Although Nava Bharat Ventures (NBVL) Q3FY18 financial performance was below our forecast; nevertheless, a key positive from the results was that its 300 MW Zambian power plant remained fully available by the end of Q3FY18. NBVL's EBITDA stood at Rs1,709 mn (below our forecast) due to slower-thanexpected ramp up from Zambian power plants. Domestic Power business profits remained weak during the quarter with segment EBIT falling to Rs667 mn (-21.4% QoQ), although it was up 92.5% YoY. We have lowered our FY18 sales and profit estimates for Zambian power plants to factor lower-than-expected PLFs in Q3FY18. We slightly raise our FY19 estimates...