Motilal Oswal's research report on Tata Power
TPWR’s 3QFY25 EBITDA came in 4% below our estimate but was up 38% on a YoY basis. The rise in EBITDA was driven by: 1) robust growth in the standalone business amid strong PLFs and regulatory upside in Mundra and 2) rising contribution from the renewables business amid progressive commissioning of renewable generation capacity and earnings contribution from the cell and module business. Profitability at the PAT level was driven by other income, which came in higher than our estimates.
Outlook
The sum of these contributions results in a total TP of INR490/share, reflecting the comprehensive valuation of TPWR’s diverse business segments.
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