Higher Regulated Equity to Aid Profitability; Maintain BUY NTPC has delivered a decent performance in 2QFY18 as well. Its PAT adjusting for prior periods and reversals (net of tax in 2QFY17) grew by 19.8% YoY to Rs28.4bn led by regulated equity growth, efficiency gains and higher PLF incentive. 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. We reiterate our BUY recommendation on the stock with an unrevised Target Price of Rs192. Net Sales Up 1.3% YoY; Reported PAT Dips 2.3% YoY...