Buylive bse livense live Volume Todays L/H More ×ICICI Securities research report on Tata PowerTata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses.
It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is currently developing two pumped storage systems.
It is likely to grow RE capacity to 2x in next 2 years, it is very close to commissioning 4GW of cell and module capacity and it has 13% market share in rooftop solar market.
We resume coverage on the stock with target price of INR 490/share.
We resume coverage on the stock with a SoTP-based target price of INR 490/share.
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ICICI Securities research report on Tata Power
Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses. It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is currently developing two pumped storage systems. It also has the first mover advantage in electric vehicle charging market. Among our coverage universe, it is the most comprehensive RE platform. It is likely to grow RE capacity to 2x in next 2 years, it is very close to commissioning 4GW of cell and module capacity and it has 13% market share in rooftop solar market. In addition, It is one of the largest private Discoms in the country and is looking to grow the transmission business (won 2 bids in transmission). We resume coverage on the stock with target price of INR 490/share.
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Outlook
Tata Power reported adjusted profit of Rs.8bn (+5% yoy) in Q4FY24 and Rs.32bn (+3% yoy) in FY24. The muted profit growth was due to low international coal prices. We resume coverage on the stock with a SoTP-based target price of INR 490/share.
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