Core Profit Performance1HFY25 core profit was flat and below expectations due to losses from new coal production facilities and greater-than-expected pressure on electricity tariffs.
Electricity TariffsDownward pressure on electricity tariffs has been larger than expected, with declines of 11% and 6% for wind and solar in 1HFY25, respectively.
Growth ProspectsThe downgrade to HOLD is due to muted growth prospects and lower price targets.