“When you love blindly, even flaws seem like virtues.” → When you deeply like or love someone, you may ignore their weaknesses. Their mistakes or shortcomings may even appear charming, acceptable, or even “good” to you. For example, if someone is stubborn, you might call it “determined” because you love them.
“When your dislike is intense, even virtues seem like flaws.” → On the other hand, if you dislike someone, even their positive qualities can appear negative. For instance, if someone is confident, you might see them as arrogant—simply because your attitude toward them is negative.
“Mend Your Attitude” → The key message is that it’s not always the person who is truly good or bad—it’s often our own perspective that is biased. By adjusting your attitude (removing the “blinding” effects of love or dislike), you can see people more clearly and fairly.
Posted: 04 Jul 2025
The Tata Power Company Limited: Rating reaffirmed. The reaffirmation ofthe rating assigned to The Tata Power Company Limited (TPCL) factors in the satisfactory operating and financial performance of the Tata Power Group across the power generation, transmissionand distribution businessesin FY2025. The growth in electricity demand, a satisfactory performance of the Mumbai transmission/distribution businessand the improved operating efficiencies, mainly in the Odisha distribution business, have led to a growth in the revenues and profitability of the transmission and distribution businesses.The growth in the renewable business was driven by the addition of new capacity and a stable generation performance. Also, the strong order book position in the solar engineering, procurement and construction (EPC) business and commissioning of the 4.3-GW cell and module manufacturing facility supported the growth in FY2025.For the thermal assets, Maithon Power Limited (MPL) continues to report a satisfactoryoperating and financial performance, supported by the availability of long-term power purchase agreements (PPAs) under the cost-plus tariff mechanism. Theperformance of the Mundra asset improved in FY2025, following the continuation of the fuel pass-through arrangement (subject to adjustment of profits from coal mining companies) under Section 11 of the Electricity Act issued by the Ministry of Powerand moderation in coal prices. While the asset continued to report losses at the net level, this has been offset by the profits from the coal mining companies. Also, the implementation of the Late Payment Surcharge (LPS) rules has enabled timely collections from the state distribution utilities (discoms) for the generation assets. Overall, the improved performance was partly offset by the increase in debt levels in FY2025 due to debt-funded capital expenditure, primarily in the renewable business,leading tonet debt1to adjusted EBITDA2of3.65 times in FY2025 compared to 3.5 times in FY2024and FY2023.However, the debt coverage metricsimprovedin FY2025withan interest coverage ratio of2.8 times in FY2025 compared to2.4 times in FY2024 and 2.0 times in FY2023.Further, the rating continues to favourably factor in the superior financial flexibility of TPCL from being a part of the Tata Group, along with its large scale of operations and a diversified business profile with presence across the power sector value chain. The long-term PPAs for majority of the thermal, hydro and renewable assets aggregating to 15.7 GW (including the Resurgent platform) and the regulated returns from the distribution business in Mumbai, Delhi and Odisha provide stability toTPCLs revenues and cash flows. Further, the thermal generation assets of the TPCL Group have long-term fuel supply agreements (FSAs) with the subsidiaries of Coal India Limited and coal mining companies in Indonesia, which limit fuel-related risks. Moreover, the operating efficiency of the distribution business in Mumbai and Delhi remains healthy and within the regulatory stipulated level. Also, the progress in reducing the aggregate technical & commercial losses (AT&C) in the Odisha distribution business remains better than the trajectory committed by the Group at the time of acquisition.
Posted: 01 May 2026
Posted: 08 Apr 2026
Posted: 20 Mar 2026
Posted: 06 Mar 2026
Posted: 27 Feb 2026
Posted: 19 Feb 2026
Posted: 15 Dec 2025
Posted: 03 Dec 2025
Posted: 01 Dec 2025
Posted: 07 Nov 2025
Posted: 06 Nov 2025
Posted: 30 Oct 2025
Posted: 29 Oct 2025
Posted: 28 Oct 2025
Posted: 27 Oct 2025
Be prepared to invest in a down market and to "get out" in a soaring market, as per the philosophy of Warren Buffett.