Tata Power (TPWR)'s results reflect the recovery in its EPC businesses and better working of its Mundra-Coal JV hedge. Adj. PAT stood at INR3.0b and was significantly higher v/s our est. of INR2.3b. Divestment-related measures (international shipping business, Cennergi, Arutmin, and Tata SED) and the infusion of INR26b from promoter has aided debt reduction. As EPC businesses recover and we build in the expectation of some normalization in WC by FY22, we view the risk-reward as favorable. 1) Possible benefit from the merger of CGPL and Tata Power...