Q4FY20 earnings are expected to be disappointing in Emkay's power coverage universe. Demand across India fell significantly in the second half of March after the country was locked down to contain the spread of Covid-19. Thus, PLF across stations was impacted, but availability picked up due to improved inventory levels. However, the power ministry's move to provide a moratorium on bill payments is likely to impact discoms' collection efficiency and would stretch its working capital. This is likely to have a cascading impact on the electricity chain of discoms, transmission, gencos and eventually the banks, all of...