Adani Power (APL) consolidated adj. profit stood at Rs3.8bn in 4QFY16 as against Rs 1.1bn in 3QFY16 primarily due to higher PLF (79.5%) and lower fuel cost. The Company has reported net profit for last two quarters after reporting net losses for 11 successive quarters till 2QFY16. APL has been reporting dismal numbers due to lack of adequate coal supply from Bunyu mines thus forcing the Company to blend expensive spot coal inventory as well as importing higher quantum of coal due to limited availability of domestic coal. In the last 3 months as the stock price has gained since we turned positive on the stock. Hence, we have revised our recommendation on the stock from...