Torrent Power Q4 Review – Distribution Business Normalises: Motilal Oswal

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Torrent Power Ltd.’s result highlights the benefit of normalizing demand in its distribution franchise (DF) business, offset by lower renewable generation.

Reported Ebitda was up 11% YoY. While a fresh set of lockdowns could affect the performance of DFs, power demand and collections in DFs have not been significantly impacted thus far.

We expect the company’s DF business to improve over FY22–23.

However, with the recent run-up in the stock (up 45% in the last six months), this improvement is well baked in.

Click on the attachment to read the full report:

Motilal Oswal Torrent Power Q4FY21 Result Update.pdf


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