Rs329mn), driven by 14.1% yoy/21.3% yoy growth in Transmission/Telecom businesses. EBITDA margin declined marginally to 85.2%. Adjusted PAT grew by 7.9% yoy to Rs22.1bn. PGCIL targets to capitalise assets worth Rs903bn over the next 3 years (including TBCB of Rs150bn). Of these, CWIP will account for Rs343.5bn. We expect annual capitalisation of ~Rs300bn over the next 3 years. We have marginally lowered our PAT estimates for FY19/FY20E by ~1% each and cut our TP to Rs237. The stock price has corrected significantly and now trades at an...