Buy Torrent Power; target of Rs 380: Motilal Oswal

Motilal Oswal 's research report on Torrent Power

Torrent Power’s (TPW) 2QFY21 results highlight the impact of lower volumes on its distribution franchise (DF) business along with certain one-off charges. Adj. PAT was down 32% YoY to INR3.2b while reported PAT was down 73% YoY to INR2.1b. TPW’s distribution business has been impacted by lower volumes due to the impact of COVID.

Outlook

However, demand and collections have been recovering. Also, its healthy balance sheet should help the company tide over. Maintain Buy with TP of INR380/share.

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