Tata Power Q2: Marginal decline in profit and revenue, plans to buy stake in SPV

News Topical, Digital Desk : Tata Power has released its September quarter results. The company reported a year-over-year decline in profit, but this decline was limited. However, the pace of decline in EBITDA remained in double digits. Margins also declined. Along with the results, the company announced a proposal to acquire a stake in an SPV. The company's results came after market hours. The stock closed slightly lower on Tuesday.

How were the results?

The company's consolidated net profit declined marginally by 0.7% to ₹919.4 crore, compared to ₹926.5 crore in the same period last year. The company's revenue also declined by 1% to ₹15,544 crore, compared to ₹15,697 crore in the same quarter last year. The company's operating performance also showed weakness, where the company's EBITDA declined by 11.8% to ₹3,302 crore, compared to ₹3,744 crore in the same period last year. Margins also declined to 21.2%, compared to 23.9% last year. Share purchase plan announced . In a strategic move, Tata Power has proposed to buy a 40% stake in a Special Purpose Vehicle (SPV) for ₹1,572 crore. This move by the company is being considered towards further strengthening its renewable energy and infrastructure portfolio. 

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