Power Grid reported Q4FY17 results, which were below our estimates on all counts. Revenue growth, though in double digits, was below estimates whereas higher employee & other expenses dented EBITDA & profitability. Revenues came in at | 6712 crore, up 16.5% YoY (Idirect estimate: | 7127.6 crore). Transmission segment revenues for Q4FY17 grew 18.1% YoY to | 6648.5 crore. On the other hand, consultancy and telecom segment revenues came in at | 152.5 crore and | 149.1 crore, respectively, on the disappointing side Asset capitalisation totalled ~| 31000 crore (including TBCB projects)...