Capacity Charge Under-Recovery Led by Coal Shortage NTPC's revenue grew by by 13.1% YoY to Rs231bn owing to 7.7% YoY rise in net power generation to 64.0bn units. Its reported PAT surged by 40% YoY to Rs29.2bn, which adjusted for one-off and prior period items came in at Rs26.7bn (+3.9% YoY). Looking ahead, we expect NTPC's business to improve further backed by higher capacity commercialisation, better fuel availability and likely improvement in demand owing to UDAY scheme. We maintain our BUY recommendation on the stock with an unrevised Target Price of Rs213. Healthy Revenue on Higher Generation & Improved Realisation...