NTPC reported a decent set of Q3FY19 numbers wherein generation was in line with estimates coupled with higher-than-expected revenues (on account of higher realisations) and EBITDA (lower employee & other expenses). Accentuation of under recovery of fixed costs was pegged at | 1108 crore (YTDFY19), which was on account of lower PAF and unviability of coal at a few plants Reported revenues came in at | 24120.4 crore vs. estimate of | 22299.5 crore. The revenue beat mainly came in from higher-thanexpected realisation at | 3.65/Kwhr. However, on an operational...