Tata Power's 4QFY18 consol. adj. PAT declined 8% QoQ/30% YoY to INR2.7b (below our estimate of INR4.5b) due to higher losses at Mundra, lower coal production, and losses at some of the overseas JV companies. PAT is adjusted for (a) impairment reversal of INR18.8b, (b) impairment at Georgia Hydro of INR5.2b and (c) INR2.3b of other one-off items. Net debt (incl. perpetual securities) was unchanged YoY at INR501b. Consol. PAT increased ~3% YoY to INR14.4b for FY18.