Eyes on favourable tariff order; Negatives priced in The consolidated revenue of Tata Power Company (TPCL) was up 6.1% yoy to Rs92.3bn in 1QFY16 vs. Rs87.1bn yoy in 1QFY15 due to higher sales from power division, which was offset by lower price realisation from coal companies. However, TPCL reported Rs2.4bn consolidated net profit (ours was Rs2.0bn) in 1QFY16 vs Rs1.11bn net loss in 1QFY15, aided by improvement in operating margins by 451bps on lower fuel cost in CGPL Mundra and improved performance of Mumbai operations. We believe most of the near-term risks like Mundra tariff issue and...