NTPC reported a muted set of Q2FY19 numbers, which were below our estimates operationally as higher-than-expected fuel and other expenses impacted profitability. Accentuation of under recovery of fixed costs was pegged at | 932 crore (YTDFY19), which was on account of lower PAF and unviability of coal at a few plants Reported revenues came in at | 22261.1 crore vs. estimate of | 21385.9 crore. However, on an operational basis, gross generation grew 1.4% at ~66 billion units (BUs) vs. estimate of 66.3 BUs...