NTPC's standalone (S/A) 3QFY18 adj. PAT declined ~5% YoY to INR21.3b, despite ~19% YoY increase in regulated equity to INR505b. It missed our estimate due to INR5.4b under-recovery of fixed cost. Average plant availability at 83% dipped below the normative 85% due to shortage of coal at Kudgi, Solapur and Mouda. Reported PAT at INR23.6b was impacted by INR2.4b in accelerated leave encashment, offset by a gain of INR5.6b on reversal of prior-period tax. Kudgi-U2 800MW and Bongaigaon U2-250MW were commercialized in 3QFY18. 1.6GW (Kudgi-U3 800MW and Lara-U1 800MW) in S/A and Meja 660MW in JV will be commissioned in 4QFY18.