TPWR's 4QFY21 result reflects strong numbers, led by higher execution for its solar EPC business and interest cost reduction. Adjusted PAT stood at INR3.5b, and was 11% higher v/s our estimate of INR3.2b. Divestment-related measures and infusion from the promoter has aided debt reduction. The EPC businesses have picked up pace, led by the healthy order book at Tata Power Solar. Possible benefits from the merger of CGPL...