TORNTPOWER

ROE: 17.5% ROCE: 14–15% ROA: 8–9% Net Profit Margin: 9–11% EBITDA Margin: 18–20% P/E: 25–35× P/B: 4–5× A significant part of recent profit growth is due to non-recurring items (deferred tax reversal, etc.), which may not repeat. Slight decline in generation / some segments (renewables generation, solar projects are under stabilization) can reduce operating profit growth. Weather / PLF (plant load factor) risk especially for renewable and solar segments. Fuel price & fuel availability risk especially for gas / coal-based generation. Also dependency on LNG supply in future.