Capitalization to pick up pace; under-recoveries to decline Standalone (S/A) adj. PAT (management stated) grew by a healthy 14% YoY to ~INR106b in FY19 even as regulated equity grew by ~6% YoY (to ~INR540b). The strong performance was led by sharp reduction in under-recoveries on fixed charge (from ~INR14b in FY18 to ~INR8b in FY19) and increase in late payment surcharge income. Reported PAT was higher at INR117.4b (13% YoY) in FY19 on tax related adjustments (~INR17b), offset partly by certain one-time expenses. Consolidated reported PAT grew 20% YoY to INR126.4b in FY19. Besides the...