In line with our estimate, CESC's net profit grew by a muted 1.3% YoY to Rs1.5bn in 3QFY18, led by delay in tariff order for FY18, which we expect to be notified in 4QFY18. Its revenue grew by 5.3% YoY to Rs17.1bn, while EBITDA remained flat at Rs3.1bn. The proposed demerger has been approved by the shareholders, and the Company expects the approval of National Company Law Tribunal (NCLT) by Mar'18, while the listing of all the four entities is likely by Jun'18. The valuations seem to have discounted all positives, in our view. Rolling over our estimates to...