Motilal Oswal's research report on Torrent Power
Torrent Power (TPL) is engaged in the distribution and generation of electricity. The company has installed generation capacity of 3.7GW and under-construction capacity of 0.8GW. TPL is the sole electricity distributor to the cities of Ahmedabad (incl. Gandhinagar), Surat, Bhiwandi and Agra, with a distribution reach of over 1,367sq.km.
Outlook
The stock trades attractively at ~1.2x FY21E P/BV. We initiate coverage on the stock with a Buy rating. Higher LNG prices and lower wind PLF, however, are the potential risk factors.
For all recommendations report, click here
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