Accumulate Tata Power - Result Update - Kotak

TPL's consolidated adjusted profits came in higher than estimate. Key factors to watch out would be 1) the progress on the company's petition on tariff hike to CERC,2) Profitability in the coal SPVs (which has been down in H1FY13), 3) TPL's ability to blend coal to reduce its production costs at Mundra, and 4) Production ramp-up in Maithon.

We continue to maintain ACCUMULATE on the stock with a revised price target of Rs 109.

Source : Equity Bulls

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