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Adani Power reported a revenue decline of 9% YoY to INR 125bn and EBITDA down 16% YoY to INR 42bn due to subdued power demand and lower coal prices. The company has signed PPAs for 12GW at attractive tariffs, with expectations for additional 15GW capacity tenders from state discoms, improving the outlook for untied capacity. Despite the current challenges, the long-term outlook remains positive, maintaining a BUY rating with a target price of INR 187.

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