Power Grid reported its Q1FY18 performance. Though in double digits, the numbers were lower than our estimates largely tracking lowerthan-expected growth witnessed in the transmission segment (16.5% YoY growth vs. estimate of 23% YoY). Reported revenues increased 17.3% YoY to | 7181.4 crore (vs. I-direct estimate: | 7519.0 crore). Transmission segment revenue grew to | 6930 crore, up 16.5% YoY. On the other hand, consultancy revenues at | 212 crore were higher than our estimate of | 144.5 crore. However, telecom segment revenues of | 157.7 crore were lower than estimates of | 193.5 crore...