NTPC's Q4FY18 revenue grew by 11.8% yoy to Rs222.5bn (after adjusting for prior period sales), primarily driven by a 7.5% yoy rise in power generation to 68.6bn units (highest ever in a quarter). Revenue was marginally above our estimate of Rs216.1bn. Company recorded disincentive of Rs2.5 bn due to lower fuel availability across Mouda, Bongiagaon and Solapur units during the quarter. Accordingly, APAT was flat at Rs26.bn...