Revenue grew 8% YoY to INR19.2b (in-line) in 4QFY19. Generation was down 3% YoY to 4.2BU, while realization grew 12% YoY to INR4.56/kWh due to higher merchant prices and an increase in fuel prices (resulting in higher cost passthrough). EBITDA grew 13% YoY to INR4.7b (our estimate: INR5.7b), led by higher merchant prices. Finance cost declined 15% YoY/6% QoQ to INR2.7b as it repaid debt of ~INR6b during the quarter. Adj. PAT of INR39m (our estimate: INR196m) improved from a loss of INR634m in the year-ago period. Standalone realization declined 10% QoQ (+3% YoY) to INR4.55/kWh. Fuel cost was down 4% QoQ (2% YoY) to INR3.53/kWh. Generation increased 6.5% YoY...