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Motilal Oswal Report
Torrent Power Ltd.’s result highlights the benefit of better demand and lower transmission and distribution losses in its distribution franchise business, leading to a 7%/43% YoY jump in adjusted Ebitda/profit after tax.
However, the numbers were a miss on our estimates.
While the second Covid-19 wave has delayed the normalisation of demand and collections at DFs, we expect Torrent Power’s DF business to improve in FY22E/FY23E.
However, this remains well captured at the current price.
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