2 November 2018 INR25.3b), even as regulated equity increased 7% YoY to ~INR520b. The performance was impacted by shortage of domestic coal resulting in fixed charge under-recoveries and an increase in working capital driving higher interest cost. PAT adjusted for prior-period and fixed-charge under-recoveries grew by a low ~2% due to a stronger base. Fixed charge u/recoveries were INR3.3b (-31% QoQ) in 2QFY19. Management guided for under-recoveries to reduce to ~INR6b in FY19 (v/s ~INR8.2b in 1HFY19 and ~INR14b in FY18) as coal availability improves and/or it uses imported coal. Interest cost increased 41% YoY to INR12.9b due to higher working capital. Receivables were higher, while the advance to railways for preferential rake allotment will continue. PAT) fell ~170/230bp YoY/QoQ to 19.9% v/s ~20.6% in FY18.