Motilal Oswal is bullish on Torrent Power has recommended buy rating on the stock with a target price of Rs 315 in its research report dated March 19, 2019.
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.
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.
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