Power Grid reported Q2FY18 results that were below our estimates on all counts. Revenue growth, though in double digits, was below estimates coupled with higher depreciation charges also leading to lower growth on the profitability front. Revenues were at | 7353.1 crore, up 17.6% YoY (I-direct estimate of | 7606.8 crore). Transmission segment revenues for Q2FY18 grew 18.8% YoY, coming in at | 7063.4 crore. On the other hand, consultancy & telecom segment revenues declined 10.8%, 3.1% YoY at | 115.9 crore, | 173.8 crore, respectively...