Adani Power (APL) reported a consolidated total income of Rs57.5bn in 2QFY16 up 38.6% yoy compared to Rs41.1bn in 2QFY15. Revenue during the quarter increased due to improved PLF along with additional revenue of Rs5.7bn contributed by UPCL. The company reported a net loss of Rs3.6 bn in 2QFY16 (in line with our expectation of a net loss of Rs4.3bn) as compared to a loss of Rs7.9bn in the same quarter a year ago. Adani power has been reporting dismal numbers since more than 11 quarters due to lack of adequate coal supply from Bunyu mines, forcing it to blend expensive spot coal along with higher imported coal. In our view, the long-term fuel security still remains a concern...