Sharekhan recommended hold rating on PTC India with a target price of Rs 65 in its research report dated November 04, 2019.
Sharekhan's research report on PTC India
Standalone EBITDA rose by 7.1% y-o-y to Rs. 141 crore and was above our estimate led by higher surcharge income and lower opex. Trading volumes declined by 1.5% y-o-y while gross margins increased by 12.1% y-o-y to 7.43 paisa per unit. Company signed a contract for the Mangdechhu Hydro Electric Project in Bhutan with a potential of 3 billion units annually; draft regulations for power trading propose to cap margin at Re. 1 paisa/unit for back-to-back contracts. Weak financials of PTC India Financial Services could delay/impact management’s efforts to unlock value.
We maintain our Hold rating on PTC India with an unchanged PT of Rs. 65.
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