PAT at Rs2.2bn (+251% YoY) was below our estimates of Rs3.1bn, primarily due to lower than anticipated realization and higher other expenses during the quarter. Lower generation across Rosa and Butibori also impacted blended realization during Q4FY17. Sasan's PLF in Q4FY17 declined to 91.0% vs 94.2% YoY, while its PAF was also down to 86% vs 101% YoY. Rosa's PLF increased to 57.3% vs 52.5% YoY, while PLF of...