Buy Torrent Power, target price Rs 554: HDFC Securities

HDFC Securities has buy call on Torrent Power with a target price of Rs 554. The current market price of Torrent Power Ltd. is Rs 518.4. Torrent Power Ltd., incorporated in the year 2004, is a Mid Cap company (having a market cap of Rs 24922.38 Crore) operating in Power sector.

Torrent Power Ltd. key Products/Revenue Segments include Income From Power Supply, Traded Goods and Other Operating Revenue for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 6618.62 Crore, up 72.33 % from last quarter Total Income of Rs 3840.59 Crore and up 111.10 % from last year same quarter Total Income of Rs 3135.23 Crore. Company reported net profit after tax of Rs 502.01 Crore in latest quarter.

Investment Rationale
Closed above the hurdle of 200day EMA at `506.50 levels. Daily RSI shows positive indication

Promoter/FII Holdings
Promoters held 53.57 per cent stake in the company as of 30-Jun-2022, while FIIs owned 6.79 per cent, DIIs 21.18 per cent.