Adani Power - Another disappointing quarter - Edelweiss

Adani Power's (APL) Q3FY13 adjusted loss of INR4.1bn surpassed our /consensus INR1.5bn/INR2bn loss estimate. The variance was due to use of high cost imported coal on account of lower-than-expected Bunyu volumes. Subdued PLF at Tiroda also impacted earnings.

While management remains confident of improving domestic fuel supplies for pipeline projects, near-term challenges persist.

Maintain 'REDUCE'.

Source : Equity Bulls

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