Net debt for Tata Power fell to Rs 359.5 bn as of Mar'21 from Rs 435.8 bn yoy. Accordingly, its net D/E declined to 1.4x in FY21 vs 2.0x yoy while Net debt/EBITDA declined to 4.1x in FY21 vs 4.7x yoy. While Tata Power missed its targeted net debt level of Rs 250 bn by FY21 due to the non execution of the proposed InvIT transaction, the management has indicated a much better alternative for monetisation of its renewable assets which could fetch a higher valuation. HDFC Securities reiterate our BUY rating on Tata Power, factoring in the growth in EPC business, higher regulated capex, debt reduction and merger benefits. However, HDFC Securities have revised our earnings estimates factoring in the inclusion of Odisha discoms and exclusion of renewable business in their estimates.