Shares of Tata Power on Wednesday rallied 7 per cent after the company posted a two-fold rise in its consolidated net profit for the January-March quarter compared to the year-ago period.
The scrip gained 6.95 per cent to Rs 34.60 on BSE, while it surged 6.62 per cent to Rs 34.60 on NSE.
Tata Power on Tuesday posted a two-fold jump in its consolidated net profit to Rs 475 crore in the January-March quarter compared to the year-ago period.
The company’s consolidated net profit was Rs 172 crore in the quarter ended on March 31, 2019, a company statement said.
Consolidated revenue stood at Rs 6,881 crore in the fourth quarter of 2019-20 compared to Rs 7,597 crore in the corresponding quarter last year mainly due to delay in project execution in solar engineering procurement and construction business on account of COVID-19, lower power demand and lower coal price, it said.