In-line Revenue & Earnings Performance; Maintain BUY Reported PAT of Power Grid Corporation of India (PGCIL) rose by 9.2% YoY to Rs22.4bn (in-line with our estimate of Rs22.8bn). Its revenue grew by a healthy 13.2% YoY to Rs81.2bn (in-line as well) owing to strong capitalisation in previous 2-3 quarters. Looking ahead, we continue to expect PGCIL's fundamentals to remain strong on the back of huge capex pipeline and least exposure to operational risks i.e. fuel and SEBs' weak financials. We maintain our BUY recommendation on the stock with an unrevised Target Price of Rs256. Transmission Biz Aids Revenue Growth; Margin Declines by 111bps YoY...