent to Rs 74.35 on the BSE as of 1:30 pm.