Hence, we upgrade our rating to ADD, from REDUCE earlier. However, the stock price has corrected steeply in the past two weeks and is now trading below our target price. Accordingly, we have cut our EPS estimates by 18%/17% for FY23E/24E and reduced our TP to INR501, vs INR555 earlier. Further, the rise in module prices has delayed its upcoming solar projects, which will impact its projected earnings for FY23E/24E. A record-high RLNG price, the PLF across its gas-based stations has declined steeply, thus impacting PLF and fuel-based incentives from these projects. TPW, however, reported a loss of INR4.9bn due to impairment of INR13bn towards the DGEN station. Interest expenses declined on deleveraging and a fall in interest rates. This made EBITDA rise 8.3% YoY to INR9.9bn. Consolidated revenue increased 21.4% YoY to INR 37.0bn, led by the above factors and gain from the sale of LNG. ): Torrent Power (TPW) reported a healthy operational performance in Q4FY22, led by a reduction in AT&C losses, higher demand, and improved collections efficiencies across its distribution business.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |