28 May 2018 NTPCs standalone (S/A) 4QFY18 adj. PAT increased ~5% YoY to INR28b. PAT is adjusted for INR4.3b under-recovery of fixed charge (FC) and many prior-period items. Reported PAT increased 41% YoY to INR29.2b on account of a weaker base and prior-period sales, despite FC under recovery. PAT grew ~6% YoY to INR24.6b, while regulated equity grew 16% YoY (+1% QoQ) to INR509b. Commercial capacity increased by 8MW QoQ (Singrauli hydro) to 44.5GW. PAT grew 12% YoY to INR108b. Reported PAT growth was lower at just ~2% YoY to INR103b due to FC under recoveries.