Net generation increased 3.5% yoy to 5.1bn units, while average realization was up by a robust 17.3% yoy at Rs4.8/unit. Consequently, revenue increased 21.5% yoy to Rs24.2bn (above our estimate of Rs22.9bn). EBITDA increased by 27.2% yoy to Rs7.4bn, driven by higher revenue and lower other expenses. This was offset by higher fuel expenses which increased 23.6% yoy to Rs14.5bn. Interest expenses declined 13.4% yoy to Rs2.9bn, leading to a robust 191% yoy rise in PAT to Rs1.5bn, surpassing our and consensus expectations. Net debt, including short-term buyer's credit, declined by Rs2.96bn qoq to Rs106.9bn in...