External broker reports(aggregated public sources), HDFC Securities

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<ul><li>Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assets</li><li>However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stations</li><li>TPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNG</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assetsHowever, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stationsTPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNGContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Torrent Power, Indraprastha Gas, City Union Bank

<ul><li>We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts</li><li>The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector</li><li>While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral expertsThe crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sectorWhile PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this targetContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Power Sector - Renewable Solar Summit July 2022

<div><div><div><ul><li>NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.</li><li>Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.</li><li><span style="font-size: var(--content-font-size);">Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.</span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power - Better Realisation and Low YoY Base to Boost PAT

<ul><li>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power: Better Realisation and Low YoY Base to Boost PAT

India

Torrent Power Limited generates, transmits and distributes power. The Company also implements large power projects in India.

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Torrent Power (TPW IN)

HSIE Results Daily: Torrent Power, Indraprastha Gas, City Union Bank

However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from...

HDFC Securities

Indian Power Sector - Renewable Solar Summit July 2022

The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the...

HDFC Securities

Power - Better Realisation and Low YoY Base to Boost PAT

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.

HDFC Securities

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

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