Moneycontrol
Feb 16, 2017 05:21 PM IST | Source: Moneycontrol.com

Hold PTC India; target of Rs 88: ICICI Direct

ICICI Direct recommended hold rating on PTC India with a target price of Rs 88 in its research report dated February 14, 2017.

Hold PTC India; target of Rs 88: ICICI Direct


ICICI Direct's research report on PTC India


PTC is India’s leading power trading company with a market share of 30% in the trading business. Its trading volumes and PAT have grown at a CAGR of 15.7% and 15.3% to 3,714 crore and Rs 202.3 crore, respectively, over FY10-15. The company operates at a very small margin of 4–7 paise per unit.


Outlook


However, core trading business is likely to see strong traction with execution of long term PPAs. We continue to value the stock on an SoTP basis and revise target to Rs 88/share (from Rs 76 earlier) and rate the stock as BUY.

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