Motilal Oswal: Tata Power Q2 Beat Estimates As EPC Businesses Recover; Risk Reward Favourable
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Motilal Oswal Report
Tata Power Company Ltd.’s results reflect the recovery in its engineering, procurement and construction businesses and better working of its Mundra-Coal JV hedge.
Adjusted profit after tax stood at Rs 3.0 billion and was significantly higher versus our estimate of Rs 2.3 billion.
Divestment-related measures (international shipping business, Cennergi, Arutmin, and Tata Strategic Engineering Division) and the infusion of Rs 26 billion from promoter has aided debt reduction.
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