Shares of Tata Power plunged over 7% to ₹234 apiece on the BSE in Tuesday’s trading session, a day ahead of its earnings as the Tata Group company is set to announce its Q3FY22 results on Wednesday, February 9, 2022.
Tata Power shares have given multibagger return of over 160% in a year’s period, rising from ₹90 per share level in February 2021. The stock is up 67% in the last six months whereas has risen about 5% in 2022 (year-to-date or YTD) so far.
Tata Power is India’s largest integrated electric power distribution company. It offers EV charging solutions across all segments, including home charging, public charging, workplace charging, and captive charging. The company has recenlty tied up with many auto companies to deploy all types of chargers at its charging stations.
Tata Power has a presence across all the segments of the EV charging ecosystem and has deployed all types of chargers – DC 001, AC, Type2, Fast DC chargers up to 50kwh and up to 240kwh chargers for buses. It has also developed an EV charging app to locate the nearest charging station, get updates on charging, and pay charges online.
For the quarter ending September, the company’s net profit rose to ₹506 crore in the three months ended 30 September from ₹371 crore a year ago. Its total income rose to ₹10,187.3 crore in the quarter against ₹8,441.6 crore in the earlier year.
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