19 May 2020 Tata Powers (TPWR) 4QFY20 results reflect the benefit of better working of the Mundra-Coal JV hedge offset by lower renewable (EPC + generation) and S/A performance. Adj. PAT stood at INR2.1b (v/s INR2.3b in the previous year). Going forward, divestment related measures could aid cash inflow and subsequent debt repayment. However, with continued renewable capex, and given the current environment, we await further steps on this front. Successful renegotiation of Mundra PPA provides an upside risk. PAT for TPWR came in at INR2.1b (v/s est. INR2.2b) on better working of the Mundra-Coal JV hedge, which was partly offset by lower performance within RE (generation + EPC) and S/A.