Peak net debt, capex spends behind us; FCF in sight ATL's net debt levels ballooned from | 10,000 crore combined in FY16-20. As a result, the company generated negative FCF in each of the past four years. However, with majority of Andhra Pradesh greenfield capex (| 2,200 crore out of | 3,800 crore as of FY20) now behind us, we expect ATL to utilise future cash flows to lower debt levels and thereby improve net profitability. Our estimates place the company turning...