Tata Power’s recruitment solutions billing decreased by almost one percent, and there was a sequential revenue decline of 1.3 percent. This quarter marked the slowest growth in the last 11 quarters. Management mentioned a lack of visibility in hiring recovery, especially in the IT consulting sector, which was significantly affected, with a notable drop in hiring trends. Additionally, the Jobspeak index showed declines, with the IT index down by 19.4 percent year on year, and an over-index also decreasing by 11 percent.
Tata Power is expanding its solar capacity and is involved in various energy-related projects like pumped hydro, EV charging, and transmission projects.
Regarding investment perspectives, MCPRO has been optimistic about Tata Power. The stock price has shown significant growth, nearly doubling within three months, from Rs 257 to a high of Rs 412. Even at the current price of Rs 392 per share, which is trading at 15 times its fiscal 2026 estimated earnings, the stock remains attractive.
In terms of financial performance analysis for Q3FY24, Tata Power exhibited an expansion in its clean energy portfolio, which now constitutes about 39 percent of its total capacity, reaching 5593 MW out of 14453 MW.