Tata Power Company (TPCL) reported consolidated revenue (after adjustment for regulatory income), which was down 1.5% yoy to Rs87.2bn in 3QFY16 vs. Rs88.6bn in 3QFY15, however, consolidated operating profit after adjusting for regulatory income was up 23.7% yoy to Rs18.7bn. TPCL reported Rs240mn consolidated net profit, however, adj. net profit stood up 7% yoy at Rs2.12bn, below our expectation of Rs2.4bn. We believe most of the near-term risks in terms of losses from Mundra projects and lower coal prices have already been reflected in the share price, therefore,...