ICICI Securities: Torrent Power’s Sustainability To Give An Edge Over Peers

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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Torrent Power’s Sustainability To Give An Edge Over Peers

ICICI Securities: Torrent Power’s Sustainability To Give An Edge Over Peers

Choose a plan