30 May 2018 Power Grids (PWGR) 4QFY18 standalone (S/A) reported PAT grew 4.6% YoY to INR20b (est. Factors such as wage hike, CSR expense of INR830m and a swing in adjustments pursuant to the final tariff orders of INR660m dragged earnings growth. Capitalization stood at INR80.9b in 4QFY18. For FY18, PAT grew 9.6% YoY to INR82.3b. This was lower than growth in regulated equity (estimated at ~17% YoY) due to (a) INR1.2b lower surcharge income, (b) ~INR2.3b in pay revision hit and (c) a swing in adjustments pursuant to the final tariff orders of INR2b. Adj. for these, PAT growth is reflective of growth in regulated equity.