Tata Powers 4QFY15 recurring PBT of Rs 5.4bn was far ahead of our estimate of Rs 1.2bn due to better than expected profitability from the coal mines and Mundra UMPP. The company has not booked compensation (Rs 1.6/7.6bn for 4QFY15/FY15) due from beneficiaries of Mundra UMPP as the matter remain sub judice.