APL's EBITDA margin fell by 900bps YoY to 15.3% led by higher fuel cost, arrears of transmission charges (Rs2.8bn) and lower fixed capacity charges. Fuel cost/unit increased to Rs2.7/unit from Rs2.5/unit in 3QFY17. Finance cost marginally declined to Rs14.1bn from Rs14.3bn in 3QFY17 due to reduction in short-term loans. Delayed payment surcharge led to rise in other income. Its...