lower coal prices and higher currency assumptions. Mundra losses in FY14e make the base PAT (profit after tax) for the group fairly small and, hence, the estimate reduction is fairly sharp for FY14e. A sharp rise in FY15e profits is linked to the resolution for the Mundra UMPP project.
While we continue to like Power Grid, the 15% fresh public offering would cap upside in the near term, especially given the past government issuances going at a discount to market price. We upgrade Adani Port to Hold from Underperform, as slowing growth has been priced in the correction. Maintain Hold on NTPC.