Power Grid Corporation of India (PGCIL) continued to deliver a good performance in Q4FY18. Reported PAT rose by 4.6% YoY to Rs20bn vs. our estimate of Rs22bn due to higher CSR expenses of Rs830mn and provisioning worth Rs 660mn pursuant to the final tariff orders. Its revenue surged by 16.5% YoY to Rs78.0bn led by ~16% YoY growth in transmission segment (which now contributes 92.0% to PGCIL's revenue) to Rs74.6bn owing to strong capitalisation growth. While telecom businesses grew by 20.0% to Rs1.5bn in 4QFY18, consultancy income increased to Rs1.9bn compared to Rs1.4bn in 4QFY17. Looking ahead, PGCIL's fundamentals are expected to remain strong on the back of huge capex pipeline and least exposure to operational risks i.e....