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PTC India is the leading power trading company in India with a market share of around 33% in CY2010. Trading
volume growth is secured by entering into long-term power purchase agreements (PPA) with power developers.
Driven by an exponential growth in its traded volumes and an uptick in the trading margins, we expect
earnings to grow at a CAGR of 17% over the next two years.
In the last few years, the company has also made a substantial investment in various areas like power project
financing via PFS or taking direct equity stake, coal trading and power tolling which have great growth
potential in the future.
Given its niche positioning and strong growth outlook with improving core return on equity (RoE), the valuations
are quite attractive on a sum-of-the-parts basis.
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