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Adani Power (ADANI )
Utilities
Capacity ramp-up continues, maintain ADD. APL reported in-line results though it
disappointed marginally on generations due to lower PLF (82%) and higher auxiliary
consumption (10.8%) due to stabilization phase of new units. We like APL’s execution progress
as it continues to steadily add capacities and incur capex for its portfolio of projects under
construction (6,600 MW), most of which will likely be commissioned by end FY2012E. We
maintain our ADD rating and target price of Rs143/share.
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