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Jaiprakash Power Ventures
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In line; maintain hold
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HOLD
CMP: Rs 38 Target Price: Rs 42
n 1Q12 performance in line - revenue growth of 45% yoy, EBITDA margins of 89.6% and APAT growth of 50% yoy. Generation growth of 29% yoy led by Karcham commissioning
n Karcham (key FY12E growth driver) two units have already commissioned. Balance two units scheduled to commission in Aug11 and Sep11 vs assumed timeline of Aug11
n In our numbers, we have taken Karcham as merchant plant - company currently selling through PTC in the open market. Reduce FY12E earnings on slight delay and maintain FY13E
n Valuations corrected significantly; with 1700MW of operational hydro capacity - downside protected. Karcham litigation, funding gap & fuel remain overhang. Maintain hold
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