ICICI Securities Report
Clean generation portfolio and enhanced thrust on sustainable business practices are the key themes of Torrent Power Ltd.'s FY20 annual report.
Key takeaways include: 1) Addition of 176 megawatts wind generation capacity but abandonment of 615MW under development, 2) operationalisation of UNOSUGEN's 278MW power purchase agreement (PPA), 3) continued reduction in aggregated technical and commercial (AT&C) losses of distribution businesses but demand impacted due to Covid-19 outbreak, 4) lower fuel expense due to low liquefied natural gas (LNG) prices (expected to continue in FY21 as well), 5) cash used mainly for debt reduction and distribution capex, and 6) Dholera SIR and Shil-Mumbra-Kalva distribution to be key focus businesses going forward.
We maintain our Hold rating and our target price of Rs 309 on Torrent Power.
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