Power Grid Corporation of India (PGCIL) continued to deliver a strong performance in 1QFY18, with its reported net profit growing by 13.6% YoY to Rs21.5bn in line with our estimate of Rs21.8bn. Its revenue rose by 17.3% YoY to Rs71.8bn in 1QFY18 in line with our estimates. Net profit growth was lower than revenue growth on account of Rs0.86bn provisioning towards employee cost, which is a pass through. Looking ahead, we believe that PGCIL's fundamentals would continue to remain strong on the back of huge capex pipeline and least exposure to operational risks i.e. fuel and SEBs' weak financials. Continuing to remain positive, we reiterate our BUY...