Sharekhan recommended Hold rating on PTC India with a target price of Rs 65 in its research report dated August 09, 2019.
Sharekhan's research report on PTC India
PTC India’s reported standalone EBITDA of Rs. 102 crore (up 7.9% y-o-y; up 9.7% q-o-q) was above our estimate due to higher -than-expected power trading volume. Gross margin declined by 4.2% y-o-y to 6.23 paisa per unit. The company is likely to operationalise ~950 MW of new PPAs, which would drive volume growth. Board of Directors has recommended resolution to shareholders to dilute/divest its stake in PTC India Financial Services Limited and PTC Energy Limited, but deteriorating financial performance could delay/impact value unlocking.
We maintain our Hold rating on PTC India with a revised PT of Rs. 65.
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