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WebNHPC: Higher operating cost drives a miss; Earnings growth muted, capex run-rate increasing; Maintain Neutral (NHPC IN, Mkt Cap USD3.6b, CMP INR25, TP INR26, 5% Upside, Neutral) Standalone (S/A) adj. PAT of INR36m in 4QFY19 was below our estimate of INR1.6b due to higher-than-expected operating cost. This also implies a sharp fall from INR1.9b in …
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