adani power (citi) FY11 Largely In Line - Merchant Extremely Critical for FY12E

Operationally solid; Recurring PBT in line - Deferred taxes impact PAT; Higher-than-expected debt - An indication of solid execution; Receivable days - Inflated by 4Q concentration; Merchant sales - Extremely critical in FY12E; Upside risk to FY12E estimates; Can weather Coal India shortages in FY12E
Date Rating Target Price Recommendation Price Broker house
9 May 2011 buy 125 106 citi Report

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