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Reported EBITDA up 4% YoY

Strong positioning and healthy balance sheet; maintain Buy

* Torrent Power’s 3QFY21 reported EBITDA was up 4% YoY to INR8.7b (8% ahead of our est. of INR8.0b). A portion of this may be attributable to recoveries on collection provisions and UnoSugen u/r. We await clarity on the same.

* Interest cost was down 19% YoY / 6% QoQ to INR1.9b (our est.: INR2.1b).

* PAT was up 2% YoY to INR3.2b (41% ahead of our est. of NR2.3b).

* Power purchases at Bhiwandi and Agra were down 2% YoY.

* 9M T&D loss of 19.1% and 13.2% was reported at Bhiwandi and Agra, respectively (v/s 1H T&D loss of 23% and 16%).

* Renewable generation was up 32% YoY to 317MUs, led by capacity addition.

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