Steep tariff-cut weakens overall outlook
Emkay
We downgrade GSPL to REDUCE from Buy, as the long-awaited HP grid tariff
revision came as a major negative surprise. Regulated tariff was set 47% lower
from Rs34/mmbtu, at Rs18.1/mmbtu (GCV, wef 1-May), and was a far call from
the Rs50.8 sought by GSPL.
revision came as a major negative surprise. Regulated tariff was set 47% lower
from Rs34/mmbtu, at Rs18.1/mmbtu (GCV, wef 1-May), and was a far call from
the Rs50.8 sought by GSPL.