India's Tata Power (TTPW.NS) missed second-quarter profit expectations on Wednesday as lower temperatures during the monsoon season eased demand for electricity.
The company reported a 5.8% year-on-year rise in consolidated net profit to 9.27 billion rupees ($110.3 million) for the July-September quarter, but missed analysts' expectations of 9.82 billion rupees, as per data compiled by LSEG.
Revenue from operations fell 0.26% to 156.98 billion rupees.
The company approved an investment of 56.66 billion rupees for a 1,000 megawatt pumped storage hydro project in the state of Maharashtra.
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KEY CONTEXT
India's electricity demand fell in the July-September quarter as above-normal rainfall resulted in lower temperatures, which, in turn, eased demand for air-conditioning.
In August, India's power generation dropped 4.7% year-on-year, the first decline in two years. Demand fell 4.9%, largely due to excessive rainfall affecting cooling and irrigation needs.
PEER COMPARISON
* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
JULY-SEPTEMBER STOCK PERFORMANCE
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-- All data from LSEG
-- $1 = 84.0660 rupees
