NTPC's reported earnings declined by 25.0% YoY to Rs20.8bn in 4QFY17 owing to impairment of Rs7.8bn in Ratnagiri Gas & Power and Rs8.7bn provisioning towards incremental employee cost (revision as recommended by 7th Pay Commission). Out of Rs8.7bn provisioning, Rs5.2bn has been considered as pass-through by way of regulatory asset. Adjusting these one-offs, PAT declined by 5.1% YoY to Rs27.9bn in line with our estimates. Looking ahead, we expect NTPC's business to improve further backed by higher capacity commercialisation, better fuel availability and likely improvement in demand owing to UDAY scheme. Rolling over our estimates to...