Motilal Oswal 's research report on Torrent Power
Torrent Power (TPW)'s results highlight the impact of lower volumes on its Distribution Franchise (DF) business. Reported EBITDA, though, was up 16% YoY to INR9.7b, led primarily by a one-off APTEL order benefit of INR2.5b. The co.'s Distribution business has been impacted by lower volumes due to the impact of COVID-19.
Outlook
However, demand and collections have been recovering, and a healthy balance sheet would help tide over this wave. Maintain Buy, with TP of INR392/sh.
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