Torrent Power’s Distribution Business Recovering In Q3: Motilal Oswal
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Motilal Oswal Report
Torrent Power Ltd.’s Q3 FY21 result highlights normalising demand at its distribution franchisee business.
Adjusted Ebitda fell 1% YoY to Rs 8.3 billion.
The distribution business was impacted by lower volumes due to the impact of the Covid-19 outbreak.
A recovery in demand and collections and a healthy balance sheet have helped it tide over this wave.
Renewable generation was up 32% YoY at 317 million units, led by capacity addition.
Interest costs decreased 6% QoQ/19% YoY to Rs 1.9 billion (versus our expectation of Rs 2.1 billion) on the back of lower debt and borrowing costs (down 140 basis point YoY).
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