Under this, during times of excess energy, water will be pumped from lower reservoir to higher reservoir, and during peak demand, the stored water will power turbines, thereby generating electricity.
During the quarter, Tata Power said a significant 84 per cent contribution in the company's PAT came from the core businesses, while the contributions from overseas joint ventures, including coal mining operations, continued to decline.
Tata Power share price today: Tata Power stock was trading at Rs 235 on BSE, 21.14 per cent lower to the record high of Rs 298 hit on April 7, 2022. The market cap of the firm stood at Rs 75,601 crore on BSE.
Shares of Tata Power fell nearly 5 per cent today despite the firm reporting doubling of consolidated profit year-on-year (YoY) to Rs 795 crore for the quarter ended June 30, 2022. The company had reported a net profit of Rs 391 crore in the year-ago period.
With the latest earnings show, the company has reported profit after tax (PAT) growth for consecutive quarters, Tata Power said.
However, Tata Power's earnings failed to excite the stock market on the earnings before interest, taxes, depreciation, and amortisation (EBITDA) front. The Tata Group stock fell 4.71 per cent intraday to Rs 215.5 against the previous close of Rs 226.15 on BSE. Later, the Tata Power stock ended 3.63 per cent lower at Rs 217.95.