PTC India Limited (PTC India) reported standalone EBITDA of Rs. 102 crore (up 7.9% y-o-y; up 9.7% q-o-q), above our estimate due to higher-than-expected power trading volume (up 15.3% y-o-y). Gross margin declined by 4.2% y-o-y to 6.23 paisa per unit. Standalone PAT stood at Rs. 63 crore (up 2.2% y-o-y; up 16.3% q-o-q), below our estimate of Rs. 65 crore. The company is likely to operationalise ~950 MW of new power purchase agreement (PPAs), which would drive volume growth, but weakness in the financial performance of...