Result Preview: Adani Power; with Emkay 8 February, 2011

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Adani Power Ltd - Q3FY11E results estimate

Expect APL to post revenues of Rs4.8bn (up 106% yoy). EBITDA margins of 49.8% expected to decline 465 bps yoy mainly on account of lower realizations, absolute EBITDA of Rs2.4bn (up 88% yoy) and APAT of Rs1.3bn (up 79% yoy. Expect volumes (Energy Sent Out) of 1,95mn (up 209% yoy) (mainly on account of Mundra II which came on stream from Q2FY11)

Key things to watch are – (1) status of projects under construction (2) merchant power realizations and (3) coal supply from Indonesia.