Price captures demand recovery; downgrade to Neutral Torrent Power (TPW)'s result highlights the benefit of normalizing demand in its Distribution Franchise (DF) business, offset by lower renewable generation. Reported EBITDA was up 11% YoY. While a fresh set of lockdowns could affect the performance of DFs, power demand and collections in DFs have not been significantly impacted thus far. We expect the co.'s DF business to improve over FY2223. However, with the recent run-up in the stock (+45% in the last six months), this...