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Research
Adani Power - Awaiting policy comfort - Edelweiss
Posted On : 2013-03-04 20:45:58( TIMEZONE : IST )
We recently met with the management of Adani Power (APL). The company is awaiting Central Electricity Regulatory Authority (CERC) verdict on tariff hike. In another development, its supplier, Bunyu mines has revised its coal output downward to ~8mtpa versus the earlier 10mtpa estimated.
Further as Coal India (CIL) is expected to supply only 80% of FSA for Mundra IV and under-construction projects we believe spot purchases are inevitable to bridge the shortfall. Ergo, earnings are likely to be under pressure. APL is refinancing loans structured into backended repayments.
Maintain 'REDUCE' with TP of INR48/share.
