ICICI Securities Ltd | Retail Equity Research NHPC reported Q4FY17 results, which were below our estimates on all counts. Lower revenues and higher employee expenses (gratuity provisions) marred profitability Revenues came in at | 1362.4 crore, down 16.7% YoY, below our estimate of | 1786.7 crore. During FY17, NHPC commissioned two units of TLDP-IV project worth 80 MW, 50 MW wind power project Absolute EBITDA was at | 223 crore vs. estimate of | 907 crore. This...