Emkay Global Financial Services has come out with its report on Nava Bharat Ventures, Lanco Infratech and KSK Energy.
2Q12 APAT of Rs362mn (down 59% yoy) is below est. on low merchant realizations (Rs3.3/unit vs. Rs3.7/unit expected), lower PLF (82% vs. 87% expected) and lower MAT credit (Rs15mn vs. Rs150mn expected). Contract with TISCO to start from mid 3Q - to provide some hedge for falling power profitability but insufficient. We increase our fuel cost & reduce tariff assumptions
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