The improvement in TPWR's 3QFY21 earnings was led by interest cost reduction and profitability in its Odisha distribution business. Adjusted PAT stood at INR3.7b and was significantly higher v/s our estimate of INR2.3b. Divestment-related measures and infusion of INR26b from the promoter has aided debt reduction. The EPC business is recovering and is expected to pick-up, led by the healthy order book at Tata Power Solar. Possible benefits from the merger of CGPL and Tata Power Solar with itself and favorable...